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BUU33530 Financial Accounting

(10 ECTS credits)

Lecturer(s):

Mr Dave O’Donoghue

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

Historically, some students who have done Leaving Certificate Accounting are lulled into a false sense of security following the first part of the Module. Obviously, this is not to be recommended and 100% attendance at lectures and tutorials is required by ALL students.

This part of the Module will cover International Accounting Standards both in terms of theoretical knowledge and practical application.

This module is a significant step upfrom the knowledge base acquired in the SF Modules.

It is important to note that this subject requires constant attention and consistent practical application of the material to questions, is the BEST way to achieve good exam results.

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:

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

Textbooks and Required Resources

Double Entry Accounting System

The core text for this part of the Module is:

Business Accounting Basics, Frank Wood and David Horner, 1st Edition

The following texts will also be used as reference sources:

Business Accounting Volumes 1 and 2, Frank Wood and Alan Sangster

International Accounting Standards

The core mandatory text for this part of the Module is:
International Financial Reporting, Alan Melville, 7th Edition
Further reading material, drawn from relevant websites, other texts, press releases and relevant journals will also be included as required.

Module Prerequisite:

BUU22530 Introduction to Accounting (SF Year)

Assessment:

Mid Term Exam                 1.5 hours                  20% of the total marks
End of year exam              3.0 hours                  80% of the total marks