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 | PRINCIPLES OF FINANCIAL ACCOUNTING | ||
Code | ACUL601 | ||
Coordinator |
Mr BC Wheaton Finance and Accounting Ben.Wheaton@liverpool.ac.uk |
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Year | CATS Level | Semester | CATS Value |
Session 2019-20 | Level 5 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 |
70 |
2 |
72 | ||||
Timetable (if known) | |||||||
Private Study | 78 | ||||||
TOTAL HOURS | 150 |
Assessment |
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EXAM | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Written assessment There is a resit opportunity. Standard UoL penalty applies for late submission. This is an anonymous assessment. Assessment Schedule (When) :Semester one | 2 hours | 100 | ||||
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Aims |
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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 including the preparation of basic financial statements. |
Learning Outcomes |
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(LO1) Students will be able to explain the context and purpose of financial reporting and the regulatory framework |
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(LO2) Students will be able to define, understand and apply the qualitative characteristics of financial information and accouinting concepts |
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(LO3) Students will be able to demonstrate the use of double-entry and accounting systems |
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(LO4) Students will be able to record accounting transations and events |
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(LO5) Students will be able to prepare a trial balance (including identifying and correcting errors) |
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(LO6) Students will be abe to prepare basic financial statements for incorporated and unincorporated entities, including considering ethical issues |
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(LO7) Students will be able to prepare simple consolidated financial statements |
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(LO8) Students will be able to analyse and interpret financial statements |
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(S1) Adaptability |
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(S2) Problem solving skills |
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(S3) Numeracy |
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(S4) Commercial awareness |
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(S5) Organisational skills |
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(S6) Communication skills |
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(S7) International awareness |
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(S8) Lifelong learning skills |
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(S9) Ethical awareness |
Teaching and Learning Strategies |
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Teaching Method 1 - Interactive lectures Teaching Method 2 - Formative Feedback (e.g. peer, revision sessions) Self-Directed Learning Description: Follow up suggested work and wider reading |
Syllabus |
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A) The context and purpose of financial reporting B) The qualitative characteristics of financial information C) The use of double-entry and accounting systems D) Recording transactions and events E) Preparing a trial balance F) Preparing basic financial statements, including considering ethical issues G) Preparing simple consolidated financial statements H) Interpretation of financial statements Library resources will be accessible through 'Reading Lists @ Liverpool' Vital will be used to support the course. Practice question and solutions will be provided. |
Recommended Texts |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |