Principles of Financial and Managerial Accounting
$99.00
Limited Time Offer!
Description
Course Overview:
Accounting is the process of measuring, communicating, and summarizing financial information to provide insights into an organization’s finances.
This course will introduce students to the basic principles of accounting and how they are used within businesses.
This course will teach you the difference between financial, cost, and managerial accounting and how they relate to business.
The purpose of the course is to educate students on the budgeting process, how to examine basic financial statements, and how to use spreadsheets to analyze data. This class gives a business generalist perspective on accounting and serves as a preview for the major.
Learning Objectives:
– Understand the basic principles of accounting
– Understand how accounting is used within businesses
– Understand the difference between financial, cost, and managerial accounting
– Understand the budgeting process
– Understand how to examine basic financial statements
– Understand how to use spreadsheets to analyze data.
Curriculum:
Introduction to Accounting:
This unit will introduce students to the world of accounting. You will learn about the different types of businesses and organizations, what accounting is and its purpose, as well as the users of accounting information.
Financial Accounting:
In this unit, you will learn about financial accounting. This type of accounting focuses on the reporting of an organization’s financial information to external users such as shareholders and creditors. You will learn about the basic financial statements and how they are used to give insights into a company’s financial performance.
Managerial Accounting:
This unit introduces students to managerial accounting. Managerial accounting provides internal users of financial information with insights that help them make decisions about running the organization. You will learn topics such as cost behavior, cost-volume-profit analysis, and activity-based costing.
Spreadsheets for Data Analysis:
In this unit, you will learn how to use spreadsheets to perform financial analysis. You will learn about different types of data that can be analyzed and how to use formulas and functions to manipulate data. This unit will also introduce you to basic graphing and charting techniques.
Budgeting and Forecasting:
This unit will focus on the budgeting process. You will learn about different types of budgets and how they are used within organizations. You will also learn about forecasting techniques that can be used to estimate future sales and expenses.
Financial Statement Analysis:
This unit will teach you how to analyze financial statements. You will learn about different ratios and metrics that can be used to assess a company’s financial health. This unit will also introduce you to trend analysis and common-size financial statements.
This course is designed for students who want to learn the basics of accounting and how it is used in businesses. The course will cover topics such as financial statements, budgeting, and data analysis. This course is a good choice for students who are interested in pursuing a career in accounting or finance.
Frequently Asked Questions:
Q: Do I need to have any prior knowledge of accounting before taking this course?
A: No, this course is designed for students with no prior knowledge of accounting.
Q: What type of career can I pursue after taking this course?
A: This course provides an introduction to accounting and will give you the basic skills needed to pursue a career in accounting or finance.
Q: What will I learn in this course?
A: In this course, you will learn about the different types of accounting, the budgeting process, financial statements, and data analysis.
Glossary:
Accounting: The process of measuring, communicating, and summarizing financial information to provide insights into an organization’s finances.
Financial Accounting: The process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.
Managerial Accounting: The process of providing financial information to internal users such as managers and decision-makers to help them make informed decisions about running the organization.
Spreadsheets: A computer application that allows users to enter data into rows and columns and perform calculations on the data.
Budgeting: The process of planning for future income and expenses.
Forecasting: The process of estimating future sales and expenses.
Financial Statement Analysis: The process of assessing a company’s financial health by analyzing its financial statements.
Financial accounting reports:
Financial accounting reports are used to communicate an organization’s financial information to external users such as shareholders and creditors. These reports include the balance sheet, income statement, and statement of cash flows.
Financial accounting standards board:
The financial accounting standards board is a body that sets accounting standards for financial reporting. This board is responsible for issuing guidance on how financial statements should be prepared and presented.
Managerial accounting reports:
Managerial accounting reports are used to communicate an organization’s financial information to internal users such as managers and decision-makers. These reports can include the income statement, balance sheet, statement of cash flows, and budget.
Generally accepted accounting principles:
Generally accepted accounting principles are a set of guidelines for financial reporting. These principles are used to ensure that financial statements are accurate and uniform.
Financial data:
Financial data is information that is used to make decisions about an organization’s finances. This data can include financial statement data, budget data, and forecasting data.
Managerial and financial accounting:
Managerial accounting is the process of providing financial information to internal users such as managers and decision-makers. Financial accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.
Financial accountants:
Financial accountants are professionals who prepare and maintain an organization’s financial statements. They also perform other tasks such as tax planning and budgeting.
Managerial reports:
Managerial reports are used to communicate an organization’s financial information to internal users such as managers and decision-makers. These reports can include the income statement, balance sheet, statement of cash flows, and budget.
Accounting period:
An accounting period is a length of time that is used to measure an organization’s financial performance. This period can be a year, a quarter, or a month.
Financial reporting:
Financial reporting is the process of communicating an organization’s financial information to external users such as shareholders and creditors. Financial reports include the balance sheet, income statement, and statement of cash flows.
Securities and exchange commission:
The securities and exchange commission is a government agency that regulates the securities industry. This agency is responsible for ensuring that financial statements are accurate and transparent.
Factual financial statements:
Factual financial statements are financial statements that are prepared in accordance with generally accepted accounting principles. These statements include the balance sheet, income statement, and statement of cash flows.
Financial institutions:
Financial institutions are organizations that provide financial services to businesses and individuals. These services can include loans, investments, and banking.
Accounting standards:
Accounting standards are a set of guidelines that dictate how financial statements should be prepared and presented. These standards are used to ensure that financial statements are accurate and uniform. Generally accepted accounting principles are the most common type of accounting standard.
Financial accounting system:
A financial accounting system is a system that records, classifies, and summarizes financial transactions. This system is used to provide information that is useful in making business decisions.
Reporting financial transactions:
Reporting financial transactions is the process of communicating an organization’s financial information to external users such as shareholders and creditors. Financial reports include the balance sheet, income statement, and statement of cash flows.
Managerial accounting statements:
Managerial accounting statements are financial statements that are prepared in accordance with generally accepted accounting principles. These statements include the income statement, balance sheet, and statement of cash flows.
Managerial accountants:
Managerial accountants are professionals who prepare and maintain an organization’s financial statements. They also perform other tasks such as tax planning and budgeting.
Certified management accountant designation:
The certified management accountant designation is a professional designation that is awarded to those who have successfully completed a management accounting exam. This designation is recognized by the American Institute of Certified Public Accountants.
Managerial accounting information:
Managerial accounting information is used to make decisions about an organization’s business operations. This information can include financial statements, budgets, and cost analysis.
Accounting professionals:
Accounting professionals are those who have the education and experience necessary to perform accounting tasks. These individuals typically work in accounting firms or as part of an organization’s accounting department.
Financial reports:
Financial reports are the process of communicating an organization’s financial information to external users such as shareholders and creditors. Financial reports include the balance sheet, income statement, and statement of cash flows.
External users:
External users are those who use an organization’s financial statements for decision-making purposes. These individuals include shareholders, creditors, and potential investors.
Internal users:
Internal users are those who use an organization’s financial statements for decision-making purposes. These individuals include managers and employees.
GAAP:
GAAP is the acronym for generally accepted accounting principles. GAAP is a set of guidelines that dictate how financial statements should be prepared and presented.
IFRS:
IFRS is the acronym for International Financial Reporting Standards. IFRS is a set of accounting standards that are used by organizations around the world.
SEC:
The SEC is the acronym for the Securities and Exchange Commission. The SEC is a government agency that regulates the securities industry.
FASB:
The FASB is the acronym for the Financial Accounting Standards Board. The FASB is a private, non-profit organization that sets accounting standards in the United States.
IASB:
The IASB is the acronym for the International Accounting Standards Board. The IASB is a private, non-profit organization that sets accounting standards around the world.
CPA:
The CPA is the acronym for the Certified Public Accountant. The CPA is a professional designation that is awarded to those who have successfully completed a public accounting exam.
AAA:
The AAA is the acronym for the American Accounting Association. The AAA is a professional organization for accountants.
Accounting equation:
The accounting equation is the mathematical formula that is used to record and analyze financial transactions. The accounting equation is: Assets = Liabilities + Equity.
Assets:
Assets are items of value that are owned by an individual or organization. Examples of assets include cash, investments, and property.
Liabilities:
Liabilities are obligations that are owed by an individual or organization. Examples of liabilities include loans and credit card debt.
Equity:
Equity is the ownership interest that an individual or organization has in a business. Equity can be in the form of stock or ownership stake.
Income statement:
The income statement is a financial statement that summarizes an organization’s revenue and expenses over a period of time. The income statement is also referred to as the profit and loss statement.
Revenue:
Revenue is the money that an organization receives from its business activities. Revenue can come in the form of sales, interest, or dividends.
Expenses:
Expenses are the costs that an organization incurs from its business activities. Expenses can include rent, salaries, and advertising.
Profit:
Profit is the difference between an organization’s revenue and expenses. Profit can be used to reinvest in the business or to pay shareholders.
Balance sheet:
The balance sheet is a financial statement that summarizes an organization’s assets, liabilities, and equity as of a specific date. The balance sheet can be used to assess the financial health of a business.
Assets:
Assets are items of value that are owned by an individual or organization. Examples of assets include cash, investments, and property.
Liabilities:
Liabilities are obligations that are owed by an individual or organization. Examples of liabilities include loans and credit card debt.
Equity:
Equity is the ownership interest that an individual or organization has in a business.
Certified public accountant designation:
The certified public accountant designation is a professional designation that is awarded to those who have successfully completed a public accounting exam.
Business transactions:
Business transactions are activities that involve the exchange of goods or services for money. Examples of business transactions include sales, purchases, and payments.
Personal finance:
Personal finance is the financial planning that an individual does to manage their personal finances. Personal finance includes budgeting, saving, and investing.
Communicating financial information:
Communicating financial information is the process of sharing financial data with others. Financial information can be communicated through financial statements, presentations, and reports.
Business strategy:
A business strategy is a plan that is designed to achieve specific business goals. A business strategy can include marketing, product development, and financial planning.
Operational reporting:
Operational reporting is the process of providing information about an organization’s ongoing operations. Operational reports can include financial statements, performance metrics, and KPIs.
Strategic planning:
Strategic planning is the process of creating a plan that will guide an organization’s future direction. Strategic planning includes setting goals, identifying resources, and assessing risks.
Accounting research:
Accounting research is the study of accounting principles and practices. Accounting research can be used to develop new accounting methods or to improve existing ones.
Financial results:
Financial results are the monetary outcomes of an organization’s business activities. Financial results can be reported in financial statements, such as income statements and balance sheets.
Business leaders:
Business leaders are individuals who have the authority to make decisions for a business. Business leaders can be owners, managers, or executives.
Income statements:
Income statements are financial statements that show an organization’s revenues, expenses, and profits over a period of time. Income statements can be used to assess a business’s financial performance.
Exchange commission:
The exchange commission is a government agency that regulates the stock market. The exchange commission also investigates possible securities fraud.
Operational data:
Operational data is information that is used to track an organization’s day-to-day operations. Operational data can include financial data, performance metrics, and customer data.
Actual expenses:
Actual expenses are the amounts that an organization actually spends on goods and services. Actual expenses can be compared to budgeted expenses to assess a business’s financial performance.
Internal processes:
Internal processes are the activities that an organization undertakes to produce its goods or services. Examples of internal processes include manufacturing, marketing, and accounting.
Publicly traded company:
A publicly traded company is a company that has stock that is traded on a stock exchange. Publicly traded companies are required to disclose their financial information to the public.
Marketing department:
The marketing department is responsible for creating and executing marketing campaigns. The marketing department can be divided into several sub-departments, such as market research, advertising, and public relations.
Certified public accountants:
Certified public accountants (CPAs) are professionals who provide accounting services to businesses and individuals. CPAs must pass a rigorous exam before they can be licensed to practice.
Legal status:
The legal status of a business entity determines the rights and obligations of the business. The most common legal status for businesses is sole proprietorship, partnership, and corporation.
Accepted accounting principles (GAAP):
The generally accepted accounting principles (GAAP) are a set of rules that govern financial reporting. GAAP is designed to ensure that financial statements are accurate and transparent.
Internal consumption:
Internal consumption is the use of goods or services by an organization for its own purposes. Internal consumption can be contrasted with external consumption, which is the sale of goods or services to customers.
External stakeholders:
External stakeholders are individuals or organizations that have an interest in a business’s activities. Examples of external stakeholders include suppliers, customers, and lenders.
Bottleneck operations:
Bottleneck operations are processes that limit an organization’s ability to produce goods or services. Bottleneck operations can create delays and inefficiencies.
Public accounting:
Public accounting is the practice of providing accounting services to businesses and individuals. Public accountants are licensed by the government to practice accounting.
Accounting standards board (FASB):
The accounting standards board is a government-sponsored organization that sets accounting standards. The FASB issues guidance on financial reporting and auditing.
Operational decisions:
Operational decisions are decisions that affect an organization’s day-to-day operations. Operational decisions can include purchasing, manufacturing, and marketing decisions.
Informed decisions:
Informed decisions are based on data and analytics. Organizations use data to make informed decisions about strategy, marketing, and operations.
Highly regulated:
The highly regulated industry is an industry that is subject to strict government regulation. The healthcare industry is an example of a highly regulated industry.
