This course introduces financial accounting techniques, measuring and recording transactions, preparing financial statements, managerial decision making, and planning and control devices, such as budgeting, cost accounting, variance analysis, and break-even analysis. Includes assessment of financial information from managers, lenders, and investors perspective to understand and evaluate business operations. Emphasizes ethical decision-making in the work environment.
Course Outcomes:
- Gain understanding of the accounting cycle and evaluate business transactions using the accounting equation.
- Demonstrate the communication of accounting information by the use of commercially available spreadsheet software.
- Describe the four basic financial statements: Balance Sheet, Income Statement, Statement of Cash Flows, and Statement of Retained Earnings.
- Describe the need for internal control procedures in an organization, and demonstrate an understanding of ethics in accounting.
- Use Cost-Profit-Volume analysis to calculate break-even points.
- Describe the purpose of budgeting in an organization.
- Calculate cost and efficiency variances using standard cost information.