Statistical Methods for Accounting and Finance
| Module title | Statistical Methods for Accounting and Finance |
|---|---|
| Module code | BEA1014 |
| Academic year | 2024/5 |
| Credits | 15 |
| Module staff | Mr Ian Andrews (Lecturer) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 11 |
| Number students taking module (anticipated) | 150 |
|---|
Module description
This module equips you with foundational statistical skills essential for proficiency in accounting and finance. It focuses on introducing key statistical concepts, techniques, and tools relevant to analysing financial data. You will develop sound knowledge in applying statistical methods to real-world financial scenarios, enhancing their ability to make informed decisions. Through practical applications and case studies, you will grasp statistical tools like regression analysis, probability, and hypothesis testing. This module aims to cultivate a strong quantitative foundation, empowering you with the analytical skills crucial for a successful career in accounting and finance.
Internationalisation:
Statistical tools are generally applicable; scenarios for collecting and analysing data will have a mixture of UK, EU and non-EU flavours so that they are more relevant to an international student body. Collaborative work on the case study aims to bring students together from different cultural backgrounds.
Sustainability:
Availability of study materials (lecture notes, tutorial questions, readings) on ELE rather than by hard copy. Some tutorial question scenarios will reflect sustainability issues such as sourcing of materials, resource consumption and alternative energy sources.
Employability:
Student competence gained in using Microsoft Office in the completion of the case study will be useful in internships, work placements and on graduation.
Ethics and corporate responsibility:
Statistics and its use in fraud detection will be discussed in the module.
Module aims - intentions of the module
The module aims to provideyou with an understanding of the role of statistical methodologies in accounting and finance through both theory and practice. You are given the opportunity of analysing data using Excel spreadsheet software with a variety of data types and statistical models.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. discuss, calculate and interpret descriptive statistics
- 2. use probability theory and tools in business decisions
- 3. construct and interpret point estimates and confidence intervals
- 4. perform hypothesis tests and interpret test results
- 5. use and critically evaluate tools such as correlation analysis, analysis of variance and regression
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 6. evaluate the role of numerical evidence in the accounting, finance and business environment
- 7. analyse quantitative problems in business, finance and accounting
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 8. apply quantitative, computational and written communication skills
Syllabus plan
- Defining data and related vocabulary
- Organising and visualising data using tables and charts
- Describing data using numerical summaries
- Basic probability: simple, joint and marginal probabilities; conditional probability
- Discrete probability distributions: binomial and Poisson
- Continuous probability distributions: normal and uniform, and approximations to the binomial and Poisson distributions
- Sampling and sampling distributions
- Point and interval estimation of single population means and proportions using the normal and t-distributions; estimating sample size
- One-sample hypothesis testing: single mean and proportion
- Two-sample hypothesis testing: difference between two means and proportions
- Chi-square and nonparametric tests
- Linear regression
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 31 | 119 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled Learning and Teaching | 20 | Lectures |
| Scheduled Learning and Teaching | 10 | Tutorials |
| Scheduled Learning and Teaching | 1 | Revision |
| Guided Independent Study | 119 | Reading, question practice and assessment preparation |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Short form questions | 1 hour | 1-8 | In class and correct answers on ELE |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 00 | 100 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| In-class assessment | 20 | 1 hour | 1-8 | Mark awarded and suggested solutions |
| Written examination | 80 | 2 hours | 1-8 | Correct answers on ELE |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| In-class assessment | In-class assessment | 1-8 | Referral/deferral period |
| Written examination | Written examination | 1-8 | Referral/deferral period |
Re-assessment notes
If you pass the module overall you will not be referred in any component – even if you have not passed one or more individual components.
Indicative learning resources - Basic reading
- Illowsky, B. and Dean, S. (2018). Introductory Statistics. Houston: Rice University
- Lowry, R. (2020). Concepts and Applications of Inferential Statistics
Indicative readings:Basic reading:
Core texts:
- Anderson, D.R., Sweeney, D.J., Williams, T.A., Freeman, J. and Shoesmith, E. (2010) Statistics for Business and Economics (2nd ed.). Andover: Cengage.
- Barrow, M. (2013). Statistics for Economics, Accounting and Business Studies (6 th ed.). London: Pearson.
- Levine, D. M. Stephan, D. F. and Szabat, K. A. (2014), Statistics for Managers using Microsoft Excel (7 th ed.). Harlow: Pearson Education Limited
Indicative learning resources - Other resources
Other resources:
- Directed reading, tutorial questions and further practice questions
| Credit value | 15 |
|---|---|
| Module ECTS | 7.5 |
| Module pre-requisites | This module is for Finance and Accounting students only |
| Module co-requisites | Non-requisites: Cannot be taken with BEE1022, BEE1025 or BEM1024 |
| NQF level (module) | 4 |
| Available as distance learning? | Yes |
| Origin date | 16/11/2023 |
| Last revision date | 16/11/2023 |
