| CODE | ACC1731 | ||||||||
| TITLE | Financial Accounting and Control 2 | ||||||||
| UM LEVEL | 01 - Year 1 in Modular Undergraduate Course | ||||||||
| MQF LEVEL | 5 | ||||||||
| ECTS CREDITS | 4 | ||||||||
| DEPARTMENT | Accountancy | ||||||||
| DESCRIPTION | This study-unit is designed for students who are not studying Accountancy as a major area of study in the under-graduate degree but who, nonetheless, need to have a good understanding of the more relevant management accounting principles and techniques that they will certainly come across in their career post-qualification. The study-unit therefore discusses the theory behind certain management accounting techniques which are expected to be more relevant to students who, albeit not reading for an accountancy degree, need to have a certain level of knowledge on management accounting to be equipped for their day-to-day practice of their profession. Study-unit Aims: The aims of this study-unit are to: 1. Introduce students to selected management accounting principles and techniques. 2. Help students decide which techniques are more suitable to different circumstances. 3. Guide students on how to prepare, interpret and criticise cost computations, pricing strategies and budgets. 4. Explain to students how variances from planned or desired outcomes are investigated. 5. Outline cost behaviour patterns and discuss basic principles of the break-even chart and cost-volume-profit analysis. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: (a) Understand the framework of Management Accounting and the Relationship between Management Accounting, Cost Accounting and Financial Accounting. (b) Appreciate the importance of Cost Accounting, understand the different types of costs and be conversant with traditional cost recovery and activity-based costing techniques. (c) Understand the principal objectives of budgetary control and have a good working knowledge of the budget setting process. (d) Explain the nature and importance of standard costing and outline the most important variances. (e) Explain the nature of short-term business decisions and understand the concept of contribution analysis. 2. Skills: By the end of the study-unit the student will be able to: (a) Prepare cost computations and pricing estimates using both traditional cost recovery and activity-based costing techniques. (b) Prepare a cash budget as well as other operating and manufacturing budgets, and link these together and to the master budget. (c) Calculate and interpret variances. (d) Investigate some of the decisions for which contribution analysis is useful and draw up break-even charts and contribution graphs. Main Text/s and any supplementary readings: Textbook and practice kit: Management Accounting, Jones Michael, John Wiley & Sons Ltd. |
||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||
| METHOD OF ASSESSMENT |
|
||||||||
| LECTURER/S | Justine Agius Lindsay Marie Farrugia |
||||||||
|
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 2023/4. It may be subject to change in subsequent years. |
|||||||||