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This CIMA Certificate level self study workbook series contains everything you need to know to pass your exam. Consisting of five papers in total C01, C02, C03, C04 and C05. All papers must be completed to achieve the certificate in Business Accounting. This workbook is paper C04.


·         It combines the theory and the practice in a unique way that will help you prepare for the assessment in the shortest possible time. Key features:

·         Relevant text that fully covers the syllabus, well-written in a pragmatic and stimulating style

·         Key points that will teach you the most relevant syllabus topics

·         Plenty of diagrams and flowcharts, examples and exercises

·         Numerous assessment-standard questions that will test your knowledge and develop assessment techniques


Enclosed CD provides practice in exam-like environment – you have the option of creating a progress test and a mock that will show you what exactly you can expect to achieve on the assessment day.


Course Requirements


This syllabus is designed to enable students to acquire a knowledge and understanding of the fundamental economic concepts necessary for the work of the Chartered Management Accountant.




This syllabus aims to test the student’s ability to:

·         identify how a market economy functions and the role of government within it;

·         explain the economic environment within which businesses operate;

·         identify the economic factors which influence the behaviour and performance of firms and industries;

·         prepare the economic analysis that informs and guides the advice given to business decision-makers.




There will be a written paper of two hours. Initially, objective testing will account for a minimum of 50% of the marks awarded on this paper.


Learning outcomes and syllabus content

3a(i) The economy and the growth of economic welfare – 10%

Learning outcomes

On completion of their studies students should be able to:

·         explain the principal issues related to economic welfare and its growth;

·         explain the main trends in the rate and structure of economic growth in recent years;

·         explain the central economic problem and the concepts of scarcity and opportunity cost;

·         explain the main factors determining the rate of economic growth;

·         explain the main elements of government policy towards economic growth.

Syllabus content

·         The concept of economic welfare.

·         Economic growth: trends in economic growth; factors in economic growth.

·         Economic welfare and sustainable growth.

·         Issues in economic growth and growth policy.

3a(ii) The market system and the competitive process – 40 %

Learning outcomes

On completion of their studies students should be able to:

·         explain the functioning of a market economy;

·         explain how the price system works by applying appropriate economic concepts and principles;

·         explain and illustrate how product and factor markets operate;

·         apply basic economic analysis to explain economic and business issues;

·         explain the behaviour of business costs in both the short and the long run;

·         explain the economic factors which affect the structure, behaviour and performance of individual businesses and industries;

·         analyse the process of competition in different market structures;

·         identify the public issues that are raised by business activity;

·         explain how governments might respond to the effects of business on the environment.

Syllabus content

·         The business environment and the structure of economic activity.

·         Business firms: legal, economic and organisational features; entrepreneurship and profit.

·         Business functions: production and costs, finance and marketing.

·         The market process: supply and demand and their determinants.

·         The price mechanism: the demand and supply model and its applications.

·         Forms of market structure: competition and economic welfare; competition policy; regulation and deregulation; the public sector and privatisation.

·         Business and the environment; externalities and public policy.

3a(iii) The macroeconomic framework – 30%

Learning outcomes

On completion of their studies students should be able to:

·         identify the appropriate macroeconomic concepts to explain the measurement and determination of national income;

·         explain macroeconomic phenomena by demonstrating a simple circular flow of income model;

·         identify the main indicators of macroeconomic performance and demonstrate their significance;

·         identify the main elements of the monetary and financial system;

·         explain the importance of the monetary environment to the business sector;

·         explain the economic role of government through fiscal and monetary policy and demonstrate the impact of such policies on the business sector;

·         explain the nature of the trade cycle, its causes and consequences;

·         explain the debates concerning the nature of the macro economy and appropriate government policy.

Syllabus content

·         National income: its measurement and determination; the circular flow of income and a simple aggregate demand and supply model; unemployment and the price level.

·         The monetary environment: inflation and the money supply; the banking and financial system; interest rates and monetary policy.

·         The fiscal environment: taxation and public spending; the budget and government borrowing; demand management and supply-side policy.

·         Macroeconomic stability; economic fluctuations and their causes; macroeconomic forecasting and stabilisation policy.

3a(iv) The open economy – 20%

Learning outcomes

On completion of their studies students should be able to:

·         explain patterns of international trade and the sources of international specialisation;

·         identify the international movement of factors of production and the role of transnational companies in this process;

·         identify and explain the concept and consequences of globalisation for businesses and national economies;

·         explain the concept of the balance of payments and its determinants;

·         distinguish between different exchange rate regimes and explain their implications for the business sector;

·         identify the main elements of national policy with respect to external economic relations, especially in the context of regional trading blocs.

Syllabus content

·         Patterns of international trade and trade policy; regional trading blocs; the globalisation of production.

·         International factor movements; international capital markets; international investment flows; the movement of labour and technology; the nature and role of transnational companies.

·         The balance of payments; structure and determinants of the balance of payments; foreign exchange markets and exchange rate regimes; European Monetary Union.



Advantages of this distance learning course:
  • Home Study: you declare when you study, no need to attend class at fixed times and fixed dates. Your study hours fit around you!
  • We will post all the beautifully printed course materials to you. Everything is written in a clear and easy-to-understand format.
  • Start this course anytime of the year! No need to wait until the new academic year starts. Enroll today so soon you'll start improving your CV or re-skill for your new career.
  • Create your own study routine, learn at your own pace, complete your course as quickly or slowly as your circumstance dictate.
  • Your home learning is totally supported by experienced tutors who guide, encourage and assess your progress. You will not be alone because all our tutors are friendly and approachable.


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