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 2022-23 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

 6

         30
Timetable (if known) 120 mins X 1 totaling 24
  		60 mins X 1 totaling 6
  		         
Private Study 120
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment: Written Unseen Examination Assessment Type: Written Exam Duration: 2 hours Weighting: 80% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty Applie  2    80       
Assessment 2: Midterm Assessment Type: Written Exam Duration: 30 minutes Weighting: 20 % Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty Applies Anonymous Assessm  30    20       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Formative assessment will be built into the weekly seminar activities (for example, weekly interactive quiz questions).  0    0       

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 – Lecture
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method - Seminar
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Self-Directed Learning Hours: 120
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the tutorial activities and to understand the content of lectures. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module

Costs Information:
There are no specific costs attached to this module.

This module is a pre-requisite for the following modules:
ACFI201, ACFI210, ACFI212, ACFI290, ACFI301, ACFI302, ACFI305, ACFI309, ACFI320, and ACFI322

Skills/Other Attributes Mapping

Skills / attributes: Communication skills
How this is developed: In tutorials
Mode of assessment (if applicable)

Skills / attributes: Organisational skills
How this is developed: Through self-study & revision activities
Mode of assessment (if applicable)

Skills / attributes: Commercial awareness
How this is developed: In lectures & tutorials
Mode of assessment (if applicable): Written Unseen Examination

Skills / attributes: Numeracy
How this is developed: In lectures & tutorials
Mode of assessment (if applicable): Mid-term 1, Mid-term 2 and Written Unseen Examination

Skills / attributes: Problem solving skills
How this is developed: In lectures & tutorials
Mode of assessment (if applicable): Mid-term 2 and Written Unseen Examination

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.

Pre paring 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.