Introduction to Accounting I

Description

Module description: The aim of this module is to introduce students to financial accounting and to some basic principles and techniques to analyse and interpret financial statements. Although the module is intended as an introduction for students majoring in accounting it should also be of benefit to other students who wish to gain some insight into the practices of accounting. The module will commence with a discussion of the nature and role of accounting and will consider who uses accounting information and for what purposes. The module will then discuss the contents of annual reports, especially the narrative sections, and the qualitative characteristics of accounting information. After this, the module will be concerned with key elements and the format of financial statements. The objective of this part of the module is to enable students to prepare company financial statements using trial balance. The module will also include discussions of the techniques that can be used to analyse and interpret financial statements. Module aims The aims of this module are: To introduce to the students the basic understanding of financial accounting, key elements of financial statements and the interpretation of financial statements Module learning outcomes By the end of this module, students will be expected to be able to: Describe the nature, uses and purposes of financial accounting, and outline the role and limitations of financial reporting in providing useful information to decision-makers. Understand the nature and contents of annual reports. Understand and explain qualitative characteristics of accounting information and its importance in ensuring the usefulness of financial statements. Understand the elements of income statement and balance sheet and construct both financial statements for a Requisites for this module: Pre-requisites: (none) Co-requisites: (none) Pre and / or co-requisites: (none) Prohibited modules: (none) Key module (requisite for): BE103, BE110, BE111, BE120, BE121, BE132, BE142 Key module for: BSC N400 Accounting, BSC N401 Accounting (Including Foundation Year), BSC N402 Accounting (Including Year Abroad), BSC N404 Accounting (Including Placement Year), BSC N420 Accounting and Finance, BSC N422 Accounting and Finance (Including Placement Year), BSC NN43 Accounting and Finance (Including Foundation Year), BSC NNK3 Accounting and Finance (Including Year Abroad), MACCN440 Accounting and Finance, MACCN441 Accounting and Finance (Including Placement Year), MACCN442 Accounting and Finance (Including Year Abroad), BSC NN24 Accounting and Management, BSC NN27 Accounting and Management (Including Placement Year), BSC NNK2 Accounting and Management (Including Year Abroad), BSC NKL1 Accounting with Economics (Including Year Abroad), BSC NL41 Accounting with Economics, BSC NL44 Accounting with Economics (Including Placement Year), BSC N390 Banking and Finance, BSC N391 Banking and Finance (Including Foundation Year), BSC N392 Banking and Finance (Including Placement Year), BSC NH90 Banking and Finance (Including Year Abroad), BSC N200 Business Management, BSC N201 Business Management (Including Foundation Year), BSC N202 Business Management (Including Year Abroad), BSC N204 Business Management (Including Placement Year), BA NR19 Business Management and Modern Languages, BA N1R9 Business Management with a Modern Language, BSC N300 Finance, BSC N301 Finance (Including Foundation Year), BSC N302 Finance (Including Year Abroad), BSC N304 Finance (Including Placement Year), BSC N2N5 Marketing Management (Including Foundation Year), BSC NN25 Marketing Management, BSC NN25TD Marketing Management, BSC NN2M Marketing Management (Including Placement Year), BSC NNF5 Marketing Management (Including Year Abroad), BA L147 Financial Economics and Accounting (Including Placement Year),