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■    Outline the structure of the Regulatory Framework;

•    Discuss and apply the main accounting conventions and qualitative characteristics of financial information;

•    lllustrate the principles of double entry bookkeeping;

■    Demonstrate the required accounting treatment for various issues;

•    Prepare and Present Financial Statements;

- Summarise the information needs of various users of financial statements.

Assessment: Total Marks 100: Formal Written Examination 100 marks.

AC1102 Financial Accounting Credit Weighting: 5, Teaching Period(s): Semester2. Pre-requisite(s): Nonę Co-requisite(s): Nonę

Module Content: Introduction to the theory, concepts, practices and roles of financial accounting. Data measurement, recording and analysis, preparation and presentation of financial statements Learning Outcome: On successful completion of this module, students should be able to:

•    Discuss and apply the main accounting conventions.

•    Apply the principles and Controls in double entry bookkeeping;

•    Demonstrate the required accounting treatment for various issues;

■ Prepare and present Financial Statements;

•    Outline the information needs of various users of financial statements.

Assessment: Total Marks 100: Formal Written Examination 100 marks.

AC1103 Financial Accounting Fundamentals Credit Weighting: 5, Teaching Period(s):

Semester 1.

Pre-requisite(s):

Co-requisite(s):

Module Content: Identification, classification and recording of accounting data; profit and other measurements;

preparation of financial statement of sole traders. Introduction to the regulatory framework in financial

reporting.

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

•    Describe the uses and purposes of financial accounting including the conceptual and regulatory rationale underlying financial accounting procedures.

•    Apply double entry principles to account for business transactions and VAT.

•    Use the nominał ledger to summarise all business transactions for a period.

•    Extract a trial balance from the nominał ledger, thereby identifying all assets, liabilities, Capital, income and expenses.

■    Process necessary year-end journal adjustments for: the correction of errors, accruals & prepayments, bad & doubtful debts, inventory and depreciation & disposal of non-current assets

•    Use the trial balance to prepare the statement of financial position and statement of comprehensive income.

•    Apply appropriate Controls to ensure the accuracy of the financial records of a business, and the security of its assets.

■    Apply the rules of the International Accounting Standards Board in accounting for inventories.

•    Describe and discuss the regulatory and conceptual frameworks that govern the preparation and reporting of financial information.

Assessment: Total Marks 100: Formal Written Examination 100 marks.

AC1104 Accounting for Partnerships and Companies Credit weighting: 5,

Teaching Period(s): Semester 2.

Pre-requisite(s): AC1103 Co-requisite(s): Nonę

Module Content: Preparation of accounting reports for partnerships. Capital and reserves, dividends and taxation in companies. Prepare company financial statements for publication.

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

■ Apply double entry principles to account for business transactions in partnerships and companies.

•    Prepare the financial statements of partnerships and process necessary entries arising on ownership changes within the partnership.

•    Account for limited company transactions conceming dividends, Corporation tax and Capital & reserves

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