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
Year CATS Level Semester CATS Value
Session 2021-22 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
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

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

(LO1) Students will be able to explain the context and purpose of financial reporting and the regulatory framework

(LO2) Students will be able to define, understand and apply the qualitative characteristics of financial information and accouinting concepts

(LO3) Students will be able to demonstrate the use of double-entry and accounting systems

(LO4) Students will be able to record accounting transations and events

(LO5) Students will be able to prepare a trial balance (including identifying and correcting errors)

(LO6) Students will be abe to prepare basic financial statements for incorporated and unincorporated entities, including considering ethical issues

(LO7) Students will be able to prepare simple consolidated financial statements

(LO8) Students will be able to analyse and interpret financial statements

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) International awareness

(S8) Lifelong learning skills

(S9) Ethical awareness

Teaching and Learning Strategies

Teaching Method 1 - Interactive lectures
Description: Full day lectures
Attendance Recorded: Yes
Notes: Modules have been timetabled in such a manner as to provide intensive periods of teaching alternated with periods for self-study and reflection. The direct student contact hours are substantial across the modules in order to ensure sufficient material coverage to secure planned professional body exam exemptions.

Teaching Method 2 - Formative Feedback (e.g. peer, revision sessions)
Description: Formative Progress Test
Attendance Recorded: Yes

Self-Directed Learning Description: Follow up suggested work and wider reading

Syllabus
 

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