Overview

The financial accounting section of this module introduces book-keeping skills and techniques and also includes accounting concepts and conventions which guide corporate accounting practice. The content encompasses measuring and reporting the financial position of an organisation; measuring and reporting the financial performance of an organisation; and book-keeping and the preparation of company and sole-trader accounts.

The management accounting section of this module encompasses marginal analysis; full costing; marginal and costing profit statements; and cash budgets.

Assessment Strategy

-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

Learning Outcomes

• Financial accounting: Be capable of preparing accounts for sole traders and companies.

• Financial accounting: Demonstrate an understanding of accounting concepts, conventions and theory.

• Financial accounting: Demonstrate familiarity with basic book-keeping skills.

• Management Accounting: Understand the difference between Marginal and Absorption Costing and be able to prepare their Profit Statements

• Management accounting: Be able to classify, estimate and allocate costs and overheads.

• Management accounting: Be able to prepare a cash budget and be able to understand how they are used for planning and control.

• Management accounting: Understand the relationships between cost, volume and profit.