AF4033 - Introduction to Financial Accounting

You will learn through lectures, seminars, guided learning, and independent study. There will be two lectures of two hours per week which will cover theory and concepts that will enable you to benefit from the experiential learning aspects of the seminars. There will be two seminars of one hour each per week which will be facilitated by group and individual tasks, accounting problem solving, allowing you to reflect on your learning. The sessions will utilise an accounting package in order to demonstrate how online accounting packages and technology can be used in accounting preparation in practice.

Use of the modules eLearning portal will also form an essential part of this module and support the work you will be undertaking in both the lectures and seminars. This will also contain the exercises that will allow you to undertake further practice independently.

Your progress on the course will be continually assessed by both yourself and your lecturers. The problem-solving nature of the seminars means that lecturer (formative) assessment and feedback will occur continuously. Periodic tests will also be made available through blackboard to allow you to monitor your progress to date. None of these tests however will form part of your final assessment grade.

Independent learning time is set aside for learning activities, self-identified by your own research, so you can gain a deeper understanding and broader knowledge of the subject.

The directed activities you undertake on the module are designed to ensure you and the lecturing staff are the co-creators of knowledge. They will encourage you to create an active and self-directed learning experience, which will allow you to take responsibility for your own learning, whilst still having a high level of support.

Support will be provided to you by a member of the academic staff leading the module and providing lecturer input. A small team of academic staff will be allocated to seminar groups of approximately 20 students. They will be able to provide a closer and more focused support.

Your module is supported by the eLearning portal which will house all learning documentation for both lectures, seminars and self-directed learning. Previous and current assessment information will also be included on the portal to allow you to review common assessment strategies and example assessment questions. You will also be able to access copies of the lectures each week which will be recorded on Panopto throughout the course.

You will be provided with a wide-ranging electronic reading list that comprises of various academic reports, conference papers, books and journal articles showcasing application of various issues and topics within the module.

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

Knowledge & Understanding:
• Understand the nature of accounting and the requirements of the different users of financial information and features of the different types of trading entities and their associated reporting requirements (ML01)

• Demonstrate competence in basic financial accounting skills and techniques in the support of appropriate financial decision making. In particular;

o Record and process transactions
o Prove the accuracy of the financial accounting systems
o Prepare financial statements
o Interpret basic financial statements and communicate the results to users (ML02)

Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):
• Consider the professional and business ethical dimensions when making decisions (ML03)

Formative assessment will be carried out on a continuous basis through the interaction in the seminars and workshops.

Formative assessment will be carried out weekly based on self-marked short seminar questions, quiz’s, tests which embed the use of online learning tools/questionnaires. This will be supported by periodic tests accessed via the eLearning portal. This does not form part of the overall assessment for the module.

The summative assessment for the module is based on a closed book three-hour exam which you will take at the end of the module. The exam has been designed to give you maximum professional exemptions (ML01, ML02 & ML03).

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Learn how accounting techniques can be applied in the real business world. This module will introduce you to basic accounting techniques, enabling you to design and monitor systems to collect, record and summarise business transactions as well as interpret the results of your analysis in an ethical manner. You’ll understand the nature and importance of stewardship and understand the limitations of financial accounting.

The subjects, teaching and assessments are aligned with the professional bodies – allowing you not only to gain exemptions from professional exams but also have experience of sitting professional-style assessments. This will give you a great grounding for further study once you’ve graduated.

Alongside key topics such as income and asset recognition, you’ll learn to consider your approach to accounting from the perspective of corporate social responsibility. We’ll also encourage you to engage with and explore other ethical considerations throughout the course.