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Introduction to Accounting and Financial Management

Module description

Accounting is an indispensable tool for all businesses offering a comprehensive and organised approach to managing financial information. Within this module we will explore accounting concepts and standards in UK GAAP and IFRS through the preparation of accounting statements through the principles of double entry bookkeeping, through to the principles and significance of reconciling internal system records with external information sources such as banks and suppliers.

Furthermore, we will provide a comprehensive introduction to tools to aid with financial planning, including costing models and variance analysis. We will introduce the use of technology available for financial reporting and internal controls.

This is the start of your journey where you will evolve into a conscientious and diligent accountant, armed with the skills to navigate the intricate landscapes of accounting and financial management!

Module aims - intentions of the module

This module will provide you with an opportunity to explore the fundamentals of financial and management accounting, allowing you to explore the fundamental principles accounting from double entry bookkeeping to preparing financial statements. It will give an overview of how accounting information can be used to inform management decisions including the fundamentals of budgeting. From this you will gain a clear insight into financial and management accounting.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. Process financial transactions using double entry bookkeeping (K1)
• 2. Analyse how costs behave in a way that enables you to produce budgets
• 3. Explain the principles and significance of reconciling internal system records with external information sources such as banks and suppliers. (K10)

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 4. Explain the regulatory framework of financial accounting that apply to sole traders (K1)
• 5. Use accounting concepts and standards to sole traders, to prepare financial statements (K2)

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 6. Describe the technology available for financial accounting, reporting, and internal controls

Syllabus plan

This introduction module will cover the basics of financial and management accounting principles by providing apprentices with the fundamental underpinning knowledge to be successful in all subsequent modules including:

Financial Accounting

• Double Entry Bookkeeping
• Trial Balance
• Income Statement (Profit and Loss) for a Sole Trader
• Statement of Financial Position (Balance Sheet) for a Sole Trader
• Reconciling Accounts and correcting errors
• Technology to support financial accounting transactions

Management Accounting

• Cost Behaviours
• Producing Budgets
• Variance Analysis
• Technology to support management accounting processes

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

Re-assessment notes

Deferral – if you have been deferred for any assessment you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of referral will be capped at 40%

Indicative learning resources - Basic reading

Basic reading:

• Sangster, A., & Wood, F. (2018). Frank Wood’s Business Accounting Volume 1. Pearson UK.
• Sangster, A., & Wood, F. (2018). Frank Wood’s Business Accounting Volume 2. Pearson UK.
• Cox, David (2024) Financial Accounting: Preparing Financial Statements Tutorial

Indicative learning resources - Other resources

• Association of Accounting Technicians (AAT) student learning portal

Key words search

Financial Accounting Management Accounting introduction