| CODE | ACC1711 | |||||||||
| TITLE | Financial Accounting and Control | |||||||||
| UM LEVEL | 01 - Year 1 in Modular Undergraduate Course | |||||||||
| MQF LEVEL | Not Applicable | |||||||||
| ECTS CREDITS | 8 | |||||||||
| DEPARTMENT | Accountancy | |||||||||
| DESCRIPTION | Rationale & Learning Objectives: The objective of this study-unit is to introduce students to the fundamentals of Financial Accounting and Control Indicative Syllabus & study-unit Outline: Financial Accounting 1. Objectives and scope of Financial Accounting. 2. The identification of business transactions and their recording in the books of prime entry, with eventual posting into the ledgers. 3. Extraction of the trial balance. 4. Bank Reconciliation Statements. 5. Preparation of final accounts of sole traders and companies. 6. Control Accounts. 7. Incomplete Records and Single-Entry Book-keeping. 8. Accounting from cash records and preparation of accounts for Not-for-Profit Organisations 9. The Statement of Cash Flows. 10. Interpretation of Accounts. 11. The Annual Report and Published Accounting Information. Financial Control 1. The nature of Management Accounting A brief outline of the framework of Management Accounting. Relationship of Management Accounting with Cost Accounting. Management Accounting as distinct from Financial Accounting. Marginal Costing and Standard Costing 2. Decision-making A brief outline of Cost Behaviour Patterns. Basic Principles of the Break-even Chart and Cost-Volume-Profit Analysis. 3. Budgetary control The principal objectives of budgetary control. Overview of the budget setting process and preparation of the cash budget, including its link with other budgets. 4. Variance analysis and performance evaluation Standard costing as a management control system. A brief outline of the mechanism of Variance Analysis, as well as usefulness and interpretation of basic variances. Reading List: - Financial Accounting by Michael Jones – Wiley Publishers ISBN 978-0-470-05898-5 - Management Accounting by Michael Jones – Wiley Publishers ISBN 978-0-470-05770-4 - Introduction to Accounting 3rd Edition by Pru Marriott, JR Edwards & HJ Mellett SAGE Publications ISBN 0-7619-7038 X - Accounting for Non-Accounting Students 6th Edition by JR Dyson - FT Prentice Hall ISBN 0-273-64683-4 Schermerhorn, J.R. Management, 8e. Wiley |
|||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | |||||||||
| METHOD OF ASSESSMENT |
|
|||||||||
| LECTURER/S | Jonathan Dingli Ivan Paul Grixti |
|||||||||
|
The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
||||||||||