ACC20010 Financial Accounting 2

Academic Year 2022/2023

First year Accounting introduced students to basic accounting techniques. Level 2 Financial Accounting will reinforce the material covered in Level 1. There will be a particular and strong emphasis on double entry bookkeeping throughout the course. Double entry bookkeeping is the language of business, and is the standard system used by business to record financial transactions. It is essential that all those (accountants and non-accountants) planning a career in business are familiar with this language. Double entry bookkeeping will be examined and students are expected to be familiar with, and be able to apply, the principles of double entry. Themes for Level 2 Financial Accounting include: Revision of first year material, focusing on double entry booking and the preparation of financial statements; Overview of the regulatory framework behind the preparation of financial statements; Preparation of financial statements: the income statement, the balance sheet, the statement of changes in equity, in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS); Valuation of some balance sheet assets and liabilities including property, plant and machinery, inventory and liabilities; Further revision and practice of the preparation of final accounts in a form suitable for publication.

Show/hide contentOpenClose All

Curricular information is subject to change

Learning Outcomes:

Having completed this course, students should be able to:
1. Record transactions using double entry
2. Understand the regulatory framework applying to financial reporting
3. Read an annual report and be familiar with its layout and content
4. Prepare income statements, balance sheets and statements of changes in equity in a form suitable for publication
5. Value some of the major assets and liabilities in the business

Indicative Module Content:

There are 15 topics in this module:
1. Revision of first year material / Double entry bookkeeping
2. Manufacturing accounts
3. Regulatory framework – legal, accounting standards
4. Format of published financial statements
5. International Accounting Standard 1 - Income statement
6. Reporting financial performance
7. International Accounting Standard 1 – Balance sheet
8. International Accounting Standard 1 – Statement of comprehensive income
9. International Accounting Standard 1 – Statement of changes in equity
10. International Accounting Standard 33 – Earnings per share
11. International Accounting Standard 16 – Non-current assets
12. International Accounting Standard 2 – Inventories; Trade receivables
13. International Accounting Standard 37 – Provisions
14. International Accounting Standard 37 – Contingencies
15. International Accounting Standard 10 – Events after the balance sheet date

Student Effort Hours: 
Student Effort Type Hours
Specified Learning Activities

42

Autonomous Student Learning

42

Lectures

24

Small Group

12

Total

120

Approaches to Teaching and Learning:
Every class will commence with “News of the week” newspaper coverage of financial reporting issues relevant to the module. The lecturer will interrogate the module notes which contain examples and illustrations from both Irish and international public company annual reports from which students will learn to appreciate and understand financial statement disclosures. A problem-based learning approach is adopted with the module materials containing extensive problem questions for students to practice their new-found knowledge of Financial Accounting.

 
Requirements, Exclusions and Recommendations
Learning Requirements:

Level 1 Financial Accounting


Module Requisites and Incompatibles
Incompatibles:
SMGT10010 - Financial Mangt of Sport I, SMGT30190 - Adv Financial Mgt of Sport


 
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Multiple Choice Questionnaire: Multiple Choice Questionnaire Week 4 n/a Graded No

20

Examination: End-of-trimester examination 2 hour End of Trimester Exam No Graded No

70

Continuous Assessment: Annual Report Examination Week 6 n/a Graded No

10


Carry forward of passed components
No
 
Resit In Terminal Exam
Spring Yes - 2 Hour
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Group/class feedback, post-assessment

How will my Feedback be Delivered?

Students will receive grades for each component of the module. Following release of assignment grades, the lecturer will provide some observations to the class at lectures on student performance in the two mid-term assessments.

Timetabling information is displayed only for guidance purposes, relates to the current Academic Year only and is subject to change.
 
Autumn
     
External & School Exams Offering 1 Week(s) - 4, 6 Thurs 18:30 - 19:30
Lecture Offering 1 Week(s) - Autumn: All Weeks Tues 09:00 - 10:50
External & School Exams Offering 2 Week(s) - 4, 6 Thurs 18:30 - 19:30
Lecture Offering 2 Week(s) - Autumn: All Weeks Wed 09:00 - 10:50
Small Group Offering 1 Week(s) - Autumn: All Weeks Thurs 12:00 - 12:50
Small Group Offering 2 Week(s) - Autumn: All Weeks Thurs 13:00 - 13:50
Small Group Offering 3 Week(s) - Autumn: All Weeks Tues 12:00 - 12:50
Small Group Offering 4 Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12 Mon 11:00 - 11:50
Small Group Offering 5 Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12 Mon 13:00 - 13:50
Small Group Offering 6 Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12 Mon 14:00 - 14:50
Small Group Offering 7 Week(s) - 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12 Mon 10:00 - 10:50
Small Group Offering 8 Week(s) - Autumn: All Weeks Thurs 11:00 - 11:50
Small Group Offering 9 Week(s) - Autumn: All Weeks Thurs 15:00 - 15:50
Small Group Offering 10 Week(s) - Autumn: All Weeks Tues 13:00 - 13:50
Small Group Offering 11 Week(s) - Autumn: All Weeks Thurs 14:00 - 14:50
Autumn