Course Description

The course provides an introduction to accounting concepts, with a focus on financial and managerial accounting. Financial accounting reports are prepared primarily for decision-makers outside of the organization and follow legal and generally accepted principles. The basic terminology and principles underlying corporate financial statements are developed and applied in this portion of the course.

Managerial accounting reports are for internal use and are designed to enhance management's planning, decision-making and control functions. Presented are introductions to: the budgeting process, the proper use of costs in decision-making, and the design of accounting systems to support quality and process improvement programs.

 Course Outline by Topic Area

Financial Accounting

• Basic accounting concepts and terminology
• Understanding corporate annual reports
• Analysis of financial statements
• Inventory pricing and measuring income

Managerial Accounting

• Cost-volume relations and patterns: fixed and variable costs
• Relevant costs for decision-making
• Planning with the master budget and flexible budgeting
• New issues for management: JIT, activity-based costing

Example Topic Outline