Module Handbook 2026
Module Name: - Financial Accounting
Module Code: - ACF 1131
Year & Semester: - Year 1 Semester 1
Degree / Program: - NSBM / PU / VU / SCU
Department: - Accounting and Finance
Faculty: - Faculty of Business
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Content
Key information ...................................................................................................................................... 3
Module team information ..................................................................................................................... 3
Module specific information .................................................................................................................. 3
Resources.............................................................................................................................................. 12
Additional information ........................................................................................................................ 13
Scholarly writing and Plagiarism.......................................................................................................... 14
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Key information
Module Title Financial Accounting
Year 2026
Semester Year 01 Semester 01
Credit Points 03 credits
Duration 06 Months
Pre-requisites N/A
Core / Elective Core
Module team information
Module leader :
Name : Ms. Gimhani Rangalla
Room number : C1-L301-H
Email address : chamathka.r@[Link]
Module lecturers :
Group Name Email Address
Group A Ms. Gimhani Rangalla chamathka.r@[Link]
Group B Ms. Sachini Tharaka sachini.t@[Link]
Module specific information
Module Description
This module offered by the Department of Accounting and Finance provides a
comprehensive overview of the integral role of accounting within business
information systems, covering its many branches, cycles, and key participants.
Students will gain a deep understanding of core accounting principles, mastering the
double-entry accounting system from transaction recording to trial balance
preparation and navigating specialized accounting areas. The course emphasizes
practical skills, from basic adjustments and individual business accounts to bank
reconciliations, ensuring students are well-equipped for both academic and
professional scenarios in the accounting realm.
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Module Objectives / Aims
● To emphasize the main role of accounting as a key system for information,
covering its different branches, cycles, and main participants.
● To deepen the understanding of the basic principles of accounting by exploring
the main concepts, conventions, standards, and equations used in financial
reporting and recording transactions.
● To introduce the basics of the double-entry accounting system, covering the
entire process from recording transactions to preparing financial statements.
● To explore specific areas of accounting such as basic adjustments, accounts of
individual business owners and processes for checking bank records.
Intended Learning Outcomes
On successful completion of the module, students should be able to:
Learning outcomes
ILO 01 understand the main purpose and structure of accounting as a system for
providing information, know the framework guiding financial reports, and
recognize the main participants in accounting communication.
ILO 02 identify, explain, and use key accounting concepts, and rules, and use basic
and expanded accounting equations in different situations.
ILO 03 use the double-entry accounting system, record transactions correctly,
prepare trial balances, and spot and correct errors, prepare and understand
main financial statements including income statement & statement of
financial position.
IL0 04 check bank records, know why balances might differ, and address common
banking issues.
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Delivery Schedule
• Academic content of the module
Session Topic Discussion areas
1 Accounting as an • Introduction to the course, assessments and
information expectations. Definition and nature of
system and its accounting.
significance • Users of accounting information and other
players in the accounting communication
process.
• The difference between financial
and managerial accounting.
• Evolution and history of accounting.
• Overview of the accounting profession and its
significance.
• Discussion on the branches of accounting:
Financial, Cost, Management, Tax, Audit,
Forensic Accounting etc.
2 A basic introduction • Accounting cycle and its steps
to the accounting • A closer look at the financial statement
cycle and its outputs formats – Income Statement, Statement of
Financial Position and Statement
of Cash Flow
3 The Conceptual • Definition and Purpose
Framework for • Fundamental and Enhancing Qualitative
Financial Reporting Characteristics
• Elements of Financial Statements
• Recognition and Measurement
• Assumptions Underlying Financial Statements
• Presentation and Disclosure
4 The Accounting • The basic accounting equation
Equation • The expanded accounting equation
5 The Double Entry • An introduction to the double-entry system
Accounting System • The double-entry rules
and Preparation of • Recording transactions in the general journal
the Trial Balance • Posting transactions to the ledger
• Balancing off ledger accounts
• Drawing up a trial balance
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6 Financial Statements Introduction to:
without Adjustments • Income Statement (Profit or Loss Account):
Revenue, cost of sales, gross profit, operating
expenses, and net profit.
• Statement of Financial Position (Balance
Sheet): Assets, liabilities, and equity
(owner’s capital).
7 Basic Accounting • Accrued Expenses
Adjustments • Prepaid Expenses
• Deferred income
• Receivable income
• Depreciation and provisions
• Bad debts, doubtful debts and provisions
• Closing inventory adjustment
• Error correction
8 Final Accounts of Sole • Purpose of trading and profit and loss account
Traders with • Format of the trading and profit and loss account
Adjustments • Drawing up a Statement of Financial Position
9 Bank Reconciliation • Bank Current Accounts
Statements • Reasons for the difference between bank balance
in the ledger and bank statement balance
• Bank reconciliation process
• Bank overdrafts
• Stale cheques and other issues
• Tutorial Plan of the module
- Tutorials are uploaded to NLearn.
- Students are expected to complete all tutorials and clarify any doubts with the lecturer.
Teaching and Learning pattern
Learning and Teaching Scheduled Independent Total Study
Approach Study Hours Study Hours Hours
Lectures 54 86 140
Tutorials N/A 10 10
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Assessment Strategy
Assessment Assessment ILO Weighting Due Date
Component Type & Brief Description (%)
CA 01 In-Class Quizzes All 10% Randomly
1,2 & At the 14th
CA 02 Mid Semester Examination 20%
3 Session
22nd May
CA 03 Group Project All 30% 2026 (Final
Day)
CA 04 End Semester Examination All 40% TBA
Assessment details
• CA 01 – In-Class Quizzes
Item Description
Assessment Type In-Class Lesson-End Quizzes
To reinforce learning, encourage continuous engagement with
Purpose course content, and monitor students’ understanding of topics
covered in lectures.
Weight 10%
Mode Online (Via Nlearn) or Physical
Nature Individual
Frequency Conducted at the end of selected lessons throughout the semester
Duration 10–15 minutes per quiz
Coverage Key concepts from each completed lesson
Format Short MCQs or objective-type questions
All quizzes must be completed individually and students must not
communicate or share answers with others during the assessment.
Any attempt to engage in collusion, impersonation, or use of
Academic Integrity unauthorized resources will be treated as academic misconduct.
If such behavior is detected, the lecturer reserves the right to
invalidate the quiz attempt and award zero marks for the respective
quiz or the entire quiz component.
• CA 02 – Mid Semester Examination
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Item Description
Assessment Type Mid Term Examination
To evaluate students’ understanding of fundamental accounting
Purpose
principles and their ability to record basic accounting transactions.
Weight 20%
Mode Online (Via Nlearn)
Nature Individual
Duration 1 Hour
Date At the 14th Session
Accounting as an Information System, Conceptual Framework for
Coverage
Financial Reporting, Accounting Equation, Double Entry System
Combination of Multiple-Choice Questions (MCQs) and Short
Format
Structured Questions
Students are expected to complete the Mid Term Examination
independently and honestly. Any form of academic misconduct,
including but not limited to collaboration, sharing answers, using
unauthorized materials, or attempting to access the assessment on
behalf of another student, will be considered a violation of
Academic Integrity
academic integrity.
If any evidence of misconduct is identified, the lecturer reserves the
right to award zero marks for the assessment and take further
disciplinary action in accordance with the university’s academic
regulations.
• CA 03 – In-Class Quizzes
Item Description
Assessment Type Group Project
To develop practical accounting skills, apply theoretical concepts to
Purpose real business scenarios, and enhance teamwork and analytical
abilities.
Weight 30%
Project Report Submission (Via Nlearn)
Mode
Poster Exhibition (Physical)
Nature Project Report Submission + Poster Exhibition
Group Size 8-10 Students Per Group
Group Enrollment
24th March 2026
Deadline
Final Presentation 22nd May 2026
This project requires students to apply the complete accounting
Project Overview
cycle to a real or small-scale sole proprietorship business. Students
will observe and analyze typical business transactions and prepare
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the required accounting records and financial statements using the
concepts learned in the module.
The project aims to bridge theoretical accounting knowledge with
real-world business practices.
Each group is required to complete the following stages.
1. Business Selection and Profile
Students must select a small-scale sole proprietorship business such
as: Small retail shop, Café or food outlet, Salon, Printing shop,
Online small business, etc.
Students should prepare a brief profile of the business, including:
• Nature of business
• Type of products/services offered
• Typical transactions carried out
• Estimated monthly operations
2. Identification of Business Transactions
Students must identify at least 25–30 typical transactions relevant
to the selected business, such as:
Cash sales, Credit purchases, Payment of rent, Utility
expenses, Purchase of equipment, Owner drawings,
Payment to suppliers, etc.
These transactions will be used to simulate the accounting process.
Project Tasks
3. Preparation of Accounting Records
Using the identified transactions, students must complete the
accounting cycle, including:
1. Journal Entries
2. Ledger Accounts
3. Trial Balance
4. Accounting Adjustments:
o Accrued expenses
o Prepaid expenses
o Depreciation
o Closing inventory
o Bad debts (if applicable)
4. Preparation of Financial Statements
Based on the adjusted trial balance, students must prepare:
• Income Statement (Trading and Profit & Loss Account)
• Statement of Financial Position
5. Financial Interpretation
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Students must briefly analyze the financial outcome of the business
and provide:
• Profitability insight
• Financial position overview
• Two or three recommendations for improving financial
performance or record keeping.
Output Written report and Poster presentation
1. Project Report Requirements
Each group must submit a structured report documenting the
accounting process of the selected sole proprietorship business.
Report Format
• Maximum length: 8–10 pages (excluding appendices)
• Font: Times New Roman / Calibri
• Font Size: 12
• Line spacing: 1.5
• Submission format: PDF via Nlearn
• Submission Date: 20th May 2026
Recommended Report Structure
• Cover Page
• Introduction of the Business: Briefly describe the selected
sole proprietorship business.
• Business Transactions: Identify 25–30 typical transactions
relevant to the selected business. Students should present
Submission transactions in a clear transaction list or table.
Guidelines • Journal Entries: Record all transactions in the General
Journal using proper double-entry rules.
• Ledger Accounts: Post the journal entries to the Ledger
Accounts using proper Ledger Accounts rules.
• Trial Balance: Prepare the Trial Balance based on the ledger
balances.
• Accounting Adjustments: Apply relevant adjustments.
• Preparation of Financial Statements
• Financial Interpretation: Students should briefly analyze the
financial results.
• Conclusion: Provide a short summary explaining:
o What the group learned from completing the
accounting cycle
o The importance of proper accounting records for
small businesses.
2. Poster Exhibition Presentation
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At the end of the project, groups will present their work during an
Accounting Poster Exhibition.
Poster Size - A1 size recommended
Poster Content
The poster should visually present the project and include:
1. Business Overview
2. Accounting Cycle Diagram
3. Examples of Key Transactions
4. Summary of Adjustments
5. Income Statement Summary
6. Statement of Financial Position Snapshot
7. Key Insights or Recommendations
Presentation Process
During the exhibition:
• Each group will receive 10 minutes to explain their project
findings
• Lecturers will visit each group
• Date: 25th March 2026
• As part of this assessment, students will attend a guest
lecture by an accounting professional or industry expert
discussing real-world accounting practices in small
Guest Lecture businesses.
• Following the session, students must submit a short
reflection explaining how the insights gained from the guest
lecture relate to their selected business and accounting
process.
• All members of the group are expected to actively
contribute to the successful completion of the project. Free-
riding or lack of participation will not be tolerated in this
assessment.
• If the lecturer receives credible information or evidence
Group
indicating that a student has not contributed fairly to the
Participation and
group work, the lecturer reserves the right to reduce or
Academic Integrity
remove the marks allocated to that student for this
component, regardless of the group’s overall performance.
• Students are therefore encouraged to ensure equal
participation, proper collaboration, and transparent
communication within their groups throughout the project.
Re-assessment notes
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CA 01 – In-Class Quizzes In-class quizzes are conducted during scheduled lecture
sessions to encourage continuous engagement and
participation.
Therefore, no re-assessment or second attempt will be
provided for missed quizzes under any circumstances.
Students who are absent during the quiz will receive zero
marks for the respective quiz or quiz component.
CA 02 – Mid Semester Students who miss the Mid Semester Examination due to a
Examination valid and approved reason (supported by acceptable
documentation should email to the module lecturers) may be
granted a second attempt.
The re-assessment will be conducted as a physical written
examination on a scheduled date determined by the lecturer.
A 5% mark deduction will be applied to the marks obtained in
the re-assessment attempt.
Students who fail to provide valid documentation or fail to
attend the re-assessment will receive zero marks for this
component.
CA 03 – Group Project The Group Project is a semester-long collaborative
assessment, and therefore no re-assessment opportunity will
be provided for this component.
Groups are expected to manage their time effectively and
ensure submission of all required components by the specified
deadlines.
Failure to submit the project or participate in the
exhibition/presentation will result in zero marks for the
assessment.
Resources
Reading list
Recommended reading ● Wood, F. (2000) Business Accounting 07th Edition -
McGraw – Hill
● Wild J., and Shaw K. (2018) Principles of Financial
Accounting McGraw – Hill.
● Libby, R., Libby P.A., & Short D.G. (2019) Financial
Accounting. 10th Edition. McGraw – Hill.
Background reading Relevant additional reading research articles or any other
material will upload to Nlearn.
Web-based and electronic resources
Nlearn is the main repository for module resources.
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Additional information
Module Feedback
• A module feedback form would be uploaded to nlearn during the semester for
students to fill and give comments on the module delivery.
Communication
• Throughout the semester, students will receive regular communication from the
module leader, module lecturers, and administrative staff.
• It is students’ responsibility to ensure that they read everything that they are sent,
and act upon it where appropriate.
• The main communication channel used is the “Nlearn” for the module. Nlearn
provides the main communication channel for module specific information and Nlearn
should be checked regularly for new updates and announcements.
• For further concerns beyond the general guidelines given should be taken place via
NSBM student email. No other communication platforms are encouraged for
communication.
• It is mandatory to have below information when the student is contacting the lecturer
via email.
o Student Name
o Student ID
o Degree program and Batch
o Year and Semester
o Relevant module
Attendance and engagement requirements
- Actively participate in classes and group work sessions.
- Prepare in advance by undertaking the required reading and/or other forms of
preparation.
- Submit coursework/assessment by due time and date.
- Attend class tests at the specified time and date.
- For absent lectures or tutorials, students should submit the relevant medical or
evidence documents to the respective department secretary within 10 days.
Advice and Support
• Students’ first point of call should always be the respective academic tutor or lecturer
assigned, as they will be able to direct you to the right services and will be able to deal
with specific matters relating to teaching and learning.
• However, students can talk to other module lecturers depending on who you feel most
comfortable talking to.
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• There are a range of facilities and services available to go to for advice and support
depending on what the issue is.
• Please note that asking for help at the earliest possible stage will help you in the long
run.
• The Module Handbook can be found on Nlearn inside the respective module.
Scholarly writing and Plagiarism
Learning and assessment activities often require you to gather information from a number of
sources. This may include factual information, data or calculations, visual artefacts and
written texts.
Whenever you use the work of another person, you must acknowledge that source using the
correct referencing system (Harvard, APA etc.) Failure to acknowledge other people’s work
appropriately may be regarded as plagiarism or academic misconduct.
NSBM uses Turnitin for the review of written assessments. Turnitin checks submitted work
against sources from across the world, and provides a report detailing the use of third party
text and references.
Written assessments are automatically submitted via Turnitin in nlearn. The plagiarism rate
(%) will be presented at the N-Learn along with your submission. You may be provided access
to submit assessments early and review the reports, to help you understand where
referencing should occur.
Plagiarism is a serious academic offence and if you are recorded with considerable plagiarism,
you will be penalized by reducing marks or in worse case, it will lead to reject your submission.
All decisions will be based on the Turnitin plagiarism report generated via N-Learn and
independent academic judgment of the module lecturer.
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