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This subject introduces students to the nature of accounting and its role in both financial markets and within organisations. Topics covered provide an overview of key financial and management accounting concepts and include: the constituent elements of financial statements; recognition, measurement and disclosure issues in the preparation of financial statements; accounting policy choices available to managers for key assets and incentives associated with policy choices; the analysis and interpretation of financial statement data; the use of accounting information within organisations to support managerial planning, control and decision making. The coverage and treatment of material in this course is specifically designed to meet the needs of undergraduate students from all disciplines. The focus is on the informed use of accounting information rather than the preparation of accounts.
Intended learning outcomes
- Explain the nature and purpose of accounting within financial markets and business organisations;
- Identify and explain different business structures and their external financial reporting requirements;
- Define and describe the major categories of assets, liabilities, equity, income, expenses and cash flow activities;
- Discuss recognition, measurement and disclosure issues pertaining to various line items in financial statements
- Analyse and interpret major financial statements and the accounting policy choices that influence their preparation;
- Analyse cost and revenue information for internal planning and decision making;
- Explain the concepts of corporate governance, ethics and ‘good governance’ and its influence on accounting;
- Critically evaluate the strengths and weaknesses of accounting information relative to the purposes it serves.
- High level of development: collaborative learning; problem solving; team work; application of theory to practice; interpretation and analysis.
- Moderate level of development: oral communication; written communication: critical thinking; evaluation of data and other information; accessing data and other information from a range of sources; receptiveness to alternative ideas.
- Some level of development: statistical reasoning; synthesis of data and other information.
Last updated: 3 March 2021