ACC10040 Financial Accounting 1

Academic Year 2024/2025

This module provides an introduction to financial accounting practices, usage and regulation. In particular, it introduces students to the preparation and interpretation of company financial statements.

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Curricular information is subject to change

Learning Outcomes:

On completion of this module, students should be able to:
1. Describe the role of financial accounting in providing information to a variety of user groups.
2. Define assets, liabilities and equity.
3. Explain the accounting equation and describe the statement of financial position (balance sheet).
4. Explain the accruals principle and describe the statement of profit or loss and other comprehensive income.
5. Record basic transactions using the double-entry accounting system.
6. Calculate depreciation and describe the treatment of non-current assets in the accounting system. Record additions and disposals of non-current assets and the depreciation charge.
7. Describe the treatment of impaired receivables, accruals and prepayments in the accounting system. Record accruals, prepayments, impairments and changes in the allowance for expected credit losses.
8.Explain the sources of finance available to a limited company and their accounting treatment. Record issues of share capital, issues and repayments of loans and dividend payments. Record corporation tax liabilities and payments, and transactions involving VAT and PAYE.
9. Prepare a trial balance, and present the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity for a small company under International Financial Reporting Standards (IFRS) regulation.
10. Analyse financial statements by calculating basic accounting ratios and interpret the ratios in the context of a particular business. Evaluate the profitability, liquidity and gearing of a company.
11. Prepare and interpret a statement of cash flows.
12. Identify and discuss accounting aspects of current business news and events.

Student Effort Hours: 
Student Effort Type Hours


Small Group


Specified Learning Activities


Autonomous Student Learning




Approaches to Teaching and Learning:
Comprises Lectures, workshops and feedback tests. 
Requirements, Exclusions and Recommendations

Not applicable to this module.

Module Requisites and Incompatibles
ACC10060 - Introduction to Accounting, SMGT10010 - Financial Management of Sport, SMGT30190 - Adv Financial Mgt of Sport

Financial Accounting I (ACC1904)

Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Exam (In-person): Mid-term Test n/a Standard conversion grade scale 40% No


Exam (In-person): Final Exam n/a Standard conversion grade scale 40% No


Quizzes/Short Exercises: During the module students must complete four learning feedback tests (2.5% each). These tests are designed to give you feedback on how well you have achieved the basic learning objectives of topics. n/a Alternative linear conversion grade scale 40% No


Carry forward of passed components
Resit In Terminal Exam
Autumn Yes - 2 Hour
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Group/class feedback, post-assessment
• Online automated feedback

How will my Feedback be Delivered?

Not yet recorded.

Introductory Financial Accounting – Using International Financial Reporting Standards – 3rd Edition by John McCallig.
The author has granted free early access to draft of the 3rd edition of the textbook for students of this module. This book is available in pdf format on BrightSpace (in the Textbook Folder).

This book is essential and contains many of the problems and solutions used in the module. You can download the book and your pdf reader software should allow you to highlight it and annotate it with your notes.  
Name Role
Ms Celine Craddock Lecturer / Co-Lecturer