BE103-4-SP-CO:
Introduction to Accounting II

The details
2023/24
Essex Business School
Colchester Campus
Spring
Undergraduate: Level 4
Current
Monday 15 January 2024
Friday 22 March 2024
15
05 January 2024

 

Requisites for this module
(none)
BE102
(none)
(none)

 

BE110, BE111

Key module for

BSC N400 Accounting,
BSC N401 Accounting (Including Foundation Year),
BSC N402 Accounting (Including Year Abroad),
BSC N404 Accounting (Including Placement Year),
BSC N420 Accounting and Finance,
BSC N422 Accounting and Finance (Including Placement Year),
BSC NN43 Accounting and Finance (Including Foundation Year),
BSC NNK3 Accounting and Finance (Including Year Abroad),
MACCN440 Accounting and Finance,
MACCN441 Accounting and Finance (Including Placement Year),
MACCN442 Accounting and Finance (Including Year Abroad),
BSC NN24 Accounting and Management,
BSC NN27 Accounting and Management (Including Placement Year),
BSC NN42 Accounting and Management (Including Foundation Year),
BSC NNK2 Accounting and Management (Including Year Abroad),
BSC N4L1 Accounting with Economics (Including Foundation Year),
BSC NKL1 Accounting with Economics (Including Year Abroad),
BSC NL41 Accounting with Economics,
BSC NL44 Accounting with Economics (Including Placement Year),
BSC N390 Banking and Finance,
BSC N391 Banking and Finance (Including Foundation Year),
BSC N392 Banking and Finance (Including Placement Year),
BSC NH90 Banking and Finance (Including Year Abroad),
BSC N200 Business Management,
BSC N201 Business Management (Including Foundation Year),
BSC N202 Business Management (Including Year Abroad),
BSC N204 Business Management (Including Placement Year),
BSC N300 Finance,
BSC N301 Finance (Including Foundation Year),
BSC N302 Finance (Including Year Abroad),
BSC N304 Finance (Including Placement Year),
BSC N2N5 Management and Marketing (Including Foundation Year),
BSC NN25 Management and Marketing,
BSC NN2M Management and Marketing (Including Placement Year),
BSC NNF5 Management and Marketing (Including Year Abroad),
BA L147 Financial Economics and Accounting (Including Placement Year),
BA L148 Financial Economics and Accounting,
BA L149 Financial Economics and Accounting (Including Year Abroad),
BA LX14 Financial Economics and Accounting (Including Foundation Year),
MMANNN35 Marketing and Management,
MMANNN36 Marketing and Management (Including Placement Year),
MMANNN37 Marketing and Management (Including Year Abroad),
BSC N260 Business and Human Resource Management,
BSC N261 Business and Human Resource Management (including Placement Year),
BSC N262 Business and Human Resource Management (including Year Abroad),
BSC N263 Business and Human Resource Management (Including Foundation Year)

Module description

The aim of this module is to introduce to the students the basic principles and techniques for preparing and constructing a set of comprehensive financial statements. This module is intended for students majoring in accounting and those who have a keen interest in gaining an understanding of elementary financial accounting.

The module will commence with an introduction to double-entry booking keeping and accounting equations that govern the recording of business transactions. The module will then discuss the recognition and measurement principles for accounting for some key items in financial statements, including inventory, accruals, prepayments, long-term assets and long-term finance, using International Financial Reporting Standards as reference. Finally, the module covers the preparation of financial statements from the trial balance for various types of entities, incorporating a variety of simple adjustments.

Module aims

The module aims to provide students with a broad understanding of financial accounting, a thorough grounding in double-entry bookkeeping, and the ability to understand and measure the results of the activities of companies and prepare the financial statements for different types of entities.

Module learning outcomes

By the end of this module students will be able to:
1. Explain the accounting equation and its link to financial statements, and illustrate the impact of economic transactions on the accounting equation.
2. Describe and apply the process of recording transactions from source documents to financial statements via the double-entry bookkeeping system and trial balance.
3. Explain and apply the recognition and measurement principles relating to: inventories (and cost of sales) and other current assets and liabilities (including receivables and bad debts, prepayments and accruals, etc.); long-term assets; and long-term finance.
4. Prepare financial statements for a company from a trial balance, incorporating a variety of simple adjustments.

Module information

The double entry system and the trial balance
Accounting for inventory (cost of sales, closing inventories).
The matching principle: accruals and prepayments
Accounting for trade receivables and provisions
Accounting for long term assets I: revaluation and depreciation
Accounting for long term assets II: disposal
Treatment of long term finance
Putting it all together – comprehensive example: The income statement
Putting it all together – comprehensive example: The balance sheet

Learning and teaching methods

The module comprises one 2-hour lecture and one class per week as well as voluntary support classes offered via Zoom fortnightly, over 10 weeks. Homework questions and practice tests will be available on MyLab online platform throughout the term. The purpose of the lecture is twofold: first, to discuss and outline the appropriate analytical concepts and their ramifications and, second, to stimulate students’ interest and direct their reading. It is very important that students complete all the readings immediately after each lecture because these are an integral part of the course. The purpose of the classes is for students to demonstrate that they can apply analytical concepts and general principles to particular problems. These problems, which are a mixture of technical exercises and discussion topics, must be prepared in advance of the designated class. Students should note that it may not be possible to cover the answers to all questions in class but it is expected that students will attempt all the questions set. The purpose of the voluntary support classes is to provide academic support and answer students’ questions. The purpose of MyLab homework questions is to strengthen students’ understandings of the lecture contents and prepare for the in-class tests and final exam, both will also be run on MyLab.

Bibliography

This module does not appear to have a published bibliography for this year.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Coursework weighting
Coursework   Assignment     
Exam  Main exam: Remote, Open Book, 120 minutes during Summer (Main Period) 
Exam  Reassessment Main exam: Remote, Open Book, 120 minutes during January 
Exam  Reassessment Main exam: Remote, Open Book, 120 minutes during September (Reassessment Period) 

Exam format definitions

  • Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
  • In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
  • In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
  • In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary, for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.

Your department will provide further guidance before your exams.

Overall assessment

Coursework Exam
30% 70%

Reassessment

Coursework Exam
0% 100%
Module supervisor and teaching staff
Dr Chaoyuan She, email: c.she@essex.ac.uk.
Dr Chaoyuan She & Dr Hao Lan
ebsugcol@essex.ac.uk

 

Availability
No
No
No

External examiner

No external examiner information available for this module.
Resources
Available via Moodle
Of 64 hours, 64 (100%) hours available to students:
0 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s), module, or event type.

 

Further information
Essex Business School

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