AC101-Introduction to Accounting

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 30 [15 ECTS credits]
Terms in which taught: Autumn term module
Non-modular pre-requisites:
Modules excluded: AC105A Introductory International Financial Accounting A or AC105B Introductory International Financial Accounting B
Current from: 2018/9

Module Convenor: Ms Rhianydd Dow


Type of module:

Summary module description:

This module covers double entry bookkeeping and introduces the preparation of financial statements for sole traders and limited companies.

This module is delivered at Beijing Institute of Technology only. 

This module aims to ensure that students have a sound understanding of the techniques of double entry accounting and can apply its principles in recording transactions, adjusting financial records and preparing non-complex financial statements.

Assessable learning outcomes:

Assessable outcomes By the end of the module it is expected that students will be able to:

1. Specify why an entity maintains financial records and prepares financial statements and sources of information.

2. Describe and discuss the various principles and underlying concepts relating to the preparation of financial statements.

3. Apply double entry accounting techniques to a range of simple transactions.

4. Prepare ledger accounts and a trial balance.

5. Identify and correct omissions and errors in accounting records and financial statements using journal and suspense accounts as appropriate.

6. Amend a trial balance using journals.

7. Identify the main components of a set of financial statements and specify their purpose and interrelationship.

8. Prepare and present a statement of financial position, income statement and statement of cash flows from accounting records and trial balance.

9. Analyse and interpret summary financial statements.

Additional outcomes:
Workshops and assignments are designed to encourage the development of oral communication and student effectiveness in group situations. Structured activities are designed to develop independent learning, including reflective, adaptive and collaborative learning.

Outline content:

• Accounting concepts and conventions

• The accounting equation

• Recording financial transactions including cost of sales, accruals, prepayments, irrecoverable debts and allowances, inventories, non-current assets and depreciation

• Ledger accounting and double entry

• Preparing basic financial statements including income statement, statement of financial position and cash flow statements

• Introduction to financial analysis

Brief description of teaching and learning methods:
Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Workshops will focus on discussion and numerical practice.

Contact hours:
  Autumn Spring Summer
Lectures 20 14 4
Practicals classes and workshops 10 10
Guided independent study 170 72
Total hours by term 200.00 96.00 4.00
Total hours for module 300.00

Summative Assessment Methods:
Method Percentage
Written exam 60
Class test administered by School 40

Summative assessment- Examinations:
2 hours

Summative assessment- Coursework and in-class tests:
One 60 minute closed book in- class objective test, attempted under exam conditions in the Autumn term (contributing 20% of the total module mark).

One 60 minute closed book in-class numerical test, attempted under exam conditions in the Spring term (contributing 20% of the total module mark).

One 2 hour closed book unseen written exam in the Summer term (contributing 60% of the total module mark).

Formative assessment methods:
Formative assessments are available in the text book for all topics in the module to enable students to gain the necessary practice. In addition, exam style questions are available on Blackboard and students will practice exam style questions in workshops. Marking guides and feedback are provided where appropriate so that students can assess their own performance.

Penalties for late submission:
The Module Convener will apply the following penalties for work submitted late:

  • where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day[1] (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at:
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Assessment requirements for a pass:
    A minimum mark of 40% is required for a University pass.

    This module contributes to the Accounting module of the ACA Professional Stage Knowledge level. In order to apply for ICAEW credit for prior learning, a minimum mark of 50% must be obtained in this module.

    Reassessment arrangements:
    Reassessment is by examination only and will take place in August / September of the same year.

    Additional Costs (specified where applicable):

    1) Required text books: ICAEW Study Manual and Question Bank Certificate Level Accounting 2017 £30.00 plus postage and packaging (2017-18 price) 

    Last updated: 25 September 2018


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