ULMS Electronic Module Catalogue
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title INTRODUCTION TO FINANCIAL ACCOUNTING
Code ACFI101
Coordinator Mr LW Gordon
Finance and Accounting
L.W.Gordon@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2019-20 Level 4 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
 

Modules for which this module is a pre-requisite:
 

Programme(s) (including Year of Study) to which this module is available on a required basis:
 

Programme(s) (including Year of Study) to which this module is available on an optional basis:
 

Teaching Schedule
  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 24

   5

       29
Timetable (if known)              
Private Study 121
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1 Assessment Schedule (When) :1  30 minutes    15       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 2 Assessment Schedule (When) :1  30 minutes    15       
Assessment 3 There is a resit opportunity. Assessment Schedule (When) :1  1.5 hours    70       

Aims

To develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double entry accounting techniques in recording transactions, adjusting financial records and preparing basic financial statements.

Learning Outcomes

(LO1) Prepare basic financial statements

(LO2) Explain the context and purpose of financial reporting

(LO3) Demonstrate the use of double entry and accounting systems

(LO4) Record transactions and events

(LO5) Prepare a trial balance

(S1) Problem solving skills

(S2) Numeracy

(S3) Commercial awareness

(S4) Organisational skills

(S5) Communication skills

Teaching and Learning Strategies

Teaching Method 1 - Lecture
Description:
Attendance Recorded: Not yet decided

Teaching Method 2 - Tutorial
Description:
Attendance Recorded: Not yet decided

Syllabus
 

The context and purpose of financial reporting:

The scope and purpose of financial statements for external reporting;

Users and stakeholders needs;

The main elements of financial reports.

The use of double entry and accounting systems:

The accounting equation;

Double entry book-keeping principles including the maintenance of accounting records and sources of accounting information;

Ledger accounts, books of prime entry and journals.

Recording transactions and events:

Sales and purchases;

Cash Inventory Tangible non-current assets - depreciation & revaluation;

Accruals and prepayments;

Receivables and payables;

Irrecoverable debts and allowances for doubtful debts;

Capital structure and finance costs.

Preparing a trial balance:

Trial balance;

Correction of errors;

Control accounts and reconciliation thereof;

Bank reconciliations;

Suspense accounts.

Pr eparing basic financial statements:

Statements of financial position and income statements for sole traders, companies and partnerships;

Statements of cash flows for companies.

Recommended Texts
Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.