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ACCT6007 - Fundamentals of Fin/Acc

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Title:Fundamentals of Fin/Acc
Long Title:Fundamentals of Fin/Acc
Module Code:ACCT6007
 
Credits: 5
NFQ Level:Fundamental
Field of Study: Accounting, Auditing and Accountability
Valid From: Semester 1 - 2016/17 ( September 2016 )
Module Delivered in 8 programme(s)
Module Coordinator: CATHERINE MURPHY
Module Author: ANNMARIE TWOMEY
Module Description: This module provides students with an introduction to the concepts, principles, and practices of financial accounting. No prior knowledge of accounting is required.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Describe the function of financial accounting.
LO2 Describe the basic accounting concepts.
LO3 Record financial transactions using books of first entry and the double entry system.
LO4 Describe the accounting treatment of assets, liabilities, expenses, revenue and capital.
LO5 Prepare financial statements for sole traders.
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.

No requirements listed
Co-requisites
No Co Requisites listed
 

Module Content & Assessment

Indicative Content
Accounting Fundamentals
Accounting terminology, basic accounting concepts and principles. Identifying various user groups of financial accounting information.
Accounting Systems
Form and content of accounting records, books of first entry, ledger accounting and double entry, balancing accounts, preparation of a trial balance. Accounting for depreciation and disposals of assets, bad debts, accruals and prepayments, inventory and value added tax, capital and revenue items.
Accounts Preparation
Preparation of financial statements for sole traders.
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions An in-class assessment 1,2,3,4 30.0 Week 8
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4,5 70.0 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Formal Lecture 3.0 Every Week 3.00
Tutorial Questions and answers 1.0 Every Second Week 0.50
Independent & Directed Learning (Non-contact) Accounting questions 3.5 Every Week 3.50
Total Hours 7.50
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.50
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture No Description 1.5 Every Week 1.50
Tutorial No Description 0.5 Every Second Week 0.25
Lecturer Supervised Learning (Non-contact) Accounting exercises and readings 5.5 Every Week 5.50
Total Hours 7.50
Total Weekly Learner Workload 7.25
Total Weekly Contact Hours 1.75
 

Module Resources

Recommended Book Resources
  • Margaret D`Arcy 2015, An Introduction To Financial Accounting, 2015 Ed., Chartered Accountants Ireland Ireland [ISBN: 9781907214615]
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BBUSS_7 Bachelor of Business 1 Mandatory
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 1 Mandatory
CR_BBISY_8 Bachelor of Business (Honours) in Information Systems 1 Mandatory
CR_BIBLA_8 Bachelor of Business (Honours) in International Business with Language 2 Mandatory
CR_BMRKT_8 Bachelor of Business (Honours) in Marketing 2 Mandatory
CR_ECTWB_7 Bachelor of Science in Craft Technology (Wood) with Business 1 Mandatory
CR_BBUSS_6 Higher Certificate in Business 1 Mandatory
CR_BACCT_6 Higher Certificate in Business in Accounting 1 Mandatory

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Email: help@cit.edu.ie