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724830P Introduction to Accounting and  Financial Management, 5 ECTS cr 
Code 724830P  Validity 01.08.2017 -
Name Introduction to Accounting and  Financial Management  Abbreviation Introduction to 
Scope5 ECTS cr   
TypeBasic Studies Discipline6337 Economics and Business Administration 
  Grading1 - 5, pass, fail 
Unit Oulu Business School 

ECTS Credits 

5 credits

Language of instruction 



Autumn Term 2019

Learning outcomes 

After completing the course, the student will be able to:

-       identify the role of accounting in organizations and society

-       know the content and structure of financial statements and the purposes statements can be used for

-       read financial statements and calculate and interpret key financial ratios

-       understand the key role of accounting systems in providing information for decision-making within organizations and how this information can be used to manage both the organization and the behaviour of individuals within the organization

-       evaluate and assess the financial profitability of products, services, customers and in­vest­ments and make sound business decisions based on this information

-       identify the role of corporate governance in organizations and society

-       know the basic questions of corporate finance and identify the answers

use basic functions of Excel



The concept of accounting and its meaning in firms and society.

The content and differences of management and financial accounting.

Financial accounting:

-       the goals, content and structure of statements; central accounting principles, basics of bookkeeping

-       balance sheet, income statement, cash flow statement and their connections

-       International Financial Reporting Standards (IFRS), principles of group accounts

-       connections between income statement and taxation

-       financial statement analysis

Management accounting:

-       accounting for strategic management; implementing strategy, scorecards

-       management of a profit centre organization (including Economic Value Added and WACC)

-       budgeting and budgetary system

-       cost accounting tasks and cost concepts, product, service and customer profitability

-       ad hoc calculations, cost-volume-profit analysis and pricing

-       estimating the profitability of investments

Key concepts of corporate governance


Mode of delivery 

Online course

Each theme contains an anchoring assignment with the purpose of awakening the student’s interest in the topic. Anchoring assignments are individual. After going through the actual content of the theme, the student will complete some applied assignments. At the end of the course, there will be a few more extensive assignments to be completed as group work

Learning activities and teaching methods 

Video materials 10 hrs

Assignments  45 hrs

Reading the course book  35 hrs

Preparing for the exam 33 hrs

Total  123 hrs (5 ECTS)

Prerequisites and co-requisites 

Secondary school mathematics. The student should have Microsoft Excel software at his/her disposal during the course.

Recommended or required reading 

Ikäheimo, S. –  Malmi, T. – Wallden, R. (2019) Yrityksen laskentatoimi. Talentum, Helsinki.

Assessment methods and criteria 

Assignments                                        20 %

Exam                                                  80 %

The course exam is open on three occasions. The dates for taking the exam are announced on the course platform.


Numeric, scale 1­­­–5

Person responsible 

Teemu Malmi ja Seppo Ikäheimo


Organizing university: Aalto University

Other information 

No restrictions for the number of students admitted. Appropriate registration for a course is obligatory and required for having the course credits re­gistered. No late registrations are accepted.

LITO courses are organised in co-operation with multiple universities. To enable registering credits when the course is completed, it is necessary to transfer data about the student from his/her home university to the university that is responsible for organizing the course. The data to be transferred consists of: name, gender, nationality, e-mail address, personal identification number and the home university. Data that is classified as secret is not transferred. Without a data transfer it is not possible to have the course credits registered

The latest information about the course is updated and published on the course platform at



Current and future instruction
Functions Name Type ECTS cr Teacher Schedule
registration period has ended Introduction to Accounting and  Financial Management, only Minor Students  Course    14.09.21 -08.11.21

Future examinations
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