Course Summary
This course develops the theory and application of finance in a management accounting control context. The course provides an opportunity for you to understand how finance theory and applications are used by managers in management accounting decision making and to fulfil their accountability to stakeholders.. Key finance methods used by management accountants for a variety of planning, strategic and risk management decisions are explored in detail in this course.
Case-based scenarios are used to illustrate a variety of organisational contexts designed to engage students in active discussion each week. Practical skills in areas of standard costing, contemporary approaches to budgeting, working capital management and capital investment decisions for business operations will be developed. The practical application enables students to further conceptualise and articulate the use of finance within organisations, in a management accounting context.
In this way, you will gain a broader understanding of the implications of finance in management accounting decisions. The advantages and limitations of finance techniques in decision making expose students to the broader social and behavioural context of finance in management accounting control. You will explore the situations in which finance supports, or hinders, both short and long term strategic investment decisions. A critique of financial risk management calculation is a key focus area for this course.
It is assumed you will have knowledge of introductory accounting and management accounting to be able to apply them in a business setting.
You are advised to follow the sequence of courses in the degree structure.