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Semester 1

Accounting for Business 1 (ACCN08012)

Subject

Accounting

College

CAHSS

Credits

20

Normal Year Taken

1

Delivery Session Year

2023/2024

Pre-requisites

Course Summary

While most businesses will employ an accountant for the preparation of financial statements and for analysis of accounting information, it may still be important that others, such as owners, managers, or employees, from a non-accounting background, have a good understanding of the importance of various aspects of accounting and finance for a business or organisation. This course will enable participants to view accounting as a tool of management, and having completed it students will be able to understand and critically evaluate financial reports in order to assess the current performance of a business or organisation, and to plan for its future activities. The course is divided into two parts, the first dealing with Financial Accounting topics, and the second with Management Accounting topics This course is intended for students for whom Accounting is not an obligatory course in their degree programme, and it assumes no prior accounting knowledge by students in advance of taking the course.

Course Description

The first part of this course introduces participants to the nature and scope of financial accounting, together with the various types of business structure and the accounting requirements of each. Students will gain a knowledge of the principal accounting terms and the main financial statements required by any business, together with an understanding of the purpose of each. Students will acquire tools to analyse and interpret the financial statements overall in order to recognise key trends of how the business is performing, and how this information can be used to plan for its future operations. The course also looks at financing options for a business; funding that can generated within the business together with options for third party funding. The second part of the course will give course participants an understanding of the internal management accounting systems and processes used by businesses in their planning and costing decisions in order to achieve the overall aims and objectives of the business. Key accounting tools such as budgetary planning and costing will be examined, and having completed the course participants will be able to apply the principles of these techniques to solve problems and answer questions faced by management regarding its financial operations. Outline Content Nature and scope of financial accounting and its importance as a management tool in the operation of tool of a business Types of business structures (Sole trader, Partnership, Company) and the accounting requirements for each. Understanding accounting terms and financial statements for a business. Evaluating performance of the business using the financial statements information Compare and contrast the internal and external sources of finance available to a business The budgeting process and its importance for an business or organization The role of costing and the terminology and processes used in this area The use of break-even analysis in making decisions for a business Full costing and its use in the costing of services and products and its role in setting prices.

Assessment Information

Written Exam 70%, Coursework 30%, Practical Exam 0%

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