Module Catalogue 2024/25

Pre Requisite Comment

N/A

Co Requisite Comment

Available to students on NN14 only

Aims

•       To introduce the mathematical and statistical techniques and concepts necessary in the field of Accounting and Finance.
•       To enable students to understand the general objectives of taxation
•       To study the principles of income tax, capital gains tax, corporation tax, VAT, national insurance and ethical issues in relation to taxation.
•       To prepare tax computations for individuals and companies.

Outline Of Syllabus

The mathematics/ statistical element will be taught throughout semesters one and two, the principles of tax element will be taught in semester two only.
Maths/stats:
•       Linear equations and non-linear equations (3 lecture sessions)
• Differentiation, partial differentiation and optimisation (4 lecture sessions)
• Descriptive statistics (4 lecture sessions)
• Basic probability and distribution (3 lecture sessions)
• Estimation and hypothesis testing (3 lecture sessions)
• Regression analysis (3 lecture sessions)
• Revision (2 lecture session)
Principles of Tax:
•       Obligations the system of taxes imposes on taxpayers and implications for taxpayers of non-compliance
•       UK ethical issues arising in the course of performing tax work
•       Income tax for individuals and trustees
•       Capital gains tax for individuals and trustees
•       National insurance
•       Corporation tax
•       VAT

Intended Knowledge Outcomes

At the end of the module students should be able to:
- Understand the basic concepts of linear and non-linear equations, with applications to the linear programming and break-even analysis, etc.
- Understand the concepts of differentiation and partial differentiation and be able to apply them to solve various business and finance issues.
- Understand the concepts of descriptive statistics and an ability to present and describe data using appropriate tables, charts and numerical measure.
- Understand the concepts of basic probability, random variable and their distribution/ density functions; with applications to the Binomial, Uniform and Normal distributions.
- Understand the concepts of estimation and hypothesis testing with applications to populations means, variances;
- Interpret the output from regression analysis and have an awareness of the limitations of standard interpretations.
-       Calculate the capital gains tax payable by individuals and trustees.
-       Recognise ethical issues arising in the course of performing tax work and
-       Identify the obligations the UK system of tax imposes on taxpayers and the implications for taxpayers of non-compliance.
-       Calculate the amounts of income tax owed by or owed to individuals and trustees.
-       Calculate the amounts of national insurance payable by individuals and companies.
-       Calculate the corporation tax liabilities of companies.
-       Calculate the amount of VAT owed by or owed to businesses.

Intended Skill Outcomes

-       To prepare students for the skills needed to undertake further Taxation study in stages 2 and 3.
-       To calculate tax computations for individuals and companies.
-       To acquire the mathematical and statistical techniques and concepts necessary in the field of Accounting and Finance.

Teaching Rationale And Relationship

Mathematics and statistics (for both N400 and NN14 students) will be taught with lecture materials to introduce concepts and techniques, supported by workshop sessions where students will discuss and obtain feedback on their work on case studies designed to put into practice the material taught in lectures and have an opportunity to practice and obtain feedback on their attempts at in-class computer-based assignments. Students will also be set weekly practice questions with solutions that develop their ability to apply the key concepts of the module.

Principles of Tax (NN14 only) will be taught in the cohort group which allows for both formal lecture material and question practice.

NB- only the Maths and Stats elements will be jointly taught with the ACC1012 Maths and Stats elements.

Assessment Rationale And Relationship

The formal examination and individual assignment will test the mathematics and statistical concepts and techniques introduced in the module. The principles of tax examination will assess knowledge and understanding as well as relevant cognitive and professional skills. Its use also meets ICAEW’s Certificate Level examination requirements.

Only the 50% Maths and Stats exam is paired with the maths and stats exam on ACC1012.

Where necessary the examinations/assessments can be converted into online 24 hour take home examinations/assessments in line with the 2020/21 approach.

General Notes

N/A