ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title INTRODUCTION TO ACCOUNTING AND FINANCE (NON-SPECIALIST)
Code ACFI107
Coordinator Dr MJ Michalski
Finance and Accounting
M.Michalski@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2019-20 Level 4 FHEQ Second Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 24

10

        34
Timetable (if known) 120 mins X 1 totaling 24
 
           
Private Study 116
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Unseen Examination Assessment Type: Written Examination Duration: 2 hours Weighting: 100% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty Ap  2 hours    100       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
             

Aims

1. A framework to allow understanding of the structure and contents of the key financial statements of business organisations;
2. An understanding of the basic principles of financial accounting;
3. An understanding of the basic techniques of preparation of such statements;
4. The ability to analyse firm performance and position using financial ratios;
5. An understanding of basic costing techniques in order to facilitate managerial decision-making;
6. Comprehension of the role and structure of budgets in an organisation;
7. The ability to apply various investment appraisal techniques in order to make capital investment decisions.


Learning Outcomes

(LO1) Students will be able to explain the nature and roles of accounting and finance;

(LO2) Students will be able to identify the main users of accounting and discuss their needs;

(LO3) Students will be able to distinguish between financial and management accounting;

(LO4) Students will be able to explain the nature and purpose of the three major financial statements;

(LO5) Students will be able to prepare simple balance sheets, cashflow statements and profit and loss accounts from relevant financial information;

(LO6) Students will be able to use ratios to analyse the financial performance and position of a business;

(LO7) Students will be able to explain the relationship between costs, volume and profit and conduct break-even analysis;

(LO8) Students will be able to deduce the full cost of a unit of output in a single-product environment;

(LO9) Students will be able to define a budget and show how budgets, corporate objectives and long-term plans are related;

(LO10) Students will be able to construct simple budget from relevant information

(LO11) Students will be able to identify and apply the four main investment appraisal methods used in practice.

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) IT skills

(S8) International awareness

(S9) lifelong learning skills


Teaching and Learning Strategies

Teaching Method 1 - Lecture
Description: The lectures will be used to introduce concepts and techniques and to work through and discuss practical examples and applications of the concepts. The lectures will be interactive and will require students to participate in answering questions, discussion, practising examples and other activities.
Attendance Recorded: No

Teaching Method 2 - Seminar
Description: A mixture of podcasts and live Adobe connect sessions to support the material delivered in lectures
Attendance Recorded: Yes

Self Directed Learning Hours: 116
Description: Students are expected to complete required readings and prepare for lectures and seminars. Further information will be provided on VITAL throughout the delivery of the module and it is essential that students engage with this tool.

Costs Information: No costs will be incurred

This module is a pre-requisite for the following modules:
ACFI203
ACFI205
ACFI307
ACFI322

Skill/Other Attribute 1: lifelong learning skills
How this is developed: Lectures, seminars

Skill/Other Attribute 2: International awareness
How this is developed: Lectures, seminars

Skill/Other Attribute 3: IT skills
How this is developed: Lectures, seminars

Skill/Other Attribute 4: Communication skills
How this is developed: Lectures, seminars

Skill/Other Attribute 5: Organisational skills
How this is developed: Lectures, seminars

Skill/Other Attribute 6: Commercial awareness
How this is developed: Lectures, seminars

Skill/Other Attribute 7: Numeracy
How this is developed: Lectures, seminars

Skill/Other Attribute 8: Problem solving skills
How this is developed: Lectures, seminars

Skill/Other Attribute 9: Adaptability
How this is developed: Lectures, seminars


Syllabus

 

1 Introduction to Accounting
2 The Statement of Financial Position
3 The Income Statement
4 Other Income Statement parts and the statement of cashflows
5 Interpretation of Financial Statements
6 Costing
7 Self study test
8 Relevant costing and decision making
9 Budgeting
10 Capital Investment Appraisal
11  Revision


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.