Academic Year 2023/2024
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.
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Curricular information is subject to change
What will I learn?
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
How will I learn?
Student Effort Hours:
| Student Effort Type | Hours |
|---|---|
| Lectures | 24 |
| Small Group | 12 |
| Specified Learning Activities | 42 |
| Autonomous Student Learning | 42 |
| 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.
Am I eligible to take this module?
Requirements, Exclusions and Recommendations
Learning Requirements:
Level 1 Financial Accounting
Module Requisites and Incompatibles
Incompatibles:
SMGT10010 - Financial Management of Sport, SMGT30190 - Adv Financial Mgt of Sport
How will I be assessed?
Assessment Strategy
| Description | Timing | Component Scale | % 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
What happens if I fail?
| Resit In | Terminal Exam |
|---|---|
| Spring | Yes - 2 Hour |
Please see Student Jargon Buster for more information about remediation types and timing.
Assessment feedback
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.
When is this module offered?
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 |
