DURHAM UNIVERSITY

ACCT1061: Financial Accounting

Final Examination Guide and Notes 2026

Part 01: Revision Notes

Part 02: Sample Final Examination Paper

Part 03: Suggested Solutions to Final Exam Paper

Part 04: Proven Exam Strategies and Tips

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ACCT1061: Financial Accounting

£25.00

ACADEMIC YEAR 2026 - 2027

University	Durham University
Department	Accounting
Module Code	ACCT1061
Level	Level 1
Module Name	Financial Accounting
Notes Title	Final Examination Guide and Notes
Page Length	81

This guide provides a comprehensive summary of the key concepts in ACCT1061: Financial Accounting at Durham University. It highlights essential principles and shows how to apply them, building a strong grasp of the material. To support exam preparation, it includes sample exam questions with step-by-step solutions and explanations for quick recall. You don’t need to be an expert; just develop a solid understanding and apply what you learn. Use this guide to reinforce knowledge, clarify complex topics, and improve your final-exam performance.

This module, ACCT1061: Financial Accounting will help you build a strong understanding of how double entry accounting works and how it is used in practice. You will learn how to record everyday business transactions, make adjustments to financial records, and prepare clear and simple financial statements. By the end of the module, you should be confident in using double entry methods to keep accounting records. You will understand the steps in the full accounting cycle, including how to make corrections and adjustments before finalising accounts. You will also learn what to consider when preparing key financial statements, such as the balance sheet and the income statement. Finally, the module will introduce you to the differences between UK GAAP and International Financial Reporting Standards (IFRS), so you can see how financial statements may be prepared in different contexts.

Key Areas of Focus:

Maintaining financial records
Adjustments to accounting records and financial statements
Preparing financial statements
Interpretation of accounts using ratio analysis

MODULE CODE	MODULE NAME
ACCT1061	Financial Accounting
ACCT1101	Fundamentals of Management Accounting
ACCT2071	Financial Management
ACCT2081	Management Accounting
ACCT2101	Financial Reporting
ACCT2141	Intermediate Financial Reporting
ACCT3091	Corporate Reporting
BUSI1131	Marketing Principles
BUSI1141	People, Management and Organisations
ECON1011	Principles of Economics
ECON1021	Economic Methods
ECON2011	Macroeconomics
ECON2021	Microeconomics
ECON2061	Econometrics
FINN1011	Foundations of Finance
FINN1037	Quantitative Methods 2
FINN1061	Introduction to Financial Economics
FINN2021	Financial Markets and Institutions
FINN2041	Corporate Finance
FINN2117	Derivative Markets
FINN3101	Financial Derivatives and Financial Engineering
MATH1617	Statistics I

UKNOTES

ACCT1061: Financial Accounting

INFORMATION

MODULE DESCRIPTION

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