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MN22019: Intermediate accounting and company law

[Page last updated: 03 June 2024]

Academic Year: 2024/25
Owning Department/School: School of Management
Credits: 20 [equivalent to 40 CATS credits]
Notional Study Hours: 400
Level: Intermediate (FHEQ level 5)
Period:
Academic Year
Assessment Summary: CWOI 15%, CWPG 10%, EXCB 60%, EXOB 15%
Assessment Detail:
  • Financial Accounting exam (EXCB 30%)
  • Management Accounting exam (EXCB 30%)
  • Law Presentation (CWOI 15%)
  • Law exam (EXOB 15%)
  • Contemporary issues groupwork and presentation (CWPG 10%)
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites:
Learning Outcomes: The unit will consist of four elements, with ILO's per element being: i) Contemporary Issues in Accounting:
  • Identify potential conflicts of interest in accounting and finance practice.
  • Explain the roles of EU and UK institutions in the development of accounting practice.
  • Discuss arguments for broadening the scope of the corporate accounting and reporting process.
  • Discuss arguments for the development of the role of professional accountants in business in terms of the contribution they can make to the achievement of business objectives.
ii) Financial Accounting:
  • Prepare an individual corporate entity's financial statements in mandated format from a trial balance and closing adjustment information.
  • Discuss the regulatory framework for accounting and its conceptual basis.
  • Identify the correct accounting treatment and compute closing adjustments related to key international accounting standards.
  • Evaluate IAS recommendations using the conceptual framework and fundamental principles of accounting.
  • Discuss the relative merits of accounting treatments not recommended under international accounting standards.
iii) Management Accounting:
  • Prepare costing information using a variety of costing techniques for a range of purposes in a range of modern business environments.
  • Use appropriate management accounting information and techniques in a range of decision-making scenarios and to interpret the results.
  • Evaluate a number of budgetary control techniques and to compute, analyse and interpret budgetary information to achieve organisational objectives.
  • Application of standard costing and variance analysis techniques.
iv) Company Law:
  • To equip students with a full understanding of the nature of different forms of business, their formation, requirements and regulation.
  • Students will examine the management, administration and financing of businesses and the rights and liability attached to these functions.
  • The course will analyse the ethics and other corporate social responsibilities of businesses within the legal framework.
Students will research and discuss key aspects of the functioning of businesses within a practical context.


Synopsis: Advance your knowledge of costing techniques, the use of management accounting information for decision making and performance measurement. You'll also explore the behavioural consequences of management accounting information, tools and techniques. You will further study financial accounting and reporting within the context of the International Accounting Standards. You will also become familiar with the law relating to the function of business enterprises.

Content: I) Contemporary Issues in Accounting: The unit content will be directed towards issues in accounting practice that are contemporary at the time of delivery but should include: i) Institutional framework: Actors and their roles, markets for accountants and accounting-related services ii) Accountancy ethics and principles of corporate governance - the role of the accountant in business and society iii) Changes in the role of the accountant in business practice II) Financial Accounting:
  • A selection of IAS / IFRS that relate to Assets, Equity and Liabilities
  • Revenue recognition
  • Profit determination
  • Financial statement analysis
III) Management Accounting:
  • Analysis of management information for decision making
  • Breakeven and limiting factor analysis
  • Performance analysis using MC & AC methodologies
  • Assessing relevant costs for decision making
  • Investigation of the budgetary process
  • Standard costing and variance analysis
IV) Company Law:
  • Outline of forms of business and criteria for choice
  • Forms of partnership; formation, management, ownership and termination
  • Corporate personality, formation, management and administration, types of finance, covering liability and rights.
  • Processes for winding up business including insolvency
  • Regulatory framework for companies, private, public and publicly traded


Course availability:

MN22019 is Compulsory on the following courses:

School of Management
  • UMMN-AFB10 : BSc(Hons) Accounting and Finance (Year 2)
  • UMMN-AKB10 : BSc(Hons) Accounting and Finance with work placement (Year 2)
  • UMMN-AFB11 : BSc(Hons) Accounting and Management (Year 2)
  • UMMN-AKB11 : BSc(Hons) Accounting and Management with work placement (Year 2)

Notes:

  • This unit catalogue is applicable for the 2024/25 academic year only. Students continuing their studies into 2025/26 and beyond should not assume that this unit will be available in future years in the format displayed here for 2024/25.
  • Courses and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
  • Find out more about these and other important University terms and conditions here.