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BU3530 Financial Accounting

(10 ECTS credits)

Module Content/Outline:

This module will be divided into 2 parts:

a. Double Entry Accounting System

In developing a deeper understanding of financial accounting and to fully appreciate the application of accounting standards it is necessary to understand the double entry accounting system.  This part of the module will include the essential features of the double entry system from the books of prime entry through to the preparation of financial statements.

b. International Accounting Standards

This section of the module will cover International Accounting Standards both in terms of theoretical knowledge and practical application. This section of the module is a significant development from the knowledge base acquired in the Senior Freshman module, Introduction to Accounting. Prior to embarking on the standards, the Regulatory and Conceptual framework will also be addressed.

Learning Outcomes:

On successful completion of this module students should be able to:

  • Demonstrate a detailed and practical understanding of the double entry accounting system from initial transaction to final accounting statement;
  • Display a sound theoretical knowledge of the Regulatory and Conceptual Frameworks;
  • Display a sound theoretical knowledge of each of the international accounting standards studied during the year;
  • Substantiate this theoretical knowledge of the standards by applying it to practical problems and scenarios;
  • Demonstrate an ability to account for the issues arising in the standards using the double entry accounting system.

Lecturer(s):

Mr Brian Murphy

Tutorials: Ms Nuala Hunt

Lectures &Tutorials/Contact hours:

2 Lectures per week, 1 Tutorial per week. Full attendance at all lectures and tutorials is required.

Recommended Texts/Key Reading:

To be advised.

Assessment:

Test during Semester 1 (Michaelmas Term): 20% of total marks.

End of year exam: 80% of total marks.

Dates for submission:

To be advised.

Penalties for late submission:

To be advised.

Students unable to submit a term assignment for medical reasons must produce a medical certificate to the School of Business Studies office within three working days of the missed submission date. Certificates received after that time will not be accepted.

End of year examination:

3-hour end of year exam: 80% of total marks