Course Outline ACCA-X FAB/F1: Accountant in Business

Transcription

1 Course Outline ACCA-X FAB/F1: Accountant in Business Question Practice Weekly Questions At the end of every week there are 3 banks of questions 1. Optional exam questions (10 OTQs) 2. Graded exam questions (10 OTQs) 3. Further Optional exam questions (10 OTQs) Practice tests At the end of the course there are 2 exam style practice tests Optional exam questions Graded exam questions FAB/F1: Accountant in Business Page 1

2 WEEK 1: THE BUSINESS ORGANISATION, STAKEHOLDERS AND THE EXTERNAL ENVIRONMENT FOR BUSINESS Business organisations and their features Stakeholders in business organisations External environment: political and legal factors External environment: macroeconomic factors Syllabus elements Suggested duration Notes on approach, coverage etc (and any ideas on interactivity) A1 30 mins Business organisations and why they are formed Common features of business organisations How business organisations differ Industrial and commercial sectors Commercial operations Not-for-profit organisations Public sector organisations and non-government organisations Co-operatives [Common features and differences, ownership, management, purpose] A2 35 mins Definition of stakeholders Agency relationship [Directors as agents of shareholders cross ref to corporate governance] Internal, connected and external stakeholders and managing stakeholder groups Stakeholders: objectives, conflict and inter-action Power and influence of stakeholders: Mendelow [Matrices Influences, e.g. power/influence] A3 45 mins Why the external environment matters to business organisations Introduction to factors in the broad business environment: PESTEL Introduction to the competitive environment The political system and government policy: effect on business organisations Sources of legal authority The implications of employment legislation The principles of data protection and security The law and health and safety Responsibilities for compliance with laws on employment, data protection and health & safety Principles of consumer protection [simple contract, transfer of title] A4 70 mins Macroeconomics and microeconomics: macroeconomics and economic policy Business activity in the economy: elements of GDP Economic issues: inflation and deflation Economic issues: unemployment Economic issues: Economic cycles growth, stagnation, recession FAB/F1: Accountant in Business Page 2

3 Economic issues: international payments disequilibrium - balance of payments Economic policies for national government [fiscal, monetary, economic welfare] Fiscal measures Monetary measures Economic policy for supranational bodies FAB/F1: Accountant in Business Page 3

4 WEEK 2 : THE EXTERNAL ENVIRONMENT FOR BUSINESS External environment: microeconomic factors External environment: social and demographic factors External environment: technological factors External environment: environmental factors External environment: competitive factors Syllabus elements Suggested duration Notes on approach, coverage etc. (and any ideas on interactivity) A5 *80 mins Demand and supply: market equilibrium [price movements along the demand curve] Elasticity of demand Substitutes and complementary goods Short-run costs [Average and marginal costs] Long-term costs Perfect competition Monopoly Oligopoly Monopolistic competition [ compare to monopoly] A6 20 mins The effect of demographic and social trends [Big picture Personalise] Changes in social structure Changes in values and attitudes Changes in tastes Government policy and demographic change [Why would govts be bothered, what actions would they take?] A7 10 mins The effects of technological change Downsizing Delayering Outsourcing Impact of technology on business processes Understanding the difference between the three concepts A8 20 mins How business affects the natural environment The effect of the natural environment on businesses Limiting environmental damage [air, land, water] Economic sustainability (and its benefits for stakeholders) A9 50 mins Competitiveness: opportunities and threats Competitiveness: strengths and weaknesses SWOT analysis Competitive advantage Value chain - primary and secondary [Porter model] Competitiveness within an industry: 5 Forces model [Porter model] Contribution to competitiveness: purchasing FAB/F1: Accountant in Business Page 4

5 Contribution to competitiveness: production Contribution to competitiveness: marketing Contribution to competitiveness: service FAB/F1: Accountant in Business Page 5

6 WEEK 3: BUSINESS ORGANISATIONS: STRUCTURES AND FUNCTIONS Syllabus elements Suggested duration Notes on coverage Formal and informal business organisation B1 10 mins The informal organisation and its relationship to formal organisation [relate to business experience, how informal organisation affects the way it operates] The impact of informal organisation on business Organisational structures B2 90 mins Mintzberg s 5 components of organisation structure Structures of formal organisation: entrepreneurial Structures of formal organisation: functional Structures of formal organisation: matrix Structures of formal organisation: divisional [geographic, product, customer type] Structures of formal organisation: boundaryless Separation of ownership from management and direction from management Span of control and scalar chain: tall and flat organisations Outsourcing and offshoring Levels of management: strategic, tactical and operational Centralisation and decentralisation Business organisation functions B2 20 mins Research &Development Purchasing Production Direct service provision Other functions: marketing, administration, finance Marketing B2 45 mins Definition of marketing and elements of marketing Marketing mix: the 4Ps and the 7Ps [understanding what they are, why different between manufacturing and service businesses] Relationship between marketing plan and strategic plan Committees B4 15 mins Purpose of committees Types of committee Advantages and disadvantages of committees Role of chair and secretary of committees FAB/F1: Accountant in Business Page 6

7 WEEK 4: BUSINESS ORGANISATIONS: CULTURE AND CORPORATE GOVERNANCE Syllabus elements Suggested duration Notes on coverage Organisational B3 55 mins Definition of organisational culture [ the way we do things round here ] culture Factors affecting organisational culture Writers on culture: Schein Writers on culture: Handy Writers on culture: Hofstede Corporate governance B5 70 mins The meaning of corporate governance The agency concept in corporate governance The importance of governance for organisations Responsibilities for corporate governance Best practice: the board, executive directors and non-executive directors Best practice: remuneration and the remuneration committee Best practice: the audit committee Public oversight Social responsibility in business B5 55 mins Meaning of social responsibility Social responsibilities of organisations How organisations take account of their social responsibilities Social responsibilities [organisations and individuals] Environmental responsibilities FAB/F1: Accountant in Business Page 7

8 WEEK 5: ACCOUNTING AND REPORTING SYSTEMS Accounting and finance functions within business Accounting and its relationship to other functions Legal and regulatory aspects of accounting and audit Syllabus elements Suggested duration Notes on coverage C2 65 mins Contribution of the accounting function to organisational policies, procedures and performance Main financial accounting functions [Assume no knowledge] Main management accounting functions Treasury and risk management functions Audit and assurance Internal audit External audit Difference between external and internal audit C1 20 mins Accounting: its relationship with other business functions Accounting and purchasing/procurement Accounting and production: financial considerations in production and production planning Accounting and marketing: financial considerations in marketing Financial costs and benefits of effective service provision C3 25 mins Legal requirements relating to keeping accounting records and audit [need to be non-specific jurisdiction] Consequences of failure to comply (1 unit) International Accounting Standards Board Regulation and the international accounting profession: reporting standards Regulation and the international accounting profession: monitoring compliance [monitoring body] FAB/F1: Accountant in Business Page 8

9 Sources and purpose of internal and external financial information Financial systems and procedures C4 40 mins Accounting information and accounting reports Purpose of accounting statements: statement of profit or loss Purpose of accounting statements: statement of financial position Purpose of accounting statements: statement of cash flows Sustainability reports and their purpose Integrated reports and their purpose Purpose of management accounting reports: cost schedules Purpose of management accounting reports: budgets Purpose of management accounting reports: variance reports C5 30 minutes Introduction to financial systems and procedures Main financial systems: purchasing and sales invoicing Main financial systems: payroll Main financial systems: credit control Main financial systems: cash and working capital management FAB/F1: Accountant in Business Page 9

10 WEEK 6: FINANCIAL SYSYTEMS, INTERNAL CONTROLS AND FRAUDULENT BEHAVIOUR Financial systems and procedures Internal controls IT in accounting and finance and IT security Fraud and fraudulent behaviour Syllabus elements Suggested duration Notes on coverage C5 20 mins Handling client money Identify weaknesses, potential for error and inefficiencies in accounting systems C6 60 mins Internal control and internal check Importance of internal financial controls Responsibilities for internal financial control Features of effective internal financial control C5 Improving systems to prevent error and fraud and improve efficiency: controls C5, C6 60 mins Uses of IT in business: spreadsheets Uses of IT in business: databases Uses of IT in business: accounting packages Manual and automated financial systems Need for controls in relation to IT IT and internal control IT security and protection General and application system controls C7 40 mins Fraud and types of fraud Implications of fraud Role and duties of managers in the detection and prevention of fraud Money laundering Offences under money laundering regulations [International anti-money laundering guidelines FATF ] Detecting and preventing money laundering Reporting suspicions of money laundering to the authorities FAB/F1: Accountant in Business Page 10

11 WEEK 7: LEADERSHIP AND MANAGEMENT Syllabus elements Suggested duration Notes on coverage Management D1 50 mins Define leadership, management and supervision Roadmap of different theories - introducing management theorists Nature of management: Fayol Nature of management: FW Taylor and the scientific school Human relations school: Mayo Functions of managers: Mintzberg Functions of managers: Drucker Managerial responsibility and authority Leadership D1 60 mins Effective leadership: situational, functional and contingency approaches Roadmap of different theories introducing leadership theorists Leadership theories: Fiedler Leadership theories: Bennis Leadership theories: Adair Leadership theories: Kotler Leadership theories: Heifetz Leadership style and contexts: Blair and Mouton Leadership style and contexts: Ashridge school Recruitment and selection of D2 60 mins Importance of effective recruitment and selection employees The recruitment and selection process Roles in the recruitment and selection process Meeting recruitment needs: methods Advantages and disadvantages of recruitment and selection methods Diversity and equal opportunities: discrimination Individual and group behaviour D3 10 mins Individuals and group behaviour Individual and team contributions to organisation success Individual and team approaches to work FAB/F1: Accountant in Business Page 11

12 WEEK 8: MANAGING TEAMS AND INDIVIDUALS Syllabus elements Suggested duration Notes on coverage Teams D4 40 mins Differences between groups and teams; purposes of a team; role of managers in team building Belbin s team roles theory Tuckman s theory of team development Characteristics of effective and ineffective teams Improving team effectiveness Motivation D5 55 mins Motivation and its importance Theories of motivation: Maslow Theories of motivation: Herzberg Theories of motivation: McGregor Theories of motivation: Vroom Intrinsic and extrinsic rewards Reward systems and motivation Learning and training at work D6 45 mins Importance of learning and development in the workplace The learning process: Honey and Mumford The learning process: Kolb The role of the HR department and individual managers in the learning process Training, development and education Training and development process ( Benefits in the workplace of effective training and development Performance appraisal D7 40 mins Importance of performance assessment How organisations assess performance Purpose of performance appraisal The performance appraisal process Benefits of effective appraisal Barriers to effective appraisal FAB/F1: Accountant in Business Page 12

13 WEEK 9: PERSONAL EFFECTIVENESS AND COMMUNICATION Personal effectiveness and ineffectiveness Competence frameworks and professional development Syllabus elements Suggested duration Notes on approach, coverage etc (and any ideas on interactivity) E1, E2 30 mins Meaning of personal effectiveness. Importance of time management Barriers to effective time management Overcoming barriers to effective time management Role of IT in improving personal effectiveness Ineffectiveness of people and teams at work: how it occurs and how it affects the organisation s performance E3 40 mins Definition and features of competence frameworks Benefits of continual professional development Continual professional development Coaching, mentoring and counselling Personal development plans Conflict and conflict resolution E4 30 mins How conflicts arise at work and how they affect performance Managing conflict Communicating in business E5 80 mins Methods of communication with stakeholders Strategic, tactical and operational information Transaction processing, management information, office automation and decision support systems and executive information systems Attributes of good quality information Simple communications model: sender [encoder], message, receiver [decoder], feedback, noise Formal and informal communications and their significance in the workplace Attributes of effective information Consequences of ineffective information Barriers to effective communication Main patterns of communication [Circles, wheels, Ys etc..] FAB/F1: Accountant in Business Page 13

14 WEEK 10 : PROFESSIONAL ETHICS IN ACCOUNTING AND BUSINESS Fundamental principles of ethical behaviour Ethics and regulatory and professional bodies Syllabus elements Suggested duration Notes on coverage F1 85 mins Business ethics and their importance Principles of professional ethics: IFAC Code Integrity Objectivity Professional competence Confidentiality Professional behaviour Organisational values [openness, trust, honesty, respect, empowerment, accountability] Acting in the public interest F2 25 mins Purpose of codes of ethics and codes of conduct Roles of professional bodies and regulators Distinguishing features of a profession Role of the accountant in promoting ethical behaviour Reporting illegal or unethical conduct, [whistleblowing] Corporate codes of ethics F3 15 mins Nature and content of corporate codes of ethics Benefits of corporate codes of ethics FAB/F1: Accountant in Business Page 14

15 Ethical conflicts and dilemmas F4 55 mins Situations where ethical conflicts can occur Threats to ethical behaviour Situations at work where ethical dilemmas may arise Safeguard against ethical threats FAB/F1: Accountant in Business Page 15