AC102      Half Unit
Elements of Financial Accounting

This information is for the 2019/20 session.

Teacher responsible

Dr Saipriya Kamath OLD 2.11

Mrs Chris Constantinou (Course Leader)


This course is compulsory on the BSc in Finance. This course is available on the BSc in Actuarial Science, BSc in Business Mathematics and Statistics, BSc in Management, BSc in Mathematics, Statistics, and Business and BSc in Statistics with Finance. This course is available as an outside option to students on other programmes where regulations permit. This course is available with permission to General Course students.

Course content

This is a half-unit course that introduces students to fundamental principles of financial accounting for the purposes of external reporting. The course starts with a discussion of the framework of financial accounting: its nature, intents and purposes, and the context and environment in which it operates. This includes, and eventually entails, the need for, and various sources of, accounting regulation and accounting standards. AC102 unpacks various core financial accounting concepts and conventions, but the course also looks into the processes used to record, summarise, and present financial accounting information as well as, crucially, its interpretation. This course thus essentially focuses on the preparation, interpretation, and limitations of company financial statements for external reporting, and the regulatory framework in which financial reports are prepared.


20 hours of lectures and 10 hours of classes in the MT. 2 hours of lectures and 1 hour of classes in the ST.

Formative coursework

Written answers to numerical problems and discussion questions will be expected weekly; two pieces of work per term will be submitted for marking and feedback.

Indicative reading

Detailed reading lists will be made available at the beginning of the course. Illustrative texts include Peter Atrill and Eddie McLaney Financial Accounting for Decision Makers, 9th edn, Pearson, 2019.


Exam (100%, duration: 1 hour and 30 minutes, reading time: 15 minutes) in the summer exam period.

The exam duration is 1 hour and 45 minutes. The first 15 minutes will be reading time.

Key facts

Department: Accounting

Total students 2018/19: 594

Average class size 2018/19: 17

Capped 2018/19: No

Value: Half Unit

Guidelines for interpreting course guide information

Personal development skills