Introduction To Accounting And Finance

introduction to accounting and finance

 

main aims of the unit

The main aim of this unit is to introduce learners to the different accounting documents and to explain the value of each document to business organisations. Learners will also be introduced to key accounting concepts and they will be in a position to distinguish between different types of costs.

 

learning outcomes for the unit

Upon successful completion of the course students will be able to:

• Explain the different types of financial documents
• Identify the different sources of capital available to organisations
• Explain the principles of double entry bookkeeping
• Calculate cost and revenues
• Understand the contents of different accounting documents
• Distinguish between different types of costs

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.

 

entry requirements

• Three GCSE’s / GCE`O’ levels or equivalent qualification, or,
• A recognised Freshman or Access Certificate
• Certificate award deemed to be equivalent to the above qualifications
• All learners must be 17 years and above and they must have completed a minimum of 10 years of school education
• A 5.5 score or above of an approved English Language Test or recognised school or college English Language Placement Test
  
  

main topics of study

 

introduction to accounting

• What is accounting?
• Financial accounts and management accounts
• Key accounting concepts
• Assets, liabilities, capital
• Principles of double-entry bookkeeping
• Balancing accounts
• Trial balance
• Cash book
• Petty cash book
• Day book
• The journal
  
  

financial concepts and controls

• Cash flow statements
• Bank reconciliation statements
• Manufacturing account
• Trading account
• Profit and loss account
• Appropriation account
• Balance sheet
  
  

assets and liabilities

• Fixed assets
• Sales of fixed assets
• Stock valuation
• Current assets
• Current liabilities
• Long term liabilities
• Share capital
• Bad debts
  
  

introduction to cost accounting

• Classification of costs
• Activity-based costs
• Marginal costing
• Contribution
• Breakeven charts
• Profit/volume charts
  
  

indicative reading for this unit

main text

Introduction to Accounting and Finance G. Black (FT Prentice Hall)

 

alternative text and further reading

Accounting and Finance: An Introduction E. MaLaney, A. Atrill 8th edition (Pearson)

 

guideline for teaching and learning time

(10 Hours 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

50 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.

 

assessment methods

Final Examination: 70%

Coursework: 30%