Module: Accounting 1

Module Specifications..

Current Academic Year 2023 - 2024

Please note that this information is subject to change.

Module Title	Accounting 1
Module Code	AC316
School	DCUBS
Module Co-ordinator	Semester 1: Alan McMahon Semester 2: Alan McMahon Autumn: Alan McMahon
Module Teachers	Patrick Mulcahy Amanda Heeney Aideen O'Dochartaigh Alan McMahon
NFQ level	8	Credit Rating	7.5
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

None
Array

Description

This module aims to build students' ability to prepare and interpret accounting information with the degree of understanding that they need for a professional actuarial career. The teaching methodology is based on lectures and interactive problem sessions, which train students to 1. Prepare statement of comprehensive income and statement of financial position for companies. 2. Analyse, understand, and interpret financial statements using ratio analysis. 3. Describe and explain the regulatory environment for company accounting. 4. Explain the purpose of budgets and prepare basic examples of budgets.

Learning Outcomes

1. Discuss the current regulatory environment for corporate reporting including new developments.
2. Appraise and interpret the content of the Annual Report.
3. Prepare statements of comprehensive income and statement of financial position for single companies under IAS1.
4. Perform financial analysis of companies using ratios.
5. Explain the concept of a group and perform simple calculations of consolidation.
6. Explain the purpose of budgets and prepare basic examples of budgets.

*Type*	*Hours*	*Description*
Workload	Full-time hours per semester
Lecture	36	3 hours of lectures/ problem sessions per week for 12 weeks
Independent Study	38	Preparation for lecturer/tutor-led problem sessions - doing questions from course booklet
Independent Study	25	Preparation for lecture before and after lecture
Directed learning	36	Direct preparation for and completion of end of semester examination
Directed learning	52.5	Research, Reading
Total Workload: 187.5

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Introduction to Accounting
Definition of accounting, output of accounting - Primary Statements, Users of accounts, Financial Accounting v Management Accounting, qualitative features of financial accounting information.

Accounting Concepts and Conventions
Entity, going concern, prudence, accruals/matching, consistency, money measurement, historic cost, materiality. Developments on the conceptual framework.

Recording Business Transactions
Accounting equation and the balance sheet, accounting equation and the profit and loss account, double entry system for assets, liabilities and capital, profit and reserves. The Trial Balance.

Statement of Financial Position for Companies
Characteristics of assets, capital, double entry rules, categories of assets and valuation including revaluation of non-current assets, categories of liabilities, types of share capital & types of reserves, preparation of statement of financial position for publication.

Statement of Comprehensive Income for Companies
Recognition of revenue and expenses, accruals and prepayments, capital and revenue expenditure, depreciation, format of Comprehensive Income statement; flow of information, double entry rules, preparation of Statement of Comprehensive Income and of accounts for publication for plc companies.

Other Financial Statements
Understanding of Statement of Changes in Equity and Statement of Cashflows, concept of cash flow, distinction between profits and cash flow.

Interpretation of Accounts
Role of ratio analysis, computation of profitability, liquidity, efficiency, gearing, and investment ratios and interpretation of same by preparation of written analytical reports for plc companies. Link between Cash flow and Ratios and Working Capital Management. Evaluation of working capital management policies, methods for financing working capital, Limitations of ratio analysis in the interpretation of company accounts.

Group Accounts
Concept of group and preparation of a simple group (consolidated) Statement of Financial Position. Concept of subsidiary and associate companies. Goodwill on consolidation.

The Annual Report
The role and content of the annual report and the role of directors and auditors.

Constructing Management Information
Explain the purpose of forecasts and budgets and prepare basic examples of forecasts and budgets.

Assessment Breakdown
Continuous Assessment	20%	Examination Weight	80%

Type	Description	% of total	Assessment Date
Course Work Breakdown
Group assignment	Interpretation of financial statements - written report.	20%	Week 9

Reassessment Requirement Type
Resit arrangements are explained by the following categories; 1 = A resit is available for all components of the module 2 = No resit is available for 100% continuous assessment module 3 = No resit is available for the continuous assessment component
This module is category 1

Indicative Reading List

Margaret D'Arcy: 2019, An Introduction to Financial Accounting, Chartered Accountants Ireland,
John R. Dyson: 2019, Accounting for non-accounting students, Pearson,

Other Resources

None

Programme or List of Programmes

ACM	BSc in Actuarial Mathematics
CAFM	Common Entry, Actuarial, Financial Maths

Date of Last Revision

06-FEB-12

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