AC110: Introduction to Accounting

Module code: AC110

Module provider: Business Informatics, Systems and Accounting; Henley Business School

Credits: 20

Level: 4

When you'll be taught: Semester 1

Module convenor: Dr Lei Tao, email: lei.tao@henley.ac.uk

Module co-convenor: Dr Alaaeldin Ahmed, email: alaaeldin.ahmed@henley.ac.uk

Additional teaching staff 1: Dr Evelita Estela Celis, email: e.estelacelis@henley.edu.my

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded: IN TAKING THIS MODULE YOU CANNOT TAKE MM1F27 (Compulsory)

Placement information: na

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: No

Last updated: 19 November 2024

Overview

Module aims and purpose

The module aims to help students to develop a sound understanding of the techniques of double-entry bookkeeping, so that they can apply its principles in recording accounting transactions, adjusting financial records and preparing non-complex financial statements.

The module lead at the University of Reading Malaysia is Evelita Estela Celis.

Module learning outcomes

By the end of the module, it is expected that students will be able to:

1. Specify why an entity maintains financial records and prepares financial statements and sources of information describing the principles and concepts underlying them.
2. Apply double-entry accounting techniques to a range of simple transactions.
3. Prepare ledger accounts and a trial balance and amend using journals.
4. Identify and correct omissions and errors in accounting records and financial statements, using journal and suspense accounts as appropriate.
5. Identify the main components of a set of financial statements and specify their purpose and inter-relationship.
6. Prepare and present Statements of Profit or Loss, Financial Position and Cash Flows from accounting records and trial balance.

Module content

• Accounting concepts and conventions.
• The Accounting Equation.
• Recording financial transactions, including cost of sales, accruals, prepayments, irrecoverable debts and allowances, inventories, non-current assets and depreciation.
• Ledger accounting and double-entry.
• Preparing basic financial statements, including Statements of Profit or Loss, Statements of Financial Position and Statements of Cash Flows.

Structure

Teaching and learning methods

Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Tutorials will focus on discussion and numerical practice.

This module may be taught in a different semester if you are studying at our campus in Malaysia.

For students studying at our campus in Malaysia: This module may be taught in a different semester and the breakdown of study hours may differ to those set out in the Study Hours table (please refer to the Module Handbook for the correct breakdown). In addition, you will be required to complete an additional 40 hours of study, taking the total number of study hours to 240 for this module. This is to comply with the Malaysian Quality Agency (MQA). 

Study hours

At least 54 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

This module contributes to the Accounting module of the ACA Professional Stage Knowledge Level. In order to apply for ICAEW credit for prior learning, a minimum mark of 50% must be obtained in this module 

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Formative assessments are available in the textbook for all topics in the module to enable students to gain the necessary practice. In addition, exam-style questions will be available on Blackboard, and students will practice exam-style questions in workshops. Marking guides and feedback are provided where appropriate so that students can assess their own performance.

Reassessment

Additional costs