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CIMA C04 Fundamentals of Business Economics financial system

CIMA C04 Fundamentals of Business Economics financial system

CIMA C04 Fundamentals of Business Economics financial system: financial system (within the scope of finance) is a system that allows the exchange of funds between lenders, investors, and borrowers. Financial systems operate at national, global, and firm-specific levels. They consist of complex, closely related services, markets, and institutions intended to provide an efficient and regular linkage between investors and depositors.

Money, credit, and finance are used as media of exchange in financial systems. They serve as a medium of known value for which goods and services can be exchanged as an alternative to bartering. A modern financial system may include banks (operated by the government or private sector), financial markets, financial instruments, and financial services. Financial systems allow funds to be allocated, invested, or moved between economic sectors. They enable individuals and companies to share the associated risks.

CIMA C04 Fundamentals of Business Economics financial system: Syllabus Overview

The learning outcomes in the paper reflect the legal framework for business and provide the underpinning for commercial activity. It includes the areas of contract law, employment law, financing, administration and management of companies. The globalisation of business is recongnised by the inclusion of alternative legal systems, as well as the English legal system. Judicial precedent is included in relation to professional negligence.

Wherever business is conducted, the highest professional standards must be demonstrated for the benefit of all stakeholders. With this in mind, the place of ethics and ethical conflict is considered, as well as the role of corporate governance and its increasing impact in the management of organisations.

CIMA C04 Fundamentals of Business Economics financial system: Contents

  • Comparison of English Law with Alternative Legal Systems
  • The Law of Contract
  • The Law of Employment
  • Company Finance and Management
  • Ethics and Business
  • Ethical Conflict
  • Corporate Governance
  • Appendix1 : CIMA Code of Ethics for Professional Accountants
  • Preparing for the Assessment
  • Mock Assessment 1
  • Mock Assessment  2

CIMA C04 Fundamentals of Business Economics financial system: Learning Outcomes

On Completion of their studies students should be able to:

  • Demonstrate an understanding of the importance of ethics to business generally and to the professional accountant.
  • Explain the need for CIMA members to adopt the highest standards of ethical behaviour.
  • Explain the various means of regulating ethical behaviour.
  • Explain how ethical dilemmas and conflicts of interest arise and may be resolved.
  • Explain the development of corporate governance on the directors and management structure of public limited companies and how this benefits stakeholders.
  • Explain the essential elements of the English legal system and the tort of negligence.
  • Describe the essential elements of alternative legal systems.
    Explain how the law determines the point at which a contract is formed and the legal status of contractual terms.
  • Explain when the law regards a contract as discharged and the remedies available foe breach and non-performance.
  • Explain the essential elements of an employment contract and the remedied available following termination of the contract.
  • Explain the impact of health and safety law on employers and employees.
  • Explain the nature, legal status and administration of business organisations.
  • Explain the law relation to the financing and management of companies limited by shares.

CIMA C04 Fundamentals of Business Economics financial system: Exam guidance

  • Format of exam
    The assessment for fundamentals of Business Economics (C04) is a two hour computer based exam consisting of 75 compulsory questions, each with one more parts.
    A variety of objective test question styles and types will be used within the assessment, such as:
    Multiple choice, true/ false question, matching pairs of texts and graphic, sequencing and ranking, labelling diagrams and single and multiple numeric entry.
  • Core areas of the syllabus
    The syllabus comprises of
  • Ethics and business                                                                               15%
  • Ethical conflict                                                                                       10%
  • Corporate governance                                                                          10%
  • Comparison of English Law with alternative Legal Systems           10%
  •  The law of contract                                                                              20%
  • The law of employment                                                                        10%
  • Company administration and finance                                                 25%

CIMA C04 Fundamentals of Business Economics financial system

CIMA C04 Fundamentals of Business Economics financial system

Professional Qualification exams

Objective Tests

On-demand, computer based assessments available all year.

Operational levelE1P1F1
Management levelE2P2F2
Strategic levelE3P3F3

CIMA C04 Fundamentals of Business Economics financial system

Case Study exams

There are four windows a year when you can sit the case study exams (February; May; August; and November). Within each window exams will be available for five days from Tuesday to Saturday.

May 2017
OperationalManagement/GatewayStrategic
Exam entry opening 26 October 2016

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2 November 2016

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9 November 2016

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Exam entry closing5pm (UK time)
25 April 2017

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5pm (UK time)
3 May 2017

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5pm (UK time)
12 May 2017

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Pre seen material available24 March 2017

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31 March 2017

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7 April 2017

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Exam dates09-13 May 2017

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16-20 May 2017

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23-27 May 2017

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Results released22 June 2017

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29 June 2017

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6 July 2017

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CIMA C04 Fundamentals of Business Economics financial system

August 2017
OperationalManagement/GatewayStrategic
Exam entry opening 25 January 2017

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1 February 2017

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8 February 2017

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Exam entry closing5pm (UK time)
25 July 2017

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5pm (UK time)
3 August 2017

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5pm (UK time)
8 August 2017

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Pre seen material available23 June 2017

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30 June 2017

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7 July 2017

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Exam dates8-12 August 2017

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15-19 August 2017

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22-26 August 2017

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Publish results21 September 2017

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28 September 2017

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5 October 2017

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CIMA C04 Fundamentals of Business Economics financial system

November 2017
OperationalManagement/GatewayStrategic
Exam entry opening 26 April 2017

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4 May 2017

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10 May 2017

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Exam entry closing5pm (UK time)
24 October 2017

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5pm (UK time)
31 October 2017

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5pm (UK time)
7 November 2017

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Pre seen material available22 September 2017

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29 September 2017

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6 October 2017

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Exam dates07-11 November 2017

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14-18 November 2017

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21-25 November 2017

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Publish results21 December 2017

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11 January 2018

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11 January 2018

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CIMA C04 Fundamentals of Business Economics financial system

The Chartered Institute of Management Accountants (CIMA) is a UK based professional body offering training and qualification in management accountancy and related subjects. It is focused on accountants working in industry, and provides ongoing support and training for members.

CIMA is one of the professional associations for accountants in the UK and Ireland. Its particular emphasis is on developing the management accounting profession. CIMA is the largest management accounting body in the world with more than 227,000 members and students in 179 countries. CIMA is also a member of the International Federation of Accountants.

CIMA operates a standard scheme of qualifying examinations for prospective members. It promotes local education, training and management development operations, and new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called ‘Financial Management’.

CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme. Its governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the ‘grass roots’ activity. Activity such as qualification development is undertaken from the London head office.

The CIMA Global Business Challenge, an annual international business and strategic management competition for undergraduates around the world, is designed to bring out the best in the young business leaders of tomorrow.

In July 2009, CIMA added an online community – CIMAsphere – to its website. The community consisted of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and the general public. This has since been shut down. Members are instead encouraged to join the CIMA LinkedIn group, and students are directed to CIMAconnect, an online study support portal.

In 2011, CIMA entered into a joint venture with the American Institute of Certified Public Accountants (AICPA) to launch a global management accounting designation called the Chartered Global Management Accountant (CGMA).In the Americas outside the U.S., non-U.S. CPAs can obtain the new designation as an AICPA International Associate, after a rigorous assessment process. In the rest of the world, new designation holders are able to become members of CIMA after the same assessment process.

CIMA is proactive to tie up with American CPA because of the current convergence trend between US-GAAP and IFRS, reinforced following the merger of the iconic New York Stock Exchange with Germany’s Deutsche Boerse AG. “It remains to be seen whether companies listed in a combined exchange would be required to report under IFRS, US GAAP or both, but as the US appears to be moving towards IFRS adoption it is more likely the international standards would be the accounting rules of choice”.

CIMA C04 Fundamentals of Business Economics financial system

Operational and management level

Within each learning pillar, students are advised to sit and pass the operational level subject examination before sitting the management level subject. However, examinations from different learning pillars, at either operational or management level, may be sat concurrently. Students are recommended to sit no more than three examinations at any single diet, in order to optimise the probability of success

The pass mark for each of the operational and management level subject examinations is 50% and permanent credit is awarded for any paper in which the candidate scores 50% or more.

On successful completion of all operational level subjects, students are awarded the CIMA Diploma in Management Accounting.

On successful completion of all management level subjects, students are awarded the CIMA Advanced Diploma in Management Accounting.

Strategic level

When attempting the strategic level subjects, students must sit all three examination papers (one from each learning pillar – Papers E3, P3 and F3) together at the first sitting. At any subsequent examination attempts, these papers may be taken in any order and combination.

The pass mark for each of the strategic level subject examinations is 50% and permanent credit is awarded for any paper in which the candidate scores 50% or more.

Students must pass all three strategic level subject examinations before attempting the Test of Professional Competence in Management Accounting

CIMA C04 Fundamentals of Business Economics financial system

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CIMA C04 Fundamentals of Business Economics financial system

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