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This subject provides students with an introduction to the nature of accounting and its role in providing information for business decision making. Students will gain an overview of key financial and managerial accounting concepts and processes including the recording of business transactions, and an understanding of what the major financial statements are, and how the information produced assists in making decisions to manage and operate a business and evaluate future performance and value.
Intended learning outcomes
On completion of this subject students will be able to:
- Understand the main areas of accounting namely financial accounting, financial management and management accounting
- Apply accounting concepts to business scenarios
- Understand simple cost concepts and their relevance to small business management
- Explain the characteristics of successful businesses
- Apply basic management accounting techniques in order to provide solutions for simple business decisions
- Identify the key activities and processes used by businesses to achieve their goals and objectives
- Make business decisions and identify the financial consequences that flow from those decisions
- Evaluate the financial performance of businesses
- Make and justify accounting policy decisions in accordance with generally accepted accounting principles.
This subject encompasses particular generic skills so that on completion of the subject students should have developed skills relating to:
- Begin developing an awareness of, and commitment to, the ethical behaviour expected of professional accountants
- Apply generic skills relevant to business and the accounting profession so as to make a contribution to lifelong learning
- The use of electronic forms of communication;
- The student's flexibility and level of transferable skills should be enhanced through improved time management
- Problem solving and critical thinking
- Enhanced ability to access, evaluate and present data
Last updated: 20 September 2021