FINANCIAL AND MANAGEMENT ACCOUNTING B

SHE Level 1
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M1N125751
Module Leader n/a
School Glasgow School for Business and Society
Subject Finance and Accounting
Trimester
  • B (January start)

Summary of Content

This module seeks to introduce accounting students to fundamental aspects of both financial and management accounting to provide a foundation for further study. This module builds on the syllabus content of Financial and Management Accounting 1. In regard to financial accounting the module will cover principles which will underpin financial accounting standards and financial statements preparation. Those students seeking a career in accounting are required to know the mechanics of recording basic accounting information and this module applies this to non-complex financial reporting. The module will also apply fundamental management accounting principles to a number of non-complex business situations. Major topics include: decision making and costing methods.

Syllabus

Extended Trial Balance Control accounts & ledger reconciliation, including errors affecting balancing Purchases & Sales day books, incorporating VAT & the VAT account Incomplete records Preparation of Accounts for partnerships and companies Charities, clubs & societies: Receipts & Payments Account; Income & expenditure Account; Statement of Financial Activities; Statement of Affairs - restricted & unrestricted funds Adams Homecraft Case Study & Sage accounting package Cost and income implications for decision making: Decision making with non-complex resource constraints Overhead absorption and activity based costing Costing methods: product costing , job and batch costing , Integrated cost accounting Marginal and absorption costing

Learning Outcomes

On successful completion of this module, the student should be able to:1. Identify different types of business structure & prepare financial statements in various formats, including not-for-profit organisations2. Assess which accounting principles and rules apply to different business structures3. Present and evaluate information, arguments and ideas which are routine to management accounting4. Use a range of management accounting approaches to address defined problems and issues within familiar contexts

Teaching / Learning Strategy

Lectures are used to introduce concepts and techniques. Seminars provide a forum for students to discuss concepts, but mainly to attempt practical application of the techniques. Labs provide the opportunity for students to gain experience of a widely used accounting software package (SAGE). GCU Learn is used to support learning activities. GSBS will continue to use the advancement of GCU Learn as a blended learning tool through its teaching and learning as well as through engagement with students. GSBS will ensure that all modules are GCU Learn enabled and with the support of the Learning Technologists at the cutting edge of development of online materials. Academic staff and the Learning Technologists will continue to work together to develop and operate all modules on GCU Learn to ensure student support and information sharing. Students are provided with formative and summative feedback via a variety of mechanisms including computer based assessments. Feedback on coursework is provided within 3 working weeks of submission. In terms of the Common Good attributes this module will seek to build the students confidence in terms of their learning from their experiences in class through diagnostic formative feedback whilst also learning to work independently and within a learning community in terms of their seminar and lab work.

Indicative Reading

Texts: Benedict, A. & Elliott, B. (20xx) Financial Accounting: An Introduction , latest edition, FT Prentice Hall Bhimani A., Horngren, C.T, Srikant M. Datar, S.M and Madhav Rajan, M., (2015) Management and Cost Accounting , 6th Edition, Pearson (subject to updated edition becoming available) Drury, C. (2018) Management and Cost Accounting , 10th edition, Cengage Learning (subject to updated edition becoming available) Seal W, Garrison RH, Noreen EW. (2015) Management Accounting , 5th edition, McGraw Hill (subject to updated edition becoming available) Thomas, A. & Ward, A.M. (2015) Introduction to Financial Accounting , 8th edition, McGraw Hill (subject to updated edition becoming available) Weetman, P. (2015) Financial Accounting: An Introduction ,7th edition, l FT Prentice Hall (subject to updated edition becoming available) Wood, F. & Sangster A (2018) Business Accounting 1 , 14th edition, FT Prentice Hall (subject to updated edition becoming available) Online sources: My Accounting Lab Online sources: As provided by publisher in core textbooks

Transferrable Skills

By the end of this module students will have gained competence in the following key areas: Analytical skills ICT skills: SAGE Professional/practical skills Personal development skills and enterprise or business skills Applying basic and routine skills and techniques associated with management accounting Use a range of forms of communication effectively and convey ideas in a well-structured and coherent form. Exercise initiative and independence in carrying out defined activities

Module Structure

Activity Total Hours
Assessment (FT) 20.00
Lectures (FT) 24.00
Independent Learning (FT) 132.00
Tutorials (FT) 18.00
Practicals (FT) 6.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam (Exams Office) 2.00 70.00 35% 2 Hours unseen exam
Individual IT portfolio n/a 30.00 35% Individual IT portfolio (financial accounting)