Now known as Bookkeeping and Finance ^[1].

Main Aim(s) of the Unit:

This module introduces the fundamentals of accounting theory and practice and develops the accounting techniques and skills necessary to provide a foundation for further study and practical experience.

Main Topics of Study:

Introduction

• What is Accounting?
• Business organisations and sources of finance
• Financial statements: P&L and the Balance Sheet
• The role of the Accountant and the Accounts Office

The Accounting Model

• Recording Financial Transactions: the Ledger System and Trial Balance
• The Running Balance method of recording
• The Purchase Day Book and the Returns Day Book
• VAT
• Banking Services
• Cash Book / Bank Reconciliation Statements / Petty Cash Books
• Capital and Revenue Expenditure
• The trial balance, journal and suspense accounts

Management Control

• Control Accounts
• Sales and Purchase ledgers

Management Control

• Control Accounts
• Sales and Purchase ledgers

Learning Outcomes for the Unit

At the end of this Module, students will be able to:

1. Understand key concepts and techniques useful in recording and analysing accounting information.
2. Produce solutions to accounting problems, which make appropriate use of accounting practice and principles and which are well organised and clearly stated.
3. Prepare statements reporting the financial performance and financial position of business entities.
4. Analyse accounting data and accounting reports using appropriate tools and techniques.
5. Demonstrate an awareness of the context within which accounting operates and through which it relates to the business environment.

Learning and teaching  methods/strategies used to enable the achievement of learning outcomes:

Learning takes place on a number of levels through lectures, class discussion including problem review and analysis.  Formal lectures provide a foundation of information on which the student builds through directed learning and self managed learning outside of the class.  The students are actively encouraged to form study groups to discuss course material which fosters a greater depth learning experience.

Assessment methods which enable student to demonstrate the learning outcomes for the Unit:

Examination: 3 hours duration

Indicative Reading for this Unit:

Main Text:
Finance & Accounting - R Giles (ICM) - Chapters 1-4, 5-16, 21, 22-25 and 40.

Alternative texts and further reading:
Frank Wood’s Bookkeeping & Accounts - Robinson & Wood (Prentice Hall)

Guideline for Teaching and Learning Time (10 hrs per credit)

50 hours Lectures / Seminars / Tutorials / Workshops:
Tutorial support includes feedback on assignments and may vary by college according to local needs and wishes.

50 hours Directed learning:
Advance reading and preparation / Class preparation / Background reading / Group study / Portfolio / Diary etc

100 hours Self managed learning:
Working through the course text and completing assignments as required will take up the bulk of the learning time.  In addition students are expected to engage with the tutor and other students and to undertake further reading using the web and/or libraries.