AC103      Half Unit
Elements of Management Accounting, Financial Management and Financial Institutions

This information is for the 2021/22 session.

Teacher responsible

Dr Farooq Mahmood

Dr Gulnaz Khamidullina (Course Leader)


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

Course content

This is a half-unit course that introduces students to fundamental principles of management accounting, financial management and, because it allows the study of some core financial concepts, the accounts of pension funds and insurance companies.

AC103 begins by focusing on internal decision making by way of an introduction to cost and management accounting. This includes a discussion of key concepts of cost calculation and various costing systems relevant for decision making. The aim is to help students understand how accounting information can help managers make crucial decisions, such as about the pricing of products or services, or even whether to offer or discontinue a product or service, or whether to expand the product/service range or to invest in new product development. AC103 then develops into some key concepts of financial management including the role of the financial system in relation to sources of finance. AC103 finally introduces the accounting of pension funds and insurance companies as they also play an increasingly important role in the financial system.


22 hours of lectures and 10 hours of classes in the LT. 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; some will be collected during classes for marking and feedback.

Indicative reading

Detailed reading lists will be made available at the beginning of the course in a syllabus. Illustrative text includes  Mahmood, F  Elements of Management Accounting, Financial Management and Financial Institutions, Pearson.


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.

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

Student performance results

(2018/19 - 2020/21 combined)

Classification % of students
First 68.8
2:1 16.2
2:2 7.8
Third 5.4
Fail 1.7

Important information in response to COVID-19

Please note that during 2021/22 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the differing needs of students in attendance on campus and those who might be studying online. For example, this may involve changes to the mode of teaching delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.

Key facts

Department: Accounting

Total students 2020/21: 369

Average class size 2020/21: 17

Capped 2020/21: No

Value: Half Unit

Guidelines for interpreting course guide information

Personal development skills

  • Self-management
  • Team working
  • Problem solving
  • Application of information skills
  • Communication
  • Application of numeracy skills
  • Specialist skills