Part 1: Financial Accounting

The first half (Financial Accounting) will deal with the firms systems for recording and presenting information relating to the external dealings of the company. This includes the basic accounting database that accumulates information on the company's transactions with external parties, and provides the basis for the presentation of the company's Annual Published Financial Report.

Part 2: Management Accounting

The second half (Management Accounting) will deal with the internal accounting systems and analyses used by managers to guide decision-making and promote financial control within the company

.This will include the bases used to classify and record information relating to transactions within the company, traditional and contemporary approaches to cost control and decision-modelling, and will emphasise the growing importance of cost information at the design stage of the product life cycle.

Having completed this half, you should be aware of the traditional approaches used to accumulate and present financial information and analyses relating to a company's internal operations, and have a critical appreciation of their potential shortcomings. You should also appreciate how new cost control approaches seek to align internal financial controls with the competitive priorities of the new globally competitive manufacturing environment.