Accounting for Business

RATIONALE 

Business managers need at least a working understanding of the language of financial reporting that represent the scope of financial and managerial accounting. This financial literacy helps managers make informed decisions based on the cost and benefits of a particular investment project, for example, a decision to expand the product line or in assessing the financial performance of different divisions to justify the allocation of scarce organizational resources. Accordingly, this module has been designed to enable those preparing for future managerial and leadership roles to develop an appreciation of the issues within the scope of both financial and managerial accounting in order for them to make the best possible managerial decisions. This module introduces the students to a range of corporate accounting and financial aspects. Accordingly, this module encourages students to appreciate and understand the financial reporting of different forms of business and budgeting and cost management of their organizations from the perspective of a business manager.   

AIMS 

Through the completion of this module students will: 

• Be able to develop managerial knowledge of the underlying financial accounting and reporting concepts and principles  
• Be able to identify, evaluate, present, and interpret both financial and non-financial information and disclosures as per the accepted financial reporting standards in order to aid managerial decision-making.  
• Be able to appreciate managerial accounting skills on cost management, budgeting and performance management for informed managerial decision-making. 

LEARNING OUTCOMES 

On successful completion of this module, a student will be able to: 

1. Understand the context within which financial information is prepared and used. 
2. Recognise and explain fundamental financial accounting terminology and reports. 
3. Describe key management accounting techniques and understand their role in a range of decision-making scenarios. 
4. Identify and explain management accounting approaches to business planning, monitoring and control.