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Unit information: Fundamentals of Accounting and Finance 1 in 2021/22

Please note: you are viewing unit and programme information for a past academic year. Please see the current academic year for up to date information.

Unit name Fundamentals of Accounting and Finance 1
Unit code EFIM10005
Credit points 20
Level of study C/4
Teaching block(s) Teaching Block 1 (weeks 1 - 12)
Unit director Mr. Mike Davies
Open unit status Not open




School/department School of Accounting and Finance
Faculty Faculty of Social Sciences and Law

Description including Unit Aims

The unit provides a foundation to the fundamentals of financial accounting, management accounting and finance, all of which are required as a basis for more in-depth study of accounting and/or finance-related topics.

The aim is to provide students with a working knowledge of each area that is sufficient for more specialist study of any or all of the three components.

Intended Learning Outcomes

On completion of the unit students should be able to:

• compare and contrast the various types of business entity and their reporting requirements;

• explain the objective of financial statements and the concepts underlying their preparation, including the accruals concept;

• prepare and explain simple examples for a single entity of a Statement of Financial Position; a Statement of Comprehensive Income; and a Statement of Cash Flows;

• recall, define and explain the elements of financial statements, including specific items such as depreciation, bad debts, interest and dividends paid;

• evaluate the position and performance of a business using ratio analysis and other tools such as SWOT and PEST analyses;

• explain and perform calculations related to cost classification, cost-volume-profit analysis and cost apportionment;

• construct cash and other budgets;

• explain and identify costs that are, and are not, relevant to decision-making;

• carry out investment appraisals using net present value, internal rate of return, payback and accounting rate of return; and understand and describe the relative merits of these approaches

• incorporate expected values and sensitivity analysis into decisions.

Teaching Information

Teaching will be delivered through a combination of synchronous and asynchronous sessions including lectures, tutorials, drop-in sessions, discussion boards and other online learning opportunities

Assessment Information

This unit will be assessed by 100% exam


If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIM10005).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.