Financial Accounting

MQF Level 5

12 ECTS

Financial Accounting

Start
October 2024
Module Type
Compulsory
Price
€550
ECTS Credits
12 ECTS
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Module Description

The Financial Accounting module introduces the learner to the regulatory framework relating to accounts preparation. The learner learns how to record, process, and report events and transactions.

Furthermore, students will also learn how to prepare a trial balance and how to recognize and amend any errors.

By the end of this module, students will be able to interpret and prepare basic and simple consolidated financial statements.

Essentially, this module seeks to assist students in critically appraising financial accounting including the consequences which brought about the evolution of accounting practices.

This module addresses two cohorts of audience non specialists in the area of finance as well as a foundation module to the rest of the course.

The module is all about the basic concepts and the ways in which financial statements and information can be employed to ameliorate the decision-making process.

Entry Requirements

Candidates who apply for this course will possess:

• A related qualification at MQF Level 4

and/or

• Two ‘A’ Levels (MQF Level 4) or equivalent one of which should be related to Accounts, Business or Economics and a pass in English Language and Mathematics at MQF Level 3 (‘O’ Level or equivalent).

• Preference will be given to applicants having 1 year work experience related to the study programme.

In the case of students who do not possess all the formal required academic qualifications, then the Recognition of Prior Learning (RPL) process could be applied such that if evidence of equivalent learning is found then the applicant could still be accepted in the course.

Such RPL process will subject applicants to an interview held with a board of experts within the field, chosen specifically by IDEA Academy, so as to verify their experiences and prior learning.

Students whose first language is not English and do not possess an ‘O’ level pass in English Language will be required to demonstrate English language capability at IELTS level 6.0 or equivalent.

 

 

Target Audience

  • Individuals seeking to advance their academic and professional knowledge in Accounting.
  • Individuals wanting to pursue a wide range of accounting, consulting, financial and managerial career paths.
  • Individuals wanting to enhance their ability to interpret, assess and communicate financial related data.

How you’ll be assessed

This module consists of two individual assessments , each carrying a weighting as below:

a) Assessment 1 carries 30% of total module mark achieved. b) Assessment 2 carries 70% of total module mark achieved.

The overall grade achieved for each module is calculated as the sum of: • 30% of the mark achieved for Assessment 1; and • 70% of the mark achieved for the Assessment 2.

Both Assessment 1 tasks and Assessment 2 tasks aim to provide the learner an opportunity to produce evidence of his/her competences aligned to the learning outcomes of each individual Module.

Assessment 1 and Assessment 2 may include in-class assignments and home-based written assignments using diverse assessment tools which may take the form of online and in-class discussions, examinations of 2-3 hours, case studies, reports, proposals, essays, and presentations.

For successful completion of a study module the student is required to achieve an overall pass mark of 50%

How you’ll be assessed

This module consists of two individual assessments , each carrying a weighting as below:

a) Assessment 1 carries 30% of total module mark achieved. b) Assessment 2 carries 70% of total module mark achieved.

The overall grade achieved for each module is calculated as the sum of: • 30% of the mark achieved for Assessment 1; and • 70% of the mark achieved for the Assessment 2.

Both Assessment 1 tasks and Assessment 2 tasks aim to provide the learner an opportunity to produce evidence of his/her competences aligned to the learning outcomes of each individual Module.

Assessment 1 and Assessment 2 may include in-class assignments and home-based written assignments using diverse assessment tools which may take the form of online and in-class discussions, examinations of 2-3 hours, case studies, reports, proposals, essays, and presentations.

For successful completion of a study module the student is required to achieve an overall pass mark of 50%

Assignment
Discussions

Module Intake Dates

October 2024
Price
€550

Learning Outcomes

Competences:

At the end of the module/unit the learner will have acquired the responsibility and autonomy to:

  • Analyse financial accounting.
  • Demonstrate knowledge and understanding of the function and purpose of financial reporting.
  • Identify the qualitative characteristics of useful data and financial information.
  • Illustrate the use of double-entry and accounting systems.
  • Examine accounting adjustments.
  • Demonstrate knowledge and understanding of recording of transactions and events.
  • Prepare a trial balance.
  • Prepare basic financial statements for incorporated and unincorporated organisations, including profit or loss statements.
  • Prepare simple consolidated financial statements.
  • Interpret financial statements.

Knowledge:

At the end of the module/unit the learner will have been exposed to the following indicative content:

  • Analyse financial accounting.
  • Demonstrate knowledge and understanding of the function and purpose of financial reporting.
  • Identify the qualitative characteristics of useful data and financial information.
  • Illustrate the use of double-entry and accounting systems.
  • Examine accounting adjustments.
  • Demonstrate knowledge and understanding of recording of transactions and events.
  • Prepare a trial balance.
  • Prepare basic financial statements for incorporated and unincorporated organisations.
  • Prepare simple consolidated financial statements.
  • Interpret financial statements.

Skills: At the end of the module/unit the learner will have acquired the following skills:

  • Apply accounting techniques.
  • Distinguish among different purposes of accounting information.
  • Recognise the main aims of a trial balance as well as its restrictions.
  • Record entries in a suspense account · Record income tax in profit or loss statements.
  • Record purchase, sale, and cash transactions in ledger accounts.
  • Reconcile bank statements.

Module-Specific Communication Skills:

At the end of the module/unit the learner will be able to:

  • Communicate ideas, problems, and solutions effectively to both specialist and non-specialist audiences verbally or in writing (PowerPoint presentations, reports, etc.).
  • Participate in class/online discussions and in organised workshops.
  • Present ideas, work, and findings to peers, lecturers, and specialist and non-specialist audiences.
  • Contribute to team work as required.

Module-Specific Learner Skills: 

At the end of the module/unit the learner will be able to:

  • Develop journal entries to implement corrections in the trial balance, should this contain errors.
  • Identify errors in the cash book and correct them accordingly.

Module-Specific Digital Skills and Competences:

At the end of the module/unit, the learner will be able to:

  • Navigate through the online learning platform to find assignments, discussion boards, literature, tutorials etc

 

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