Module Catalogues, Xi'an Jiaotong-Liverpool University   
 
Module Code: ACF103
Module Title: Introduction to Financial Accounting
Module Level: Level 1
Module Credits: 5.00
Academic Year: 2019/20
Semester: SEM1
Originating Department: International Business School Suzhou
Pre-requisites: N/A
   
Aims
The aim of this module is to provide students with 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 
A. Understand different legal forms of a business.

B. Demonstrate the use of double entry and accounting systems

C. Record transactions using ledger entries

D. Prepare basic financial statements.

E. Understand basic partnership accounts.


Method of teaching and learning 
The lectures cover basic principles and applications of financial accounting supported by examples and exercises. Tutorial work is used to reinforce application through examples and discussion. Learning on this module will be integrated with the companion module in semester two on managerial accounting.
Syllabus 
The context and purpose of financial reporting

o The scope and purpose of financial statements for external reporting

o Users and stakeholders needs

o The main elements of financial reports

The use of double entry and accounting systems

o Double entry book-keeping principles including the maintenance of accounting records and sources of accounting information

o Ledger accounts, books of prime entry and journals

Recording transactions and events

o Sales and purchases

o Cash

o Inventory

o Tangible non-current assets

o Depreciation

o Intangible non-current assets and amortisation

o Accruals and pr epayments

o Receivables and payables

o Provisions and contingencies

o Capital structure and finance costs

Preparing a trial balance

o Trial balance

o Correction of errors

o Control accounts and reconciliation

o Bank reconciliations

o Suspense accounts

Preparing basic financial statements

o Statements of financial position

o Income statements

o Basic partnership accounts

Delivery Hours  
Lectures Seminars Tutorials Lab/Prcaticals Fieldwork / Placement Other(Private study) Total
Hours/Semester 26    13      111  150 

Assessment

Sequence Method % of Final Mark
1 Formal Continual Assessment 15.00
2 Final Examination 85.00

Module Catalogue generated from SITS CUT-OFF: 6/6/2020 9:13:40 PM