ACC2066 : Financial Accounting for Business
- Offered for Year: 2024/25
- Module Leader(s): Mr Aidan Beck
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
Semesters
Your programme is made up of credits, the total differs on programme to programme.
| Semester 1 Credit Value: | 10 |
| Semester 2 Credit Value: | 5 |
| ECTS Credits: | 8.0 |
| European Credit Transfer System | |
Aims
1. To introduce the IASB Framework in Accounting
2. To examine current financial reporting practice and how it impacts upon companies
3. To enable students to further develop accounts preparation and interpretation skills
4. To provide an introduction to consolidated accounts
This is an intermediate financial accounting module where financial statements for a range of business transactions will be considered, including accounting for leasing; tangible and intangible non-current assets with revaluation issues; provisions, contingent liabilities and contingent assets; accounting for foreign currency translation and consolidation of companies with reference to international accounting standards. We shall examine the regulatory and IASB frameworks governing the production of financial statements and how these interact with International Accounting Standards.
Outline Of Syllabus
1. IASB Framework in Accounting
2. Financial accounting and reporting concepts
3. Preparation of (single) company financial statements
4. Introduction to consolidated accounts
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Scheduled Learning And Teaching Activities | Lecture | 12 | 2:00 | 24:00 | Whole group lecture sessions - PiP |
| Scheduled Learning And Teaching Activities | Lecture | 1 | 2:00 | 2:00 | Semester 2 mock exam - PIP |
| Guided Independent Study | Assessment preparation and completion | 35 | 1:00 | 35:00 | N/A |
| Scheduled Learning And Teaching Activities | Small group teaching | 6 | 1:00 | 6:00 | Seminar sessions - PIP |
| Structured Guided Learning | Structured research and reading activities | 47 | 1:00 | 47:00 | N/A |
| Scheduled Learning And Teaching Activities | Drop-in/surgery | 1 | 1:00 | 1:00 | Semester 2 pre-exam clinic - PIP |
| Guided Independent Study | Independent study | 35 | 1:00 | 35:00 | N/A |
| Total | 150:00 |
Teaching Rationale And Relationship
The syllabus requires students to master a wide range of accounting principles, rules and techniques, and then to apply them to given accounting scenarios. Helping students acquire this competence is best achieved by examples, supported by significant reading and practice as independent study. Progress tests for self marking and practice questions will help students to structure their studies and receive formative feedback on progress.
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
| Description | Length | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|---|
| PC Examination | 60 | 1 | A | 25 | Online MCQ exam |
| Written Examination | 120 | 2 | A | 75 | N/A |
Formative Assessments
Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.
| Description | Semester | When Set | Comment |
|---|---|---|---|
| Written exercise | 1 | M | Progress Test for self marking |
| Written Examination | 2 | M | Progress Test/mock for self marking and practice questions via small group sessions |
Assessment Rationale And Relationship
1 x 1 hour unseen MCQ examination at the end of S1 to check students are progressing and have the knowledge in place to build on in Semester 2.
1 x 2 hour unseen written examination at the end of Semester Two required to ensure students are prepared for stage 3 professional level exam requirements. It is also an appropriate way of assessing knowledge and application of basic principles.
Reading Lists
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- ACC2066's Timetable