| CODE | TEB4002 | ||||||||
| TITLE | Financial Accounting for Business Educators 2 | ||||||||
| UM LEVEL | 04 - Years 4, 5 in Modular UG or PG Cert Course | ||||||||
| EQF/MQF LEVEL | 6 | ||||||||
| ECTS CREDITS | 4 | ||||||||
| DEPARTMENT | Technology and Entrepreneurship Education | ||||||||
| DESCRIPTION | This study-unit introduces accounting principles that are more complex than those presented in the study unit "Financial Accounting for Business Educators I". It is intended for student-teachers who have had little exposure to the subject. This study-unit equips student-teachers with the essential, in-depth knowledge of various business organisations which lays down a solid foundation for future pedagogical study-units in the MTL (Business Education) course. Students shall be given the opportunity to prepare and interpret financial reports of various types of business organisations through problem solving, discussion and other techniques that encourage reasoning. Student teachers will also be made aware of the purpose of the rules that govern accounting, namely the International Accounting Standards, with special reference to those standards that are related to the topics that are covered in this study-unit. Study-Unit Aims: The study-unit will enable students to: - Consolidate the skills in financial accounting; - Evaluate how the providers of capital benefit from financial accounting; - Appraise the importance of accounting principles and the regulatory framework; - Differentiate between the financial statements of different types of business organisations; - Justify the importance of a including a business ethics report with the financial statements; and - Enhance the financial literacy attainment. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Complete the whole accounting process through the extended trial balance; - Be aware of the various types of errors that affect the trial balance and those that do not affect the trial balance; - Evaluate the importance of keeping proper books of accounts; - Compare and contrast incomplete records of a sole trader and incomplete records of a non-profit making organisation; - Explain the main characteristics of non-profit making organisations; - Compare and contrast the characteristics of sole traders, partnerships and companies; - Explain the meaning of reserves, shares and equity; - Compare and contrast the characteristics of ordinary and preference shares; - Compare and contrast the characteristics of shares and debentures; - Compare and contrast the characteristics of capital and revenue reserves; - Distinguish between the role of the financial accountant and auditor; - Be aware of the purpose of International Accounting Standards; - Examine the basic requirements of the following Accounting Standards: IAS 1 Presentation of Accounting Statements and IAS 2 Inventories; and - Explain the impact of Corporate Social Responsibility on society and the environment. 2. Skills: By the end of the study-unit the student will be able to: - Draw up an extended trial balance from a set of financial transactions; - Draw up Journal entries in order to correct errors that affect the trial balance and those that do not affect the trial balance; - Draw up Control Accounts; - Prepare the Statement of Profit or Loss and Statement of Financial Position of a Sole Trader from incomplete records; - Prepare The Subscriptions Account, Income and Expenditure Account and Statement of Financial Position of Non-Profit Making organisations from incomplete records; - Prepare Current Accounts, Capital Accounts, Statement of Profit or Loss and Appropriation, and Statement of Financial Position of Partnerships; and - Prepare a Statement of Profit or Loss, Statement of Financial Position and Statement of Changes in Equity of Companies. 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 | Darren Borg Emanuel Mizzi |
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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 2026/7. It may be subject to change in subsequent years. |
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