Courses in


Certificate in Financial & Economic Environment (10 credits) - MAYO

This is a 10 credit module covering elements of accounting and economics. This course involves approximately 2 days per month attendance at our Mayo Campus in addition to online delivery.

Why Study?: 

The aim of this module is to provide students with an overview of the financial and economic context within which organisations operate. It affords students the opportunity to appreciate the central role of the financial function in an organisation. It also offers students an insight into the importance of the economic environment to the organisation

This course will be delivered at our GMIT Mayo campus over one day per month from January to May 2017 (five days, 9am-4pm).


Learning Outcomes: 

On completion of this module the learner will be able to:

  • Demonstrate a knowledge and understanding of the nature, purposes, role and scope of accounting
  • Analyse and evaluate accounting information
  • Demonstrate a knowledge and understanding of cost terms and of how these costs relate to business decision-making
  • Explain the budgetary process and its importance in organisational control
  • Demonstrate a knowledge and understanding of the nature, purposes, context and fundamental principles of economics and apply these principles to resource allocation decisions
  • Demonstrate an appreciation of the role of markets in a local and global context
  • Demonstrate an appreciation of the nature of economic growth, its drivers and its limitations
  • Demonstrate an ability to contribute to debate on contemporary economic issues 


Introduction to Financial Environment

  • Nature, role and purpose of accounting information
  • Branches of accounting
  • Book-keeping
  • Financial accounting
  • Management accounting
  • Functions of management accounting
  • Organisational form
  • Record keeping
  • Tax obligations
  • Rates of tax.

Overview of Financial Accounting Terms

  • Nature of assets, liabilities and equity
  • Nature of profit & loss
  • Statement of financial position
  • Introduction to interpretation and understanding of key financial statements
  • Limitations of accounting information.

Cost Concepts & Measurement

  • Nature of cost
  • Purpose of cost accumulation, cost objects, various cost classification bases
  • Problems in cost classification and measurement
  • Cost behaviour
  • Cost centres
  • Total and average cost
  • Accounting for direct costs
  • Material costing
  • Labour costing
  • Economic order quantity
  • JIT systems
  • Materials requirement planning.
  • Accounting for indirect costs
  • Overhead rates
  • Allocation of overheads
  • Budgeted overhead rates, non-manufacturing overheads
  • Service department allocation.

Budgetary Planning

  • Nature of the budgetary process
  • Types of budgets
  • Subsidiary and master budgets
  • Role of budgets in organisational control
  • Responsibility centres
  • Responsibility accounting
  • Flexed budgets
  • Nature and role of standard costs.

Short-Term Decisions

  • Nature and context of short-term decisions
  • Accountant's CVP model
  • Relevant costs and revenues
  • Allocation of scarce resources
  • Make, buy, and outsourcing decisions. 

Introduction to Economic Environment

  • Nature, purposes and scope of economics as a social science
  • Scarcity, choice, needs and wants
  • Opportunity cost
  • The behaviour of economic agents
  • The role of incentives in influencing economic behaviour
  • Relationship to politics
  • Branches of economics including micro-economics and macro-economics
  • Applications of economic thinking to everyday life.

Economic Systems

  • Purposes of economic systems
  • Market based economics
  • Nature and scope of markets
  • Necessary conditions for markets to work
  • The invisible hand
  • Market failure
  • Globalisation of markets
  • Alternatives to the market system.

Market Structures

  • Perfect and imperfect competition
  • Introduction to regulation of monopolistic and anti-competitive behaviour in an EU context
  • The role of the Irish Competition Authority.

Demand, Supply and Prices

  • Nature of demand and supply
  • Demand and supply schedules
  • Primary and secondary determinants of demand and supply
  • Equilibrium
  • Excess demand and supply
  • Price as an allocative criterion
  • Demand and supply elasticities.

National Income

  • National income accounting
  • Measurement of the Macroeconomy, including Gross National Product (GNP) and Gross Domestic Product (GDP)
  • Economic growth and its determinants and limitations.

The Irish Economy

  • Overview of the structure of the Irish Economy
  • National economic and demographic statistics and their sources
  • Relationship to the EU
  • The Irish experience of economic growth
  • Current issues and directions. 

Follow-on Studies: 

This 10 credit module is part of a larger 60 credit Certificate in Supervisory Management.  

Students can accumulate credits towards the larger award by undertaking and successfully passing the other modules in the programme namely:  

  • Management for Supervisors
  • Law & HRM
  • Managing Operations
  • Work Based Project

Other Essential Information: 


  • Induction will take place on 17th and 18th September.
  • Classes are scheduled from 9am to 4.15pm on the following dates: 13th January, 3rd February, 10th March, 7th April, 5th May.


  • To apply complete and return the application form available here.
  • Closing date for receipt of applications is 9th September, with decision as to feasibility being made by 16th September.



Discipline: Business

Location: Galway - Dublin Road

NFQ Level: 7

Category: Part-time Accredited


Caroline Clark

Phone: + 353 (0)94 904 3271

Email: Caroline Clarke

Location: Mayo campus, Castlebar


Places: 30

Programme Duration: 15 Weeks