ACCFIN1001: Introduction to Business Reporting and Financial Accounting

ACCFIN1001 - Introduction to Business Reporting & Financial Accounting is an entry-level course designed to introduce students to key financial accounting concepts and the interpretation of financial statements. It requires no prior knowledge of accounting and focuses on understanding how financial reports are prepared, how financial transactions affect these reports, and how to read and analyse them. The course explores the structure and purpose of the three major financial statements—income statement, balance sheet, and cash flow statement—within the framework of UK regulations and international standards. Students will also learn about different types of accounting entities and how organisational form influences financial reporting. Key financial accounting terms and concepts, such as the accruals principle, are explained and applied to real-world scenarios to help students develop a practical understanding.

By the end of the course, students will be able to adjust accounting figures, prepare basic financial reports, and assess the implications of various sources of finance on financial statements. A strong emphasis is placed on using financial data to inform decisions by non-accounting stakeholders. Students will also work in teams to analyse financial statements from multiple stakeholder perspectives, interpret the results, and evaluate the usefulness and limitations of financial reports, ratios, and other analytical tools. This course aims to equip students with both the theoretical knowledge and practical skills necessary to understand and apply the principles of financial accounting.