Introduction

This course will provide the student with the principles and techniques of financial and managerial accounting for technical organizations. The emphasis will be on the use of financial data for decision making. The basics of accounting will briefly be covered, with the major amount of time spent on ways to understand, analyze and use the data for decision making. Budgeting and analysis of performance, as well as, recognizing fixed and variable expenses are other key areas of financial management. Issues of valuation, time value of money, uncertainty and risk will be integrated in the material. The one-term course will make extensive use of the text by Weygandt et al (see below), supplemented by cases, exercises, homework and examinations. Emphasis will be on real-world, practical application of the tools of finance to management decision making.

Course Outcomes

By the end of this course, the students will be able to:

1. Critically analyze financial statements, with a full appreciation of the inherent limitations of reported financial information.
2. Utilize ratio and trend analyses to evaluate the condition and performance of business entities.
3. Apply the concepts of present value analysis to valuing assets and making appropriate business decisions.
4. Create realistic departmental/corporate budgets.
5. Obtain and utilize financial data to make effective business decisions, including make/buy, capital investment, product introduction timing, etc.
6. Utilize cost accounting data to support operating decisions and cost reduction efforts.

Textbook

• Survey of Accounting by Kimmel and Weygandt (First Edition) Text with WileyPLUS (required) bundle. Two options include binder ready version (loose leaf print) with WileyPLUS (ISBN 9781119502388) or WileyPLUS access including the eBook (ISBN 9781119502364).