BSc Accounting with Industrial/Professional Experience

The course is concerned with the way in which organisations "account" for their activities to  external users of financial reports. As well as offering an understanding of the general role, context and principles of financial reporting, it covers the basic recording of 
business transactions, through to the preparation of income statements, balance sheets 
and cash flow statements along with some of the associated measurement and 
disclosure problems. Bookkeeping techniques are taught within the course as a means to understand how the figures in financial reports are derived and thereby to assist with the interpretation of financial reports. 
 

It explores the challenges of recognising and measuring financial elements, including the use of double-entry bookkeeping, and the preparation of key financial statements. The course also introduces techniques for interpreting financial statements, such as ratio analysis, to evaluate an organisation's financial performance and position. 

Only available to students on: BA (Econ) Accounting and/or Finance Specialists, BSc Accounting, BSc Business Accounting and IBFE.

Dependent course units:  

BMAN21020 Financial Reporting & Accountability, BMAN20081 Financial Statement Analysis (if also taken BMAN10522 Financial Decision Making) 

This course aims to provide a foundation knowledge and understanding of the principles and practices of financial reporting and of the role of accounting information within its broader economic, social, and organisational context.  

 

The course encourages consideration of how organisations account for their activities to stakeholders.

 

This course introduces underlying concepts of financial reporting, basic practices involved in the preparation of financial statements and the interpretation of the resulting information. It offers broad coverage of the core financial statements presented and considers the capacity for accounting information to develop in response to changing economic and social needs. Collectively this provides a valuable basis for students contemplating taking more specialist, and advanced, courses in later years.

 

Syllabus (indicative curriculum content):

An introduction to financial reporting, exploring its role and purpose in society and its impact on diverse groups.

 

An introduction to the recognition and measurement of financial elements, with practical application using double-entry bookkeeping. This culminates in the preparation of non-complex financial statements.  

 

An introduction to analysing financial statements to evaluate an organisation's financial performance and position, using ratio analysis and other techniques. 

 

It is expected that on successful completion of this course students should be able to: 

Knowledge and Understanding

Describe, explain, and apply key financial reporting terms, concepts, and principles within the context of an evolving financial reporting framework

Apply the principles of double-entry bookkeeping to common financial transactions.

Intellectual Skills

Discuss the purpose of financial reporting in society, focusing on its role in accountability and its ongoing evolution in response to a changing world. 

Interpret financial information using horizontal, vertical, and ratio analysis.  

Practical Skills 

Prepare a statement of profit and loss, a statement of financial position, and a statement of cash flows, recognising the interconnections between the statements.  

Expected Outcomes

The course material is structured as follows: 
TOPIC 1: The framework of Financial Reporting - an introduction to financial reporting; the importance of choice of accounting method; basic principles and qualities of financial reports.
TOPIC 2: The principles of accounting recording and reporting - how transactions are recorded and the preparation of the basic reporting statements - the balance sheet, income statement; the accounting equation; double entry bookkeeping and trial balances.
TOPIC 3: Recognition and measurement issues - illustrated with reference to specific areas of accounting: fixed assets; current assets and working capital; the owners’ interest in the business; and funds from long term credit.
TOPIC 4: The Cash Flow statement - preparing the cash flow statement and sources of finance for organisations.
TOPIC 5 : Interpretation of Accounts - analysis of financial reports using ratios.

Teaching is delivered as follows, totalling 25 scheduled activity hours:

 

10 two-hour lectures and,

5 one-hour workshops  

Lectures and workshops are supported by blended learning material.    

In addition, the course also aims to assist the development of personal transferable skills by encouraging students to:    

• Construct, use and evaluate financial accounting data.  
• Use information for the purposes of decision making; analyse evidence and apply judgement.  
• Have an awareness of the nature of contemporary accounting practice.  
• Communicate effectively in writing and participate actively in workshops either by leading discussions or responding to issues raised.
• Intellectual development on Perry’s scale from independent work. 

Examination (100%) 
 

On this course the following formative assessments and feedback is received as part of learning:

• In-lecture and asynchronous polling to test understanding and enable focus.  
• Multiple-choice quizzes with instant feedback.  
• Dialogic feedback in the workshop and written feedback after the workshop.
• A very active Piazza discussion board where students can seek help, answer each other’s questions, and receive guidance.  

General feedback on the exam will be provided on Blackboard once marks have been distributed. You should not expect to find detailed written comments on an exam script as you would for coursework. Any comments on the exam script are predominantly part of the marking process and are not extensive in the way that individual feedback is given for coursework. Commentary on exam performance is in the generic feedback published to students on the course via Blackboard.      

Our core texts are:

 

Stoloway H, Paugam L, Ding, Y (2020) Financial Accounting and Reporting, a Global Perspective, 6th Edition, Cengage.

 

White, Franklin, Graybeal and Cooper (2022) Accounting and Accountability, Simple Book Publishing Accounting and Accountability – Simple Book Publishing (pressbooks.pub)  

Additional notes:
This course is currently accredited with ICAEW and ACCA. For academic purposes the students will need to attain a pass mark of 40%, but to attain the ICAEW exemption a pass mark of 50% is required. The higher pass mark requirement is reflected in the contact hours. The duration of the exam reflects the requirements set out by the professional body. Please note that accreditation is subject to change.  

Programme Restrictions: This course is only available to students taking the following programmes of study - BA (Econ) specialising in Accounting, Finance, Accounting & Finance, Economics & Finance, BSc International Business, Finance and Economics, BSc Accounting and BSc Business Accounting.
 

For Academic Year 2024/25

Updated: March 2024

Approved by: March UG Committee

 

Enhancement Of Digital Literacy

Digital accounting systems will be explored to explain how accounting records are created, maintained, controlled, and transformed into financial statements.

Statement To Support Equality, Diversity & Inclusion

The course considers the social and economic impact of financial reporting which encourages students to think about the impact of reporting entities on different sectors of society.

Students will be encouraged to use the Piazza discussion board, where they can offer support to each other online, aiming to create a sense of belonging which reaches outside of the classroom for all students regardless of location. Tutors will also be readily accessible to students, both in and outside of the classroom, considering students preferred ways to communicate.

Timetabling Impact

On-campus, invigilated exam to take place as early as possible in the exam timetable.