6 ECTS credits
175 h study time

Offer 1 with catalog number 1021456ANR for all students in the 1st semester at a (A) Bachelor - preliminary level.

Semester
1st semester
Enrollment based on exam contract
Impossible
Grading method
Grading (scale from 0 to 20)
Can retake in second session
Yes
Taught in
English
Faculty
Faculty of Social Sciences & SolvayBusinessSchool
Department
Business
Educational team
Diane Breesch (course titular)
Thomas Selleslagh
Activities and contact hours

22 contact hours Lecture
43 contact hours Seminar, Exercises or Practicals
110 contact hours Independent or External Form of Study
Course Content

The course in 'Financial Accounting' deals with the fundamentals of accounting that every business economics student should master, including the accounting for sales revenues, inventories, long-lived assets and depreciation, liabilities and shareholders' equity.

Accounting procedures such as transaction analysis, journalising and posting journal entries are given abundant consideration.

A major feature is the use of the fundamental accounting equation as a central thread throughout the course explaining new concepts and analysing transactions.

Attention is given to important accounting principles (e.g. accrual, revenue and expense recognition, matching, going-concern) underlying financial statements. Throughout this course reference is made to the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).

Course material
Handbook (Required) : Financial Accounting plus MyAccountingLab with Pearson eText, Harrison, Horngren, Thomas, Tietz, Suwardy, 11th Global edition, Pearson Educattion, 9781292211251, 2018
Additional info

The course consists of weekly theory lectures for which slides are provided.

Every two weeks workshops in smaller groups will be organised to provide extra guidance via brief summaries of the covered chapters and overview exercises.  

In addition to the lectures and workshops, the course makes use of the online tutorial platform MyLab Accounting. Via this online platform, students will a.o. be individually engaged in completing and submitting a weekly homework assignment. They can further familiarize themselves with the subject via (extra) exercises. 

 

Teaching Methods

- Lecture: collective contact-dependent moments during which the lecturer engages with learning materials
- Seminar, Exercises or Practicals (Practical): collective or individual contact-dependent moments during which the students are guided to actively engage with learning materials
- Independent or External Form of Study (Self): independent study

This description of the teaching methods is indicative, in order to assess the expected study load.

REGULAR STUDENTS

Lecture:  22 hours (10 chapters x 2 hours + 2 hours Q&A)

Practical: 12 hours

  • 5 workshops (discussing 2 chapters) x 2 hours: 10 hours
  • Collective and/or individual feedback and help: 2 hours

Self: 130 hours

  • Keeping up with theory lectures, amounting to 2 hours per chapter + 1 hour home work assignment : 30 hours (10 chapters x 3 hours)
  • Keeping up with exercises (incl. exercising via the online platform MyLab Accounting): 40 hours (10 chapters x 4 hours)
  • Preparation Mid-term test: 20 hours (2,5 days of 8 hours)
  • Preparation final exam: 40 hours (5 days of 8 hours)
Learning Outcomes

General competences

The student:

  • knows the basic accounting terminology;
  • masters the basic principles of double-entry accounting in accordance with generally accepted accounting principles and the IAS/IFRS;
  • is able to account for the most common business transactions and to translate these transactions to items of the balance sheet, the income statement, statement of changes in equity and the statement of cash flows. 
  • understands the effect of accounting choices (eg, choice of accounting policies); and
  • can relate the different sections of the balance sheet, the income statement, the statement of changes in equity and the cash flow statement.

Grading

The final grade is composed based on the following categories:
Written Exam determines 100% of the final mark.

Within the Written Exam category, the following assignments need to be completed:

  • Written Homework Assignments with a relative weight of 15 which comprises 15% of the final mark.
  • Written Mid-term Test with a relative weight of 10 which comprises 10% of the final mark.
  • Written Final Exam with a relative weight of 75 which comprises 75% of the final mark.

Additional info regarding evaluation

The final grade is composed on the following components:

  • written homework assignments (weekly): 15% 
  • written mid-term test (around week 6): 10%
  • written final exam (first and second session): 75%

Assignments that are handed in too late, will receive no grade.

The components homework assignments and mid-term test cannot be resumed in the second session. No replacement assignment will be organised. Grades on these components are transferred from the first to the second session, but are not transferred to the following academic year. If the homework exercises and/or mid-term test were not carried out during the semester, the grade on these components will be zero in the first and second exam session. As such the final grade will be limited to a maximum of 75% out of 20. 

Allowed unsatisfactory mark
The supplementary Teaching and Examination Regulations of your faculty stipulate whether an allowed unsatisfactory mark for this programme unit is permitted.

Academic context

This offer is part of the following study plans:
Bachelor of Business Economics: Startplan Business Economics
Bachelor of Business Economics: Business and Technology
Bachelor of Business Economics: International Business
Preparatory Programme Master of Science in International Business: Default track
Preparatory Programme Master of Science in Business Engineering: Business and Technology: Default track