University of Malta

Study-Unit Description
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TITLE Financial Accounting and Control 2

LEVEL 01 - Year 1 in Modular Undergraduate Course


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

Assessment Component/s Resit Availability Weighting
Multiple Choice Questions Examination (1 Hour) No 10%
Examination (2 Hours) Yes 90%

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 study-unit description above applies to the academic year 2017/8, if study-unit is available during this academic year, and may be subject to change in subsequent years.
Semester 1 Time-table 2017/8 - Day Courses
Time-tables for Day Courses for the Academic Year 2017/18 - Semester 1
Semester 1 Time-table 2017/18 - Evening Courses
Time-tables for Evening Courses for the Academic Year 2017/18 - Semester 1
FEMA Day Examination Timetable
Examination time-table for Day Courses - January 2018
FEMA Evening Examination Timetables
Examination time-table for Evening Courses January 2018
JAYE 2017-2018
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