This module introduces the fundamentals of financial accounting incorporating international terminology, accounting standards and accounting regulations. It will start with a brief discussion of the regulatory framework of accounting, the role of financial accounts, the users of financial information and the relevance of financial statements to them. This leads to the preparation of Income Statement and Statement of Financial Position.

You will study the need for, and the methods of calculating non-current asset depreciation, bad debts and provision for doubtful debts. The importance of qualitative characteristics of accounting information will be studied and applied to the preparation of true and fair financial statements. Understanding and appreciation of the importance and value of accurate and complete financial statements will be examined. You will also investigate approaches to procurement and contracting and the legal requirements to be aware of. The module concludes with simple interpretation of accounts, utilising profitability, efficiency and liquidity ratios.

The use of digital technologies will be explored.

It is also designed to cover the following sections of the Apprenticeship Standard for Chartered Manager Degree Apprenticeship:

Business Finance:
Financial strategies, including budgets, financial management and accounting, and how to provide financial reports
Approaches to procurement and contracting, and legal requirements.
Commercial context in an organisational setting and how this changes over time
Manage budgets, control expenditure and produce financial reports!

Decision-making:
How to undertake research, data analysis, problem solving and decision-making techniques
The values, ethics and governance of your organisation
Use evidence-based tools and ethical approaches to undertake problem solving and critical analysis, synthesis and evaluation to support decision making

The academic essay will allow you to demonstrate your understanding of financial concepts and processes used for decision-making, with examples from your own organisation. (Learning outcomes 1-3)

Scheduled learning and teaching activities: 32 hours

To consist of:
Face-to-face which will include group work, formal teaching, case study analysis, guest speakers and students will be encouraged to share their workplace experiences with others
On-line live webinars to take the form of tutorials involving opportunities for group discussion and presentation, flipped-classroom opportunities, further group work and case study analysis

Guided independent study: 168 hours

To consist of:
Accessing additional on-line content such as videos and presentations
Independent reading to consolidate knowledge gained in the formal teaching
Undertaking formative tasks set by the tutor to consolidate learning
Assessment preparation and writing and gathering evidence
Portfolio building

1. Understand the language and context of financial accounting, fundamental concepts and principles and be able to identify sound financial judgements - KNOWLEDGE AND UNDERSTANDING, LEARNING

2. Understand approaches to procurement and contracting, and legal requirement. - ENQUIRY, KNOWLEDGE AND UNDERSTANDING, PROBLEM-SOLVING

3. Analyse financial statements and reports reflecting on the additional knowledge and skill required to be further involved in the preparation of these, for your organisation - COMMUNICATION, APPLICATION, REFLECTION

Accounting professional bodies:
ACCA: https://www.accaglobal.com
CIMA: https://www.cimaglobal.com/
CIPFA: https://www.cipfa.org/

Government Departments and Agencies
HM Treasury: https://www.gov.uk/government/organisations/hm-treasury
FCA: https://www.fca.org.uk/
HMRC: https://www.gov.uk/government/organisations/hm-revenue-customs
DWP: https://www.gov.uk/government/organisations/department-for-work-pensions

Elliott B and Elliott J (2019) Financial Accounting and Reporting, 19th edition. Pearson (eBook)
Walker, J (2009), Accounting in a nutshell: accounting for the non-specialist, CIMA (eBook)
Dyson, JR (2010), Accounting for non-accounting students, Financial Times, Prentice-Hall (eBook)
Weetman, P (2011), Financial and Management Accounting: An Introduction, Financial Times, Prentice-Hall (eBook)
Koop, G (2006) Analysis of Financial Data, John Wiley & Son (eBook)
Lynn, T, Mooney, J, et al (2018) Disrupting Finance: FinTech and Strategy in the 21st Century (eBook)

The module is only open to those enrolled on the Chartered Manager Degree Apprenticeship programme or the BA (Hons) Professional Management

This module introduces the fundamentals of financial accounting incorporating international terminology, accounting standards and accounting regulations.