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    AC1025 Principles of Accounting

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    ar372
    This course provides a 30-credit introduction to financial and management accounting theories and practices. Over 300 hours of study are required. It aims to give a broad understanding of accounting principles, techniques, and how financial information can improve decision-making. Students will learn about accounting standards, statements, costing methods, and tools like budgeting for planning and control. The course is assessed through a 3 hour and 15 minute exam.

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    AC1025 Principles of Accounting

    Uploaded by

    ar372
    115 views2 pages
    This course provides a 30-credit introduction to financial and management accounting theories and practices. Over 300 hours of study are required. It aims to give a broad understanding of accounting principles, techniques, and how financial information can improve decision-making. Students will learn about accounting standards, statements, costing methods, and tools like budgeting for planning and control. The course is assessed through a 3 hour and 15 minute exam.

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    AC1025-Principles-of-Accounting

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    This course provides a 30-credit introduction to financial and management accounting theories and practices. Over 300 hours of study are required. It aims to give a broad understanding of accounting principles, techniques, and how financial information can improve decision-making. Students will learn about accounting standards, statements, costing methods, and tools like budgeting for planning and control. The course is assessed through a 3 hour and 15 minute exam.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    115 views2 pages

    AC1025 Principles of Accounting

    Uploaded by

    ar372
    This course provides a 30-credit introduction to financial and management accounting theories and practices. Over 300 hours of study are required. It aims to give a broad understanding of accounting principles, techniques, and how financial information can improve decision-making. Students will learn about accounting standards, statements, costing methods, and tools like budgeting for planning and control. The course is assessed through a 3 hour and 15 minute exam.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Course information 2023-24

    AC1025 Principles of Accounting


    General information
    COURSE LEVEL: 4
    CREDIT: 30
    NOTIONAL STUDY TIME: 300 hours

    Summary
    This course provides an introduction to financial and management accounting. It is aimed at
    providing a broad understanding of the theory and practice of financial accounting, management
    accounting and financial management, both for non-specialist students and as a foundation for
    further study in the area. This course does not focus on the technical aspects, but rather
    examines the basic principles and underlying concepts and the ways in which accounting
    statements and financial information can be used to improve the quality of decision-making.

    Conditions
    Exemptions: Please note that people who are professionally qualified in the accountancy field,
    who would now like to take a degree may apply for exemption from this paper.

    Aims and objectives


    • introduce you to the principles underlying accounting
    • enable you to apply, interpret and explain key accounting techniques
    • provide a broad understanding of the theory and practice of financial and management
    accounting
    • demonstrate the use and impacts of accounting practices in real-world contexts.

    Learning outcomes
    At the end of this course and having completed the essential reading and activities students
    should be able to:
    • distinguish between different uses of accounting information and relate these uses to the
    needs of different groups of users
    • explain the limitations of such statements and their analysis
    • categorise cost behaviour, and prepare and contrast inventory valuations under different
    costing methods
    • describe the budgeting process and discuss the use of budgets in planning and control
    • explain, discuss and apply relevant techniques to aid internal users in decision-making.

    Please consult the current EMFSS Programme Regulations for further information on the availability of a course,
    where it can be placed on your programme’s structure, and other important details.

    AC1025 Principles of Accounting Page 1 of 2


    Employability outcomes
    Below are the three most relevant skill outcomes for students undertaking this course which can
    be conveyed to future prospective employers:
    1. Decision making
    2. Complex problem-solving
    3. Leadership

    Essential reading
    Leiwy, D. and Perks, R. Accounting: Understanding and Practice, (Maidenhead: McGraw‐Hill, 2013)
    fourth edition. [ISBN-13: 978-0077139131]

    Assessment
    This course is assessed by a 3 hours and 15 minutes unseen written examination which includes
    reading time.

    Syllabus
    This course is designed to introduce you to accounting and financial management. Traditionally
    concerned with measuring, recording and reporting financial transactions and events, modern
    accounting provides a broad range of information for a wide variety of users. Financial accounting
    and reporting is primarily concerned with the needs of users outside the business, such as
    shareholders, regulators and creditors. In contrast, management accounting and financial
    management is concerned with the needs of users who are internal to the business, such as
    directors, managers, and employees.
    The course is arranged in two sections. The first section introduces and explains financial
    accounting concepts and conventions, and provides a grounding in double-entry bookkeeping
    and the preparation of the primary financial statements. The second section introduces a range
    of applications and techniques for planning, decision-making and control.
    Section 1 Financial accounting
    Accounting harmonisation and International Financial Reporting Standards. Accounting concepts
    and conventions: their nature, purposes and limitations. How to prepare and interpret financial
    statements: ‘Statement of Financial Position’, income statement and statement of cash flows.
    Analysis and interpretation of financial statements.
    Section 2 Management accounting and financial management
    Cost behaviour, marginal and total absorption costing for inventory. Cost-volume-profit analysis.
    Introduction to budgetary planning and control, including standard costs, targets, and variance
    analysis. Making capital investment decisions.

    Please consult the current EMFSS Programme Regulations for further information on the availability of a course,
    where it can be placed on your programme’s structure, and other important details.

    AC1025 Principles of Accounting Page 2 of 2

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