1 ACC1011: INTRODUCTION TO MANAGEMENT ACCOUNTING AND FINANCE

1 ACC1011: INTRODUCTION TO MANAGEMENT ACCOUNTING AND FINANCE LECTURE 1: INTRODUCTION

2 WELCOME TO ACC1011 Aims of today To introduce the module Degree programmes Teaching team Timetable of lectures, workshops & help sessions Assessment Text book Resources available Warning! To introduce Management Accounting

3 WELCOME TO ACC1011 Degree programmes N400: Accounting and Finance BA Honours BAF: Business Accounting and Finance BA Honours GN13: Financial Mathematics BSc Honours

4 Lecturers Shanta Davie (Module leader) Dylan Che Workshop leaders Tom Cuckston - N400 Helen Currie - NN14 Gill Holden – N400 & GN13 Teaching Team WELCOME TO ACC1011

5 LECTURES 2 x one hour lecture per week Semester 1: Monday 10 – 11 am (HERB CA) Wednesday 12 – 1pm (HERB LT 1) Semester 2: Monday 4 – 5 pm (HERB CA) Wednesday 12 – 1 pm (HERB LT 1) All in this Building Please arrive on time, with pens, papers, lecture notes.

6 SEMINARS & HELP SESSIONS Seminars 5 x 1 hour seminars in Semester 1 4 x 1 hour seminars in Semester 2 Seminar times – based on degree programmes Attempt seminar questions prior to attending Help Sessions Weeks 10, 14, 35-37. See blackboard for details of time and location

7 TIMETABLE The timetable shows all possible seminar times, lecture times. The most compulsory contact time you will have with ACC1011 in any one week is 3 hours being 2 x 1 hour lectures (Monday 10-11 & Wednesday 12-1pm), and 1 x 1 hour seminar if there is one that week. Make sure you are registered for a seminar session

8 W1 W2 W3 W4 W5

9 W1 W2 W3 W4

10 W 2 W 3 W 4 W 5 W 1

11 W 7 W 8 W 9 W 6

12 ASSESSMENT Two exam-based assessments First semester exam - 1hour 25% January 2013 Contains both MA & Fin Second semester exam – 2 hours 75% May/June 2013 Contains both MA & Fin Must work consistently throughout BOTH the semesters Covers semester 1 materials Covers semesters 1 & 2 materials

13 ASSESSMENT Need 40% overall to pass this module Do not have to pass each individual piece of assessment You can not retake an exam to improve your mark If you fail this module, there is a 3 hour re-sit paper in August If you feel there are any circumstances which may affect your performance then please contact your personal tutor as soon as possible. For professional accreditation need at least 50%

14 PRESCRIBED TEXT BOOK Customised book Title: Introduction to Management Accounting & Finance Compiled by: Shanta Davie & Dylan Che

15 BLACKBOARD Key course documents Staff contact details Lecture notes Seminar questions Seminar groups Exam marks – January 2013

16 Health Warning The exams and seminar assignments are of a professional standard You should work consistently throughout the year Avoid last minute cramming

17 AIMS OF TODAY To introduce the module Degree programmes Teaching team Timetable of lectures, workshops & help sessions Assessment Text book Resources available Warning! To introduce Management Accounting

18 INTRODUCTION TO MANAGEMENT ACCOUNTING & FINANCE Module Aim To acquire a basic foundation of knowledge and skill in management accounting and finance. Key Skill Outcomes Record business transactions, prepare and analyse financial statements of business organisations To be able to inform the internal decision making process of a business organisation

19 INTRODUCTION TO ACCOUNTING Process of identifying, measuring and communicating economic information about a business entity Sole trader Partnership Company Accounting exists because it is useful

20 INTRODUCTION TO ACCOUNTING Stakeholders – any individual or group with a financial interest in the business public employees government customers lenders suppliers owners management Internal Stakeholder External Stakeholder

21 INTRODUCTION TO ACCOUNTING How well has the business performed? What is the current financial position? What will happen in the future? Management Accounting Internal users Unregulated Forward looking Both Internal and External stakeholders want to know Specifically for Internal Stakeholders (management) Compare actual data to budget Product profitability Departmental costings Prepare budgets Use decision making tools

Management Accounting Cost Accounting 1 Accumulate historic costs and allocate to units Backward looking Cost Accounting 2 Planning, control and decision making Forward looking Management Accounting = provide information to assist management with planning control and decision making

23 Per IASB Framework Understandability Relevance Materiality Reliability Faithful representation Substance over form Neutrality Prudence Completeness Comparability For management Information must also be Timely IASB = International Accounting Standards Board What qualities should the information have?

24 RECOMMENDED READING Customised Text Book Introduction to Management Accounting & Finance. Chapters 1 & 2

25 REMEMBER - KEY DATES Monday - Lecture 10 am – 11 am here Wednesday – Lecture 12 – 1 pm LT1 Next week – same times, same days & same venues Please bring pens, paper & lecture notes to ALL lectures.

26 LET’S ENJOY ACC1011 TOGETHER

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