Accounting and Finance - BSc (Hons)

with a Year in Industry

This module is concerned with the principles which underlie the investment and financing decision making process. Before a rational decision can be made objectives need to be considered and models need to be built. Short-term decisions are dealt with first, together with relevant costs. One such cost is the time value of money. This leads to long term investment decisions which are examined using the economic theory of choice, first assuming perfect capital markets and certainty. These assumptions are then relaxed so that such problems as incorporating capital rationing and risk into the investment decision are fully considered. The module proceeds by looking at the financing decision. The financial system within which business organisations operate is examined, followed by the specific sources and costs of long and short-term capital, including the management of fixed and working capital.

This module is designed to build upon financial accounting topics taught in previous modules and assess them at a more advanced level. It will also introduce topics, not previous taught. Areas that will be covered are:

The conceptual and regulatory framework for financial reporting – The need for a conceptual framework and the characteristics of useful information. Define what is meant by 'recognition' in financial statements and applying the recognition criteria to assets/liabilities and income/expenses.

Look at why an international regulatory framework is needed over a national regulatory framework. Review the work of the International Accounting Standards Board in setting international accounting standards and how they are moving to harmonised global accounting standards using a principles based rather than a rules based framework.

Strategic Management aims to provide an understanding of strategic analysis, strategic decision-making and strategic processes within and between organisations. The module content combines approaches to strategic management, concepts and frameworks, and issues in strategic management. In particular, the themes covered include: internal and external environment analysis, strategic options, selection and evaluation, organisational structure and culture, the role of knowledge, technology, innovation and entrepreneurship, not-for profit and social enterprises, corporate social responsibility, international strategies, strategic change and building a cohesive strategy. Case studies, which are used throughout the module, provide a vehicle for exploring the relationship between theory and practice in organisations and analysing the implications for strategic direction.

The module advances students' knowledge and skills in management accounting. By completing the module, students will be able to:

Understand the concepts of relevant costs and revenues and use them to make managerial decisions. Differentiate between short and long-term pricing decisions and learn the functioning, advantages and disadvantages of target pricing and cost-plus pricing. Use management accounting information to prepare customers profitability reports.

Learn what are the tools used for planning and controlling a company’s performance in an international context and how they function. Understand what the relationship between strategic planning and budgeting is. Prepare budgeted financial statements and understand the functioning of responsibility accounting systems to stimulate managers’ motivation. Know how standards costs and targets are set to foster performance improvements. Prepare flexible budgets and use actual and standard costs information to analyse variances including yield, mix, quantity effects of inputs and volume, mix and quantity effects of sales. Prepare a performance report that reconcile actual and budgeted profit. Provide a holistic interpretation of company’s performance and provide recommendations for managers to take actions or revise the strategic plans.

Apply multiple methods to make capital investment decisions for strategy implementation. Classify environmental costs and learn the role played by environmental management controls for company’s sustainability.

The law affects the commercial world in many ways. This module focuses on how businesses fulfil their legal obligations to customers, suppliers and their workforce. As well as exploring how businesses are structured and the duties on directors and partners it also considers the legal obligations individuals and organisations have over those to whom they have a duty of care. The module further covers the main laws governing the employment of staff and contractors. By applying the law to real-world business situations students are able to fine-tune their problem solving skills, and their ability to construct well-reasoned and persuasive arguments.

Indicative topics are:

• The English Legal System, Legal Process, Dispute Resolution and the impact of European Union Law in the UK;
• Law of Negligence – including general principles and negligent misstatement;
• Law of Business Organisations - classification of business organisations; main principles applying to general and limited liability partnerships and registered companies, and directors’ duties;
• Employment Law - the general scope of the legal obligations owed by employers to employees, including the employment contract, discrimination and dismissal.

PLUS the following compulsory module which does not contribute to the overall degree classification or to the volume of credit required for the award or classification.

The module helps prepare students to acquire and develop the employability and transferable skills necessary to search and successfully apply for work experience and graduate opportunities in the commercial and public sector and postgraduate study. The curriculum builds on employability support offered at Stage 1 providing intermediate level knowledge and exercises in application writing, CVs, careers advice, interview and assessment centre techniques, numeracy and competency tests, and psychometric evaluation.

This module is designed to explain the operation and scope of the UK tax system and the obligations of taxpayers and the implications of non-compliance. Areas covered are as follows:

The UK tax system including the overall function and purpose of taxation in a modern economy, different types of taxes, principle sources of revenue law and practice, tax avoidance and tax evasion.

Income tax liabilities including the scope of income tax, income from employment and self-employment, property and investment income, the computation of table income and income tax liability the use of exemptions and reliefs in deferring and minimising income tax liabilities.

National insurance contributions including the scope of national insurance, class 1 and 1A contributions for employed persons, class 2 and 4 contributions for self-employed persons.

Introduction to chargeable gains including the scope of taxation of capital gains, the basic principles of computing gains and losses, the computation of capital gains tax payable by individuals and minimising tax liabilities arising on the disposal of capital assets,

Principles of Inheritance Tax and the use of exemptions and reliefs in deferring and minimising inheritance tax liabilities.

The obligations of taxpayers and/or their agents including the systems for self-assessment and the making of returns, the time limits for the submission of information, claims and payment of tax the procedures relating to enquiries, appeals and disputes, penalties for non-compliance.