BUU33531 Financial Accounting I

(5 ECTS)

Lecturer: Ciara Deane

E-mail: deaneci@tcd.ie 
Office Hours: By email appointment 

Pre-Requisite: 

BUU22530 - Introduction to Accounting

Available to Exchange students 

Module Description

The Module builds on the knowledge and understanding attained in the module BUU22530 ‘Introduction to Accounting’. The module concentrates on the accounting records, double entry, nominal ledger accounts and control accounts. Essentially, this module goes “behind” the Financial Statements and explores in detail the processes involved in the preparation of the accounting records which serve as the basis for the preparation of the Financial Statements. Understanding the double entry system of accounting is critical to progressing in the study of Financial Accounting and Financial Reporting.

Learning and Teaching Approach:

The module will be delivered by a combination of lectures and tutorials. Understanding of each topic will be aided by a set of questions and solutions. This module is very much a practical one. Success in the module is best achieved by investing time from day 1 in practicing the questions on each topic on a timely and regular basis.

Module-Level Learning Outcomes:

• Demonstrate a detailed and practical understanding of the double entry accounting system in each stage of the process i.e. from initial transaction to final accounting statement and closing trial balance.
• Apply the double entry accounting rules to transactions and events relating to each of the elements of financial statements as defined in the Conceptual Framework.
• Demonstrate an understanding of the use of suspense accounts and the correction of errors in the accounting records.
• Understand the broad concept of internal control in the context of the accounting records. Apply this understanding to the preparation/reconciliation of control accounts and the preparation of bank reconciliations.
• Understand the context of incomplete records both for sole traders and limited companies. Apply knowledge of the double entry system, accounting records and nominal ledger accounts to given scenarios in order to calculate requisite information in incomplete records scenarios.

Relation to Degree

This Module is linked to BUU33532 Financial Accounting II and BUU44530 Financial Reporting and Analysis. The practical application of International Accounting Standards (which is dealt with in each of the aforementioned modules) is more difficult without a clear understanding of the double entry system.

Knowledge and understanding of the double entry system of accounting is considered to be a key component of Business Degrees where the student intends to pursue a career path in the field of accounting whether this be in the private or public sector. It is also a pre-requisite to attaining a professional accounting qualification. Note it is each students responsibility to confirm this with the relevant accounting bodies.

Workload

Textbooks and Required Resources

Required Core Course Textbook

An Introduction to Financial Accounting by Margaret D’arcy 2^nd edition

ISBN:9781907214615 … this ISBN gives access code for MyLab with eText

Student Preparation for this Module

Lecture notes are provided on each topic and should be read in conjunction with the relevant sections of each chapter of the core text.

Course Communication

Please note that all course related email communication must be sent from your official TCD email address. Emails sent from other addresses will not be attended to.

Students are responsible for checking Blackboard and their College email regularly to ensure they are informed of any administrative information changes and any other matters relating to the module.

Assessment

End of term 2 hour in person exam: 100%

Re-Assessment

Re-assessment involves retaking a 100% in person exam.

Biographical Note

Ciara Deane is a Deloitte trained FCA & AITI with significant industry experience and over 20 years’ experience as a professional taxation and accountancy lecturer with Universities, Colleges and Professional Bodies including Chartered Accountants Ireland, Irish Taxation Institute, Accounting Technicians Ireland, Trinity College Dublin, University College Dublin, Smurfit Business School and National College of Ireland.