• ACCT1003
  • Accounting

  • Credits (ECTS): 10
  • Accounting and Finance

Modules are delivered
as part of a programme.
To apply for the
programme,
see the DIT website

Module Description

This is a course in the fundamentals of accounting. It presumes no prior knowledge of accounting from second level, however there is material that students who have studied the subject before will find challenging. The student is introduced to the key concepts underlying accounting and recording business transactions. It also encompasses the preparation of financial statements for different business entities. It sets the foundation for further study in the area.

Indicative Syllabus

The nature, scope and role of financial accounting
1. The regulatory framework for accounting and framework for preparation and presentation of financial statements.
2. Users of financial accounts and their information needs.
3. Fundamental accounting concepts.
4. The accounting profession and the role of the accountant.
5. The ethics and independence of the accounting profession.
Double entry book-keeping and Accounting systems
1. The accounting system, books of prime entry and ledgers (sales, purchases and nominal).
2. The accounting equation.
3. Accounting for assets, liabilities and capital.
4. Accounting for revenue and expense items.
5. Preparation of simple accounts.
6. Books of prime entry.
7. Nominal ledger.
8. Value added tax.
9. Payroll including PAYE and PRSI.
10. Computerised accounting systems.
Maintaining adequate controls
1. Trial balance including extended trial balance
2. Correction of errors (including suspense accounts).
3. Control account reconciliation.
4. Bank reconciliations.
Accounting concepts and the need for adjustments
1. Classification of expenditure between capital and revenue.
2. Tangible fixed assets (non-current assets).
3. Depreciation - various methods.
4. Provisions, accruals and prepayments.
Preparation of financial statements
1. Preparation of financial statements for sole traders including manufacturing accounts.
2. Preparation of financial statements for partnerships; Goodwill; admission and retirements of partners;
3.Dissolution of partnerships; Garner Vs Murray rule; piecemeal realisation; and amalgamation of partnerships;
4. Conversion of partnership to a limited company
5. Preparation of financial statements for not for profit organizations including incomplete records.
6. Preparation and presentation of financial statements for limited companies in accordance with IAS 1
7.Presentation of Financial Statements and company law.
International Accounting Standards
1. Revenue recognition
2. Property plant and equipment
3. Elementary treatment of goodwill
4. Inventory (excluding construction contracts)
5. Post balance sheet events.

ISCED:0411: Accounting & Taxation
Total Contact Teaching Hours:72

Please note that the catalogue is provided as a guide to modules in DIT. Not all modules listed will necessarily be offered every year and new modules may also be added. Information subject to change. For detail on specific programmes/modules please contact the relevant School directly.