Prerequisites: C- or better grade in ACCT 201 or ACCT 201H; Restricted to SBA honors students.
This course highlights the differences between financial accounting and managerial accounting. The course begins by completing the study of transactions and events affecting financial statements. The cash flow statement is then explored in some detail. Finally, financial statement analysis as traditionally practiced, is considered a capstone for financial accounting. The course then focuses on the use of accounting data by management. Product costing in a manufacturing setting, assigning of costs to objects, learning how costs behave, and the use of accounting data by management in planning operations, controlling operations, and in short term decision making are all investigated.
Outcomes: The student will be able to understand the differences between cash and accrual accounting, the use of ratio analysis in investing and managing decisions, the value and importance of identifying and allocating costs, and the methods involved in the budgeting process.
This course highlights the differences between financial accounting and managerial accounting. The course begins by completing the study of transactions and events affecting financial statements. The cash flow statement is then explored in some detail. Finally, financial statement analysis as traditionally practiced, is considered a capstone for financial accounting. The course then focuses on the use of accounting data by management. Product costing in a manufacturing setting, assigning of costs to objects, learning how costs behave, and the use of accounting data by management in planning operations, controlling operations, and in short term decision making are all investigated.
Outcomes: The student will be able to understand the differences between cash and accrual accounting, the use of ratio analysis in investing and managing decisions, the value and importance of identifying and allocating costs, and the methods involved in the budgeting process.