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ACC10040

Academic Year 2026/2027

Financial Accounting 1 (ACC10040)

Subject:
Accountancy
College:
Business
School:
Business
Level:
1 (Introductory)
Credits:
5
Module Coordinator:
Dr John McCallig
Trimester:
Spring
Mode of Delivery:
On Campus
Internship Module:
No
How will I be graded?
Letter grades

Curricular information is subject to change.

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.

About this Module

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.

UNESCO highlights a set of key competencies that support individuals in their development and support society in achieving the UN Sustainable Development Goals (SDGs). UCD has adapted these competencies and is combining them with others to form a general framework of learning competencies. This module will help you develop the competencies below to the levels specified. 
Learning Competency Additional Information Level

Systems Thinking

 The ability to recognize and understand relationships; to analyse complex systems; to think of how systems are embedded within different domains and different scales; and to deal with uncertainty. Novice

Integrated Problem Solving

 The overarching ability to apply different problem-solving frameworks to complex sustainability problems and develop viable, inclusive and equitable solution options that promote sustainable development, integrating the competencies in this list. Novice

The United Nations identified seventeen Sustainable Development Goals (SDGs) as core to the 2030 Agenda for Sustainable Development, and UCD contributes in general to SDG 4 Quality Education. Further SDGs explored within this module if relevant are listed below. A scale of 1 - 5 indicates the extent to which the SDG is covered.


Goal Name Description Coverage

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all 1

Ensure sustainable consumption and production patterns 1
 

Student Effort Hours:
Student Effort Type Hours
Specified Learning Activities

60
Autonomous Student Learning

29
Lectures

24
Small Group

12
Total

125

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

AI Permitted for Limited Support

Students may use AI tools for limited support in this module (e.g. idea generation, practice questions or as a study aid). Students remain fully responsible for the accuracy and reliability of their work. Any use of AI must be cited appropriately.

Requirements, Exclusions and Recommendations

Not applicable to this module.


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

Equivalents:
Financial Accounting I (ACC1904)


 

Assessment Strategy
Description Timing Component Scale Must Pass Component % of Final Grade In Module Component Repeat Offered
Exam (In-person): Mid-term Test Week 7 Standard conversion grade scale 40% No
20
 No
Exam (In-person): Final Exam End of trimester
Duration:
2 hr(s)
 Standard conversion grade scale 40% No
70
 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. Week 3, Week 5, Week 6, Week 10, Week 11 Alternative linear conversion grade scale 40% No
10
 No

As part of UCD's student support, under the Additional Consideration policy, extensions may be available for the following assessments in the module: Assignment (including essay/poster), Portfolio, Reflective Assignment, Report(s), and Individual Project.


Carry forward of passed components
Yes
 

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
Daniel Watkins Lecturer / Co-Lecturer

Timetabling information is displayed only for guidance purposes, relates to the current Academic Year only and is subject to change.
Spring Lecture Offering 1 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Tues 09:00 - 10:50
Spring Lecture Offering 2 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Tues 13:00 - 14:50
Spring Lecture Offering 3 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Tues 09:00 - 10:50
Spring Small Group Offering 1 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Tues 11:00 - 11:50
Spring Small Group Offering 2 Week(s) - 20, 21, 22, 23, 24, 25, 26, 30, 31, 32, 33 Fri 09:00 - 09:50
Spring Small Group Offering 3 Week(s) - 20, 21, 22, 23, 24, 25, 26, 30, 31, 32, 33 Fri 10:00 - 10:50
Spring Small Group Offering 4 Week(s) - 20, 21, 22, 23, 24, 25, 26, 30, 31, 32, 33 Fri 11:00 - 11:50
Spring Small Group Offering 5 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Wed 14:00 - 14:50
Spring Small Group Offering 6 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Wed 12:00 - 12:50
Spring Small Group Offering 7 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Wed 11:00 - 11:50
Spring Small Group Offering 8 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Thurs 15:00 - 15:50
Spring Small Group Offering 9 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Thurs 10:00 - 10:50
Spring Small Group Offering 10 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Thurs 14:00 - 14:50
Spring Small Group Offering 11 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Wed 10:00 - 10:50
Spring Small Group Offering 12 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Thurs 12:00 - 12:50
Spring Small Group Offering 13 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Thurs 13:00 - 13:50
Spring Small Group Offering 14 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Tues 12:00 - 12:50
Spring Small Group Offering 15 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Thurs 11:00 - 11:50
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