| CODE | TEB4001 | ||||||||
| TITLE | Financial Accounting for Business Educators 1 | ||||||||
| UM LEVEL | 04 - Years 4, 5 in Modular UG or PG Cert Course | ||||||||
| MQF LEVEL | 6 | ||||||||
| ECTS CREDITS | 4 | ||||||||
| DEPARTMENT | Technology and Entrepreneurship Education | ||||||||
| DESCRIPTION | This study-unit introduces and extends fundamental themes in Accounting. It is intended for student teachers who have had little exposure to the subject. Students shall be given the opportunity to practise, analyse and interpret transactions and basic financial reporting through problem solving, discussion and other techniques that encourage reasoning. In the process accounting concepts, principles and fundamental IAS's (International Reporting Standards), particularly IAS16 shall be brought to life and shall be discussed in relation to other areas of knowledge. Study-Unit Aims: The study-unit will enable students to: - Develop financial thinking skills; - Provide an insight into financial principles and practices; and - Instil an appreciation of the contribution of financial accounting to business organisations. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Explain the purpose of accounting in view of the need to provide information for primary accounting users; - Reason out and record transactions following the double entry system; - Elicit data from primary documents and prepare and explain the use of books of prime entry; - Extract a Trial Balance and outline its main purposes; - Explain the reasons why a Trial Balance should be in agreement and understand what is happening when this is not the case; - Prepare and explain a Statement of Profit or Loss and a Statement of Financial Position for sole traders (including those of a departmental nature); - Apply basic accounting principles, namely: dual aspect, business entity, consistency, accruals, prudence and historical cost; - Explain and record accruals and prepayments for expenses and revenue; - Explain and record irrecoverable debts, allowances of doubtful debts and bad debts recovered; - Calculate depreciation on non-current assets using the straight line, reducing balancing and revaluation method; - Record and explain transactions related to depreciation, disposal and part-exchange of non-current assets; - Explain a bank statement, provide reasons for discrepancies between bank records and business records and prepare a bank reconciliation statement; and - Explain and use profitability and liquidity ratios for the purpose of reporting on the financial performance and liquidity of sole traders. 2. Skills: By the end of the study-unit the student will be able to: - Perform and interpret basic and more complex double entries; - Complete the books of prime entry; - Write the accounts up to Trial Balance stage; - Prepare and explain Financial Statements for sole traders in line with basic accounting principles, concepts and IAS's; - Create reports related to the financial performance and liquidity of a business; - Understand and make links between accounting and principles of finance, economics and marketing; - Make ethical judgement with respect to financial reporting; and - Make use of the knowledge acquired in the personal realm in view of acquiring a degree of financial literacy and autonomy. Main Text/s and any supplementary readings: Main Texts: - Johnson H., Whittam A. & Crawford M. (1998). A Practical Foundation in Accounting, Thomson. - Mitchell E. & Sant Fournier A. (2014). Go for Accounting, 3rd edition, PEG. - Wood F. and Robinson S. (2013). Book-Keeping and Accounts, 8th edition, Prentice Hall. - Wood F. and Sangster A. (2015). Business Accounting 1, 13th edition, Prentice Hall. |
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| STUDY-UNIT TYPE | Lecture | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | John R. Mifsud Marija Vella |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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