SSST Subjects

EC250 Understanding Business


Programme(s) where module is offered

  • BSc in Economics with Finance
  • BSc in Business and Management with Finance
  • BSc in Business and Management with Economics
  • BSc in Computer Science with International Business
  • BSc in Information System with International Business
  • BA in Political Science and International Relations with International Business

Status (core, option, free choice)



FHEQ Level



Unit Value



Semester taught



Pre-Requisite Modules or Qualifications



Module Code



Module coordinator



Applicable From



Educational Aims of the Module

  • The module introduces students to financial accounting and corporate financial statements.
  • The module starts with introduction of the main financial statements and the terms in them. It also shows where the numbers in them come from and explains the process by which transactions are recorded and summarised in financial statements.
  • The second part considers in more depth the components of the financial statements: the assets and liabilities that appear on the balance sheet; the revenues and expenses, gains and losses that constitute the income statement.
  • It shows how the accounting policies a firm follows affect the numbers in the statements – and thus the financial ratios derived from them. In the final part, the module briefly explores measures of financial performance.

Module Outline/Syllabus

  • Accounting statements

  • The balance sheet: purpose, components, format, effect of transactions

  • The income statement: purpose, components, format, effect of transactions

  • The cash flow statement: format, components and how it links income statement and balance sheet

  • Accounting records: structure and terminology

  • Accrual adjustments and financial statements preparation

  • Financial statement analysis: basic framework


Student Engagement Hours

Type Number per Term Duration Total Time


15 1.5 22.5


5 1.5 7.5


5 1.5 7.5
Tutorials 5 1.5 7.5
Total Guided/Independent Learning Hours 45.0
Total Contact Hours 105.0
Total Engagement Hours 150.0

Assessment Method Summary

Type Number Required Duration / Length Weighting Timing / Submission Deadline

Final exam


3 hours


Week 17

Mid-term exam


2 hours


Week 8

Written test/report (analysis of financial statements)


2 x 1 hour

(2 hours total)

2 x 15%

(30% total)

Week 4,12


Module Outcomes

Intended Learning Outcomes:

  • Demonstrable understanding of accounting principles and standards

  • Knowledge of the accounting process and preparation of the financial statements

  • Accurately describe key accounting concepts such as profit, cash flow, loss provisioning and accruals

  • Articulate on how business transactions affect financial statements

  • Use previously established methods to research and collect new information.

Teaching and Learning Strategy:

  • Lectures will be based on the key textbook. Additional textbooks will be used in order to provide a good knowledge base, while articles from the popular journals will be used to keep students u to date with the newest situation in the field of Financial Accounting. (ILO: 1-4)

  • In-class exercises will encourage students to actively participate and apply theoretical knowledge. (ILO: 1-4)

  • In-class participation and discussions will also encourage active participation. (ILO: 1-4)

  • Group project will be based on the Case study analyses and it will enable students to better comprehend practical application of the theoretical knowledge learned in the class. (ILO: 1-5)

Assessment Strategy:

  • Final exam (ILO:1-4)

  • Midterm exam (ILO: 1-2)

  • Reports (ILO: 1-4)

Practical Skills:

  • Ability to interpret corporate financial statements

  • Ability to create written reports on topics related to Financial Accounting

  • Ability to identify financial problems and (at least theoretically) apply related solutions

Teaching and Learning Strategy:

  • Lectures (PS: 1-2)

  • In-class exercises (PS: 1-3)

Assessment Strategy:

  • Written Tests (PS: 1-3)

  • Reports (PS: 1-2)

Transferable Skills:

  • Numerical skills

  • Communication skills: written and oral

  • Research skills

  • Ability to work in the group

  • Meet deadlines

Teaching and Learning Strategy:

  • Lectures (TS: 1-2)

  • In-class exercises (TS: 1-2)

Assessment Strategy:

  • Exams and tests (TS: 1-2)

  • Reports (TS: 1-5)


Key Texts and/or other learning materials

Set text

  • Tyler, J., Godwin, N. H., & Alderman, C. W. (2016) ACCT2 Financial, Cengage Learning

Supplementary Materials

  • Alexander, D. & Nobes, C. (2016) Financial Accounting: An International Introduction, 6/E. Pearson

  • Birt, J. (2014) Accounting: Business reporting for decision making. Milton, Wiley

  • Deegan, C. M. (2016) Financial Accounting. North Ryde, NSW: McGraw-Hill Education.

  • "Financial Accounting Standards Board | Economist - World News, Politics, Economics, Business & Finance". The Economist. N.p., 2017. Web. 25 Apr. 2017.

  • "Accounting". N.p., 2017. Web. 25 Apr. 2017.

  • Kemp, R. & Waybright, J. (2016) Financial Accounting, 4/E, Pearson

  • Sivabalan, P., Sawyers, R., Jackson, S., & Jenkins, J. G. (2016) ACCT2 managerial, Cengage Learning

  • Walther, L. (2016). Principles of Accounting,

  • Weetman, P. (2016) Financial Accounting: An Introduction, 7/E, Pearson

  • Wiley (2017), Journal of Accounting Research,

Please note

This specification provides a concise summary of the main features of the module and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided.

More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module and programme can be found in the departmental or programme handbook.

The accuracy of the information contained in this document is reviewed annually by the University of Buckingham and may be checked by the Quality Assurance Agency.

Date of Production : April 2017

Date approved by School Learning and Teaching Committee

Date approved by School Board of Study

Date approved by University Learning and Teaching Committee

Date of Annual Review


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Bosna i Hercegovina

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