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| Module Availability |
Autumn |
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| Assessment Pattern |
In order to achieve the threshold standard for the award of credits for this module, the student must meet the following criteria related to the learning outcomes described above:
- Be able to communicate with, work with, and help team members;
- Show a critical understanding of the theory;
- Be able to apply such theory to compute various reports and advise the decisions to be taken on the basis of such analysis.
- Understand the principle that the use of management accounts is only one element in the decision making process.
To pass this module the student will demonstrate a familiarity with Management Accounting and be able to present and examine material in a critical and constructive manner. The student must display some understanding of the relevant issues and some familiarity with the relevant literature and techniques
Assessment Strategy, Methods and Weighting
The assessment strategy is designed to test the students’ knowledge of management accounting theory and its application, together with their ability to communicate and manage. Students will, at random, be put into teams of FOUR and each member of the team will receive the same assignment mark. This mark will be added to the INDIVIDUAL marks for the test and examination.
The assessment methods include
Assessment Summary
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Description
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%
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Week Set
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Week Hand in
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1
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Assignments (FIVE at 4 marks each)
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20
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Week 1
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Weeks 5, 7, 9, 10 and 11
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2
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Closed book test
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20
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Week 11
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Week 11
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3
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Examination (CLOSED book)
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60
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Week 14/15
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Total
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100
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| Module Overview |
This module introduces the basic ‘management accounting’ techniques used by management to make certain key decisions. |
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| Prerequisites/Co-requisites |
None |
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| Module Aims |
The key aim of this module is to enable students to understand the cost structures of different organisations, the way costs behave, and, in a work environment, make financial decisions in response to various challenges. |
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| Learning Outcomes |
On successful completion of this module the students will be able to:
- Appreciate the basic principles behind management accounting theory (k);
- Be able to use different methods of costing and interpret the results (p);
- Understand the behaviour of different types of cost (c);
- Be able to calculate ‘break even’ and make simple pricing and other decisions from the subsequent analysis (p);
- Understand the concept of limiting factors and be able to maximise around a single limiting factor (c) (k);
- Be able to prepare a simple budget and cash budget (p);
- Be able to compare budget with actual and prepare a variance analysis for a one product company (p).
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| Module Content |
The basic principles of management accounting and definitions of cost
The principles of variable costing and absorption costing
Break-even analysis and decision-making strategies arising from this technique
Limiting factors and how to maximise profit around a single limiting factor
Business planning, cash budgeting and variance analysis for a single product company |
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| Methods of Teaching/Learning |
The teaching and learning strategy is designed to develop the students’ awareness of why management accounts are prepared and how they are used to influence decisions.
The teaching and learning methods include the use of one-hour lectures to illustrate the theory, supported by one-hour tutorials, which will demonstrate the practical application of such theory. Lecture notes will be made available and regular exercises will be set to test students’ understanding on an on-going basis. |
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| Selected Texts/Journals |
Expected purchase
Management Accounting for Business (third edition) Colin Drury
Thomson Learning (2005) ISBN 1-84480-152-7
Journal
Financial Management (Journal of Chartered Institute of Management Accountants) |
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| Last Updated |
16 October 2007 |
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