Units of Assessment

Weighting Towards Module Mark (%)

 

2 Hour Examination (Closed Book)

70

Team based Assignment

30

Alternative Assessment there will be alternative assessment provision for summer re-assessments. The group work will be replaced by an alternative assessment done on an individual basis.

Qualifying Condition(s) 

A weighted aggregated mark of 40% is required to pass the module.

Accounting, known as ‘the language of Business’ is concerned with measurement and management.  Measurement is concerned with recording past data, and management with the use of that data to make decisions that will benefit the business.

The aim of this module is to enable students to understand for the HRT Industry:

 ·              The how and why of recording, preparing and interpreting financial information.

 ·        How management uses financial information to make strategic, technical and operational business decisions.

On successful completion of this module students will be able to:

 ·              Record transactions using double entry bookkeeping.

 ·              Balance accounts and extract a Trial Balance.

 ·              Prepare a Profit & Loss Account, Balance Sheet and Cash Flow Statement.

 ·              Interpret Financial Statements with regard to solvency, profitability & performance.

 ·              Understand the Regulatory Framework that surrounds Financial Accounting.

 ·              Understand different types of cost behaviour.

 ·              Be able to calculate ‘break even’ and make simple pricing and other decisions from the subsequent analysis.

 ·        Prepare a simple budget with associated variance analysis.

Subjects covered in the module:

 ·              Structure of accounting systems and double entry book-keeping

 ·              Fixed Assets & depreciation

 ·              Financial Statements ( P&L, Balance Sheet & Cash Flow)

 ·              Interpretation of Accounts

 ·              Standard Costing

 ·              Break even analysis related decision making strategies

 ·              Budgeting and variance analysis

·        Weekly two hour lectures to illustrate the principles

 ·        Weekly one hour tutorials for students to practice applying the principles

 ·        Support of lecture material by directed reading and exercises in selected textbooks

 ·        Team based coursework

 ·        ULearn will be used as an information portal and will contain lecture notes, practical exercises, solutions to practical exercises, past exam papers & model answers and relevant reading

 ·        Individual feedback will be given in tutorials on coursework, general feedback will be posted on ULearn

Assessment Strategy:

 The Team based assignment will be based on a topical, industry relevant company’s financial statements. Students will be expected to demonstrate their understanding of regulations used to prepare the financial statements and be able to interpret the financial statements.

• The closed book examination will be based on the entire module content allowing students to demonstrate all learning outcomes.

   

List of recommended texts or journals:

  Essential Reading

 Dyson J.R., “Accounting for non-accounting students”. 8^th Edition.  FT Prentice Hall.

 ISBN: 9780 2737 2297 7

 Recommended Reading

 Atrill & McLaney “Accounting & Finance for non-specialists”. 6^th Edition FT Prentice Hall.

 ISBN: 9780 2737 1694 5

 Background Reading

 Financial Management (Journal of the Chartered Institute of Management Accountants)