Refer to the specific census and withdrawal dates for the semester(s) in which this module is offered.
Business, Engineering and Technology
On-campus block of classes
The principal aim of this module is to provide students with the basic principles and tools of accounting, finance and costing critical to all businesses.
The module focuses on the need for accountability in business, understanding the accumulation of costs and basic decision making tools for project evaluation. It explores the cost classification techniques and accumulation; evaluates the financial health of the organisation and determines the optimality of frequently used capital budgeting techniques.
On completion of the module, students will be expected to be able to:
|1||Apply basic financial accounting terminology and concepts obtained from financial statements.|
|2||Evaluate financial and cash flow positions and performance.|
|3||Prepare a basic break even analysis and ABC costing and consider the impact on pricing decisions.|
|4||Analyse consequences of budget decisions and apply prepared budgetary information to problem-solving or performance analysis.|
|5||Analyse Information for tactical decision making and long range decisions (capital budgeting), including evaluation sensitivity, scenario, and real options analyses|
|6||Assess Time Value of Money calculations for various cash flow streams.|
|7||Evaluate projects based on, Average Rate of Return (ARR), Internal Rate of Return (IRR), Net Present Value (NPV), and Payback Period in financial decision making.|
|8||Identify risks in a business and compile a risk register|
Coursework assessment: 40%
This module will provide students with an introductory understanding of the key basic principles in accounting, cost management and finance.
We live in an integrated global world where no particular field can be self-sustaining. There is need for the engineering discipline to have an interface with the accounting, cost and management accounting and finance fields in order for the engineer to make sound decisions, not only from an engineering standpoint, but also from a financial management perspective. A firm understanding of the financial management principles will, among other things, assist engineers in identifying the relevant financial implications, apply these principles tactically in medium and long term decision making. The understanding of financial management will assist the engineer, not only to deliver the end product but create value for all stakeholders by delivering it in an optimal, effective and efficient way. There will be a combination of lectures, that will include interactive elements, tutorial work that will either done on an individual basis or as part of groups. There will be additional guidance on the virtual learning environment and online discussion forums. All outcomes will be assessed by means of tutorial work, assignments, class tests and final examination.
Basic accounting and analysis
Principles of accounting and finance