Unit information: Financial Accounting 1 in 2012/13

Unit name	Financial Accounting 1
Unit code	EFIM10002
Credit points	20
Level of study	C/4
Teaching block(s)	Teaching Block 1 (weeks 1 - 12)
Unit director	Professor. Korczak
Open unit status	Not open
Pre-requisites	A-Level Mathematics grade A
Co-requisites	EFIM10004 Managerial Finance
School/department	University of Bristol Business School
Faculty	Faculty of Arts, Law and Social Sciences

Description including Unit Aims

The unit teaches participants to prepare and analyse the four main financial accounting statements - the Statement of Financial Position, the Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flow.

This unit aims to enable participants to:

• achieve an understanding of the principles and objectives of financial accounting;

• acquire the core skills and techniques of financial accounting, in particular keeping accounting records (double-entry system) and constructing and analysing financial statements;

• learn to carry out independent research and analysis;

• develop a continuing interest in accounting, and obtain satisfaction from its study and practice;

• develop a commitment to providing information which is potentially useful for making economic decisions and which, if provided, will enhance social welfare; and

• be prepared for further study of Financial Accounting, in particular for unit EFIM20001

Intended Learning Outcomes

On completion of your studies you should be able to:

• explain the objective of financial statements;

• compare and contrast the various types of business entity and their reporting requirements;

• recall, define and explain the elements of financial statements;

• explain and apply the principles of double-entry bookkeeping, including the use of an extended trial balance;

• prepare and explain a Statement of Financial Position for a single entity;

prepare and explain a Statement of Comprehensive Income for a single entity;

• prepare and explain a Statement of Changes in Equity for a single entity;

• prepare and explain a Statement of Cash Flow for a single entity;

• explain, apply and evaluate alternative cost flow assumptions for measuring inventory (FIFO, LIFO and weighted average cost);

• explain the purpose of control accounts and bank reconciliations and perform reconciliations;

• evaluate the position and performance of a business using ratio analysis and other tools such as SWOT and PEST analyses;

• prepare and explain partnership accounts, including where there is a change in partnership or in profit-sharing ratio, and explain the associated principles and techniques;

• account for the incorporation of a business, and explain the associated principles and techniques;

• demonstrate an understanding of principles of VAT;

Teaching Information

• 27 Lectures

• 10 Exercise Lectures

• 5 Small Group Tutorials

• 5 Clinics

Assessment Information

Summative:

• 100% on 3 hour written exam in May/June.

Formative:

• Tutorials: up to 10 exercises
• Exercise Lectures: 10 exercises,

All learning objectives are assessed by both summative and formative assessment

Reading and References

Essential:

• Anne Britton and Chris Waterson, Financial Accounting (5th edition) 2009, Financial Times Prentice Hall

Recommended:

• Frank Wood and Alan Sangster, Business Accounting 1 (11th edition) 2008, Financial Times Prentice Hall