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 2021-22 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   12

      12

24

48
Timetable (if known)   60 mins X 1 totaling 12
 
      60 mins X 1 totaling 12
120 mins X 1 totaling 24
 
 
Private Study 102
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Online MCQ Tests Assessment Type: Written Exam Duration: 4 x 30 minutes Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty Applies A  4 x 30 minutes    20       
Assessment 1: Unseen Examination Assessment Type: Written Examination Duration: 24 hours Weighting: 80% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty Applies  24 hours    80       
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 Delivery: Mixed, hybrid delivery, with social distancing on campus

Teaching Method: Online Asynchronous Learning Materials
Description: The learning materials will be used to introduce concepts and techniques and to work through and discuss practical examples and applications of the concepts.
Unscheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Seminar
Description: A mixture of podcasts and live sessions to support the material delivered in learning materials
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Weekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 12
Attendance Recorded: No

Self Directed Learning Hours: 102
Description: Students are expected to complete required readings and prepare for lectu res 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, and ACFI322

Skills/Other Attributes Mapping

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
5 The statement of cashflows
6 Interpretation of Financial Statements
7 Costing
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.