Royal Docks Business School
University Of East London
MODULE GUIDE
Module Code:
FE 1016
Module Title:
Financial Accounting 1
Semester / Year Semester A 2012/13
Contents
Page
Module leader…………………………………………………………………………………….2
Introduction……………………………………………………………………………………….2
Synopsis of the Module……………………………………........…………………..………..2
Aims of the Module……………………………………………………………………………..3
Learning outcomes………………………………………………………………………………3
Teaching and learning approach...........................................................................3
UEL Plus…………………………………………………………………………………………….3
Teaching time table……………………………………………………………………………..4
Attendance requirement………………………………………………………………………..4
Indicative timetable….…………………………………………………………………………..5
Recommended reading………………………………………………………………………….6
Knowledge and skills developed and forms of assessment…………………………….6
Assessments………………………………………………………………………………………7
Teaching staff…………………………………………………………………………………….7
Module specification…………………………………………………………………………….8
FE 1016
Financial Accounting 1
Module Leader
Mostafa Hussien
Office No
e.mail:
Extension
Office Hours
BS 3.35
m.hussien@uel.ac.uk
0208 223 2181
Wed 1pm-3pm
Thu 1pm-2pm
Preferred style of
contact
In the first instance, if you have any queries regarding the
teaching or assessment for this module, please refer to
your seminar tutor. If you do not receive a satisfactory
response and my office availability is not convenient,
please e-mail me with your query for an appointment.
Introduction
Welcome to FE 1016, Financial Accounting 1.
The module leader is Mostafa Hussien, who will take the 2 hours lecture and 1 hour
workshop each week. There will also be a 1 hour seminar each week.
If you have anything which you wish to discuss outside lectures, seminars and
workshops, feel free to contact us.
In common with all the Accounting and Finance lecturers, we have set aside certain
hours (“office hours”) to see students without an appointment (these times can be
found on UEL Plus and are also on each lecturer’s door).
Also any notices about the module will normally be posted on UEL Plus. (To access
UEL Plus see the section on “UEL Plus”).
Synopsis of the module
The module starts by looking at the double entry book-keeping process and then
builds up to final accounts for sole traders and limited companies (for both internal
and external use) taking account of various adjustments eg depreciation and stock,
and also the concepts which are used when producing final accounts. We then look
at cash flow statements. After examining the advantages and disadvantages of
historical cost accounting there will be a brief introduction to alternatives to
historical cost accounting. Finally we look at control accounts, accounting for nonprofit organisations and incomplete records.
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Module Guide
FE 1016
Financial Accounting 1
Aims of the module
The Module aims to develop, on a sound basis of theory and principles, the
accounting techniques and skills necessary as a foundation for further study and
practical experience in accounting.
Learning outcomes
At the end of this module, students will be able to:
1 Demonstrate an understanding of the context within which accounting operates
and through which it relates to the business environment
2. Select and employ suitable concepts, methods and analytical tools in the
assessment of business and financial problems
3. Demonstrate an understanding of the limitations and problems of accounting
theory and practice
4. Prepare financial reports for user groups
5. Demonstrate an understanding of the Analysis and Interpretation of Company
Financial Statements
6. Demonstrate the treatment of Long-Term Finance
Teaching and learning approach
Each week you will have:



two hours lecture
one hour workshop
one hour seminar
UEL Plus
A lot of information about the module will be placed on UEL Plus. You can access
UEL Plus from the UEL website (www.uel.ac.uk) by clicking on “UEL DIRECT” in the
top left hand corner of the home page. Log on to UEL DIRECT - your User Name is
“uxxxxxxx” (where xxxxxxx is your student number) and the Password is your date
of birth. For instance if your date of birth was 28 January 1991 it would be
expressed as “28-jan-91”. Then access UEL Plus.
Any changes to the timetable or to classes eg sickness will be communicated
through UEL Plus.
I will also post the module timetable on UEL Plus.
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Module Guide
FE 1016
Financial Accounting 1
Teaching Time table
Your personal teaching timetable is as follow:
Lecture
Thurs
Workshop
Thurs
Seminar
11– 1
2–3
WB.G.02
Mostafa Hussien
WB.G.02
Mostafa Hussien
1
Thurs
9 – 10
BS.3.04
Albert Owusu
2
Thurs
9 – 10
BS.3.05
Mostafa Hussien
3
Thurs
10 – 11
BS.3.04
Albert Owusu
4
Thurs
10 –11
BS.3.05
Mostafa Hussien
5
Thurs
3–4
BS.3.02
Mostafa Hussien
Attendance requirement.
You are expected to attend regularly, and punctuality is important. I do not
welcome students into the classroom who are late than 10 minutes late. You are
also expected to complete preparatory work for the class, and are liable to be asked
to leave and lose your attendance if you come to class unprepared.
Your attendance will be monitored on this module. You should let the School
office know if you are unable to attend any class, preferably prior to the day of the
class, and if you can not do so, within 7 days of the absence. If you fail to attend
for three consecutive weeks, or miss more than 75% of your classes during the
semester, you will be withdrawn from the module. However, if such absence is
caused by an event of a serious nature which can be verified, you should provide
the evidence and fill in the relevant form at the student help desk.
In the lecture the topic will be explained to you and for most lectures you will be
required to print out the handout from UEL Plus which will contain reading
references to textbook chapters.
Once you have attended the lecture and carried out any required reading, you
should have a good understanding of the topic. You need to spend as much time
reading about the topic as is necessary in between the lecture; workshop and the
seminar to make sure you have understood the topic. If you cannot understand any
aspect, you are encouraged to go and see your seminar tutor to clarify any difficult
areas.
The workshops and seminars give you the opportunity of developing the topic
covered in the lecture, carrying out exercises to apply financial accounting
techniques where appropriate. Often you will be left with a question, or questions,
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Module Guide
FE 1016
Financial Accounting 1
to finish off in your own time. It is very important that you find time after the
seminars to finish off these questions as they are a very important part of your
learning experience. Also many of these questions are past examination questions.
If you find you are having trouble with these questions please do not hesitate to
contact either myself or the tutor who takes the Seminar.
Indicative timetable
Week
commencing
Syllabus
24 September
Introduction to Accounting
1 October
Users and Uses of Accounting Information
8 October
Assets, Liabilities and Ownership Interest The Balance Sheet
15 October
Principles and Measurement of Financial Performance The Income Statement
22 October
Analysis and Interpretation of Company Financial Statements
29 October
The Double-Entry System and Final Accounts
5 November
Treatment of Non-Current Assets
12 November
Accounting for Inventories and Receivables
19 November
Treatment of Long-Term Finance
26 November
Accounting requirements of the Companies Act
Nature and context of auditing
3 December
Revision
10 December
Revision
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Module Guide
FE 1016
Financial Accounting 1
Recommended reading

The recommended book is: Weetman, P., (2011), Financial Accounting – An
Introduction, 5th edition, Prentice Hall.
Also you are strongly recommended to refer to other books. Typical books which
you are recommended to refer to are:

Bebbington, Gray and Laughlin, (2001) Financial accounting - practice and
principles (3rd edition), London: Thomson Learning

Black, G. (2009) Introduction to accounting and finance (2nd edition), Harlow:
Financial Times Prentice Hall

Thomas and Ward (2009) An introduction to financial accounting (6th
Edition), Maidenhead: McGraw Hill

Wood, F. and Sangster, A. (2008) Frank Wood’s Business accounting UK GAAP
1, Harlow: Financial Times Prentice Hall.

Gilert, G. (2008) Sage 50 Accounting 2009 in easy step, Southam: In Easy
Steps Limited.
Knowledge and skills developed and forms of assessment
During the course of this module, you will have had the opportunity to gain
knowledge and understanding of the topics listed above, both by means of
attendance at lectures, seminars and workshops and reading the recommended
books.
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Module Guide
FE 1016
Financial Accounting 1
Assessments
There will be 2 assessments:
1. An Assignment
2. 2 hours end-of-semester examination
The assignment will be marked out of 100 marks and will account for 30% of your
overall module mark.
The end-of-semester examination, to be held sometime in the 2 weeks
commencing 12 December 2012, will be a 2 hour examination, marked out of 100
marks and account for 70% of your overall module mark.
This examination will normally cover the remaining Learning Outcomes (Learning
Outcomes 1, 2, 3, 4,5and 6).
To pass the unit the overall mark should be 40% or more, with a minimum of 30%
in the assignment and a minimum of 30% being achieved in the 2 hour
examination.
Teaching Staff
Mostafa Hussien
Albert Owusu
I hope you enjoy the module.
Mostafa Hussien
September 2012
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Module Guide
FE 1016
Financial Accounting 1
Module Specification
Module Title:
Module Code: FE 1016
Module Leader:
FINANCIAL
ACCOUNTING 1
Level: 1
Mostafa Hussien
Credit: 20
Extn 2181. Room BS 3.35
ECTS credit: 10
email: m.hussien@uel.ac.uk
Pre-requisite: None
Pre-cursor: None
Co-requisite:
Excluded combinations : FE 1010
None
Is this module part of the Skills Curriculum? No
University-wide option: Yes
Location of delivery: UEL – Docklands
Main aims of the module:
The Module aims to develop, on a sound basis of theory and principles, the accounting techniques and skills necessary as a
foundation for further study and practical experience in accounting.
Main topics of study:
The role of accounting as a financial information system for internal management and external reporting purposes.
The classification, recording and summarising of business transactions in appropriate books and accounting records,
utilising accounting concepts, bases and standards.
Preparation of income statements and balance sheets of sole traders and limited liability companies. Detailed treatment of
stock valuation and depreciation. Preparation of final accounts from incomplete records.
Treatment of Long-Term Finance
An introduction to the standard setting process. (Consideration will be given to standards in each appropriate topic area).
The nature and context of auditing.
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Module Guide
FE 1016
Financial Accounting 1
Learning Outcomes for the module
At the end of this module, students will be able to:
Knowledge
1. Demonstrate an understanding of the context within which accounting operates and through which it relates to the
business environment
Thinking skills
2. Select and employ suitable concepts, methods and analytical tools in the assessment of business and financial problems
3. Demonstrate an understanding of the limitations and problems of accounting theory and practice
Subject-based practical skills
4. Prepare financial reports for user groups
5. Demonstrate an understanding of the Analysis and Interpretation of Company Financial Statements
6. Demonstrate the treatment of Long-Term Finance
Teaching/ learning methods/strategies used to enable the achievement of learning outcomes:
Theoretical concepts and practical aspects of a topic will be presented in a weekly two hours lecture. This will be followed
by practical applications and discussions, which will take place in weekly one hour workshops and one hour seminar.
Assessment methods which enable students to demonstrate the
learning outcomes for the module:
Weighting:
Learning
Outcomes
demonstrated
30%
1,3, and 5
70%
1, 2, 3, 4, 5 and 6
Component 1:
Assignment
Component 2:
A two hour examination
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Module Guide
FE 1016
Financial Accounting 1
Reading and resources for the module:
Core
Wood, F.and Sangster, A. (2008) Frank Wood’s Business accounting UK GAAP 1 Financial Times Prentice Hall
Recommended
Bebbington, K., Gray, R., Laughlin, R. (2001) Financial accounting - practice and principles (3rd edition) Thomson
Learning
Gilert, G. (2008) Sage 50 Accounting in easy step, Easy Steps Limited
Glautier, M., Underdown, B. (2000) Accounting - theory and practice (7th edition) Financial Times Prentice Hall
Thomas, A. (2005) Introduction to financial accounting (5th Edition), McGraw Hill
Weetman, P. (2006) Financial accounting - an introduction (4th Edition) Financial Times Prentice Hall
Indicative learning
and teaching time
Activity
(10 hrs per credit):
1. Student/tutor
interaction
Activity:
Lectures 24 hours
48 hours
Workshops 12 hours
Seminars 12 hours
2. Student learning
time:
Activity :
Reading, preparation for assignments and revision for final examination.
152 hours
Total hours:
200 hours:
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Module Guide