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Module

ENG2001 : Accounting, Finance and Law for Engineers

  • Offered for Year: 2020/21
  • Module Leader(s): Mr Donald Halliday
  • Lecturer: Mrs Chris Fletcher
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
Semesters
Semester 1 Credit Value: 5
Semester 2 Credit Value: 5
ECTS Credits: 5.0

Aims

This is an introductory module for engineers that aims to equip students with a basic knowledge of finance, accounting and law so that they understand their relevance and impact in the business and legal aspects of all branches of Engineering.

The design of the module is informed by the requirements of The Engineering Council's UK-SPEC
[https://www.engc.org.uk/ukspec.aspx].

Outline Of Syllabus

(1) A overview of different business structures: sole proprietorships, partnerships, limited and public limited companies, groups of companies and joint ventures.

(2) Financial Accounting: the primary financial statements, fundamental concepts, corporate reports, audit requirements, general impact of the companies acts and accounting standards. Simple interpretation of financial statements including ratio analysis.

(3) Management Accounting: cost classification, contribution, marginal costing and cost/volume/profit analysis. Overhead analysis - absorption and recovery costing. Activity Based Costing, standard costing and budgetary control.

(4) Financial considerations in project appraisal: payback, net present value, internal rate of return. Allowing for risk including sensitivity analysis, simple game theory and Monte Carlo simulation.

(5) An awareness of key Health and Safety, Environmental and Intellectual Property Laws.

(6) Different models and processes used in dispute resolution.

(7) An introduction to Contract Law.

(9) An introduction to legal risk management relevant to engineering projects and contracts.

Teaching Methods

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

Teaching Activities
Category Activity Number Length Student Hours Comment
Structured Guided LearningLecture materials181:0018:00Law content
Structured Guided LearningLecture materials181:0018:00Accounting content
Guided Independent StudyAssessment preparation and completion18:008:00Law
Guided Independent StudyAssessment preparation and completion18:008:00Accounting
Guided Independent StudyDirected research and reading112:0012:00Law
Guided Independent StudyDirected research and reading11:001:00Accounting
Scheduled Learning And Teaching ActivitiesDrop-in/surgery80:304:00Accounting
Scheduled Learning And Teaching ActivitiesDrop-in/surgery80:304:00Law
Guided Independent StudyIndependent study127:0027:00N/A
Total100:00
Teaching Rationale And Relationship

The teaching and learning activities are designed to engage students in a rich and varied collection of online synchronous and non-synchronous resources to encourage independent critical thought, discipline, engagement and continual self assessment with a view to continuous achievement of the module leaning outcomes.

Assessment Methods

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
PC Examination601M50Online examination
Written Examination602A50N/A
Assessment Rationale And Relationship

The formal examination tests students’ knowledge and skills outcomes in accounting and law applicable to the business and legal aspects of engineering.

Reading Lists

Timetable