Introduction to Accounting

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Term 1
SCQF Level
Business, Law and Social Sciences


An introduction to the disciplines of financial and management accounting.


The aim of this Module is to introduce the students to basic financial and management accounting issues.

Learning Outcomes

By the end of this module the student should be able to:

  1. Discuss contemporary financial accounting issues.
  2. Draw up summary financial statements for a sole trader.
  3. Discuss contemporary management accounting issues.

Indicative Content

1 Introduction to Financial Accounting & Management Accounting

Introduction to Financial Accounting and Management Accounting; Accounting Theory and Practice: Different branches of accounting; Characteristics of financial information for operational, managerial and strategic levels within organisations; Differences between the role of Financial and Management Accounting.

2 Different Types of Business Organisation

The key concepts in financial accounting and the regulatory framework of financial accounting.

3 Basic Financial Accounting Practice

Preparation of accounting records and accounting entries for errors; Production of Income Statement and Balance Sheet for a sole trader including basic adjustments (accruals, prepayments, bad debts, allowance for doubtful debts, inventories), and financial ratios; Preparation of bank reconciliations;

4 Cost behaviour and measuring operational performance

Identification and classification of costs and revenues and understanding implications of cost behaviour. Using marginal costing to support short-term decision- making. Measuring relevant costs and revenues for decision-making; limiting factors, discontinuation, make or buy and other short-term decisions. CVP Analysis for a single product.

5 Budgets for Planning, Control and Decision-making

The budgeting process. Preparation of Cash budgets. Behavioural aspects of budgeting. Sources of management information.

Teaching and Learning MethodHours
Supervised Practical Activity0
Unsupervised Practical Activity12

Guidance Notes

SCQF Level - The Scottish Credit and Qualifications Framework provides an indication of the complexity of award qualifications and associated learning and operates on an ascending numeric scale from Levels 1-12 with SCQF Level 10 equating to a Scottish undergraduate Honours degree.

Credit Value – The total value of SCQF credits for the module. 20 credits are the equivalent of 10 ECTS credits. A full-time student should normally register for 60 SCQF credits per semester.


We make every effort to ensure that the information on our website is accurate but it is possible that some changes may occur prior to the academic year of entry. The modules listed in this catalogue are offered subject to availability during academic year 2023/4, and may be subject to change for future years.