| Unit name | Fundamentals of Accounting and Finance 1 |
|---|---|
| Unit code | EFIM10005 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Mr. Mike Davies |
| Open unit status | Not open |
| Pre-requisites |
A-Level Mathematics grade A (or equivalent) |
| Co-requisites |
None |
| School/department | School of Accounting and Finance - Business School |
| Faculty | Faculty of Social Sciences and Law |
The unit provides a foundation to the fundamentals of financial accounting, management accounting and finance, all of which are required as a basis for more in-depth study of accounting and/or finance-related topics.
The aim is to provide students with a working knowledge of each area that is sufficient for more specialist study of any or all of the three components.
On completion of the unit students should be able to:
• compare and contrast the various types of business entity and their reporting requirements;
• explain the objective of financial statements and the concepts underlying their preparation, including the accruals concept;
• prepare and explain simple examples for a single entity of a Statement of Financial Position; a Statement of Comprehensive Income; and a Statement of Cash Flows;
• recall, define and explain the elements of financial statements, including specific items such as depreciation, bad debts, interest and dividends paid;
• evaluate the position and performance of a business using ratio analysis and other tools such as SWOT and PEST analyses;
• explain and perform calculations related to cost classification, cost-volume-profit analysis and cost apportionment;
• construct cash and other budgets;
• explain and identify costs that are, and are not, relevant to decision-making;
• carry out investment appraisals using net present value, internal rate of return, payback and accounting rate of return; and understand and describe the relative merits of these approaches
• incorporate expected values and sensitivity analysis into decisions.
20 hours lectures for whole cohort
10 hours of exercise lecture for groups of 50-60 students
10 one-hour classes for groups.
Summative:
• 100% on 2.5 hour written exam at the end of the relevant teaching block.
Formative:
•Classes: worked exercises
•Exercise Lectures: worked exercises
All learning objectives are assessed by both summative and formative assessment
McLaney, E. and P. Atrill: Accounting, an Introduction, latest edition (Pearson)
or
Jones, M: Accounting, latest edition (Wiley)
