ACCT 225 Survey of Financial and Managerial Accounting • 5 Cr.
Provide students in non-accounting programs an introduction to the world of financial and managerial accounting. The course will emphasize how financial data is used through the organization and how that data is transformed into useful information to support business decisions. Not recommended for students in a paraprofessional or transfer accounting programs. Not for Accounting majors. Recommended: ENGL& 101.
After completing this class, students should be able to:
- Analyze principles and standards of accounting based on ethical decisions and behaviors.
- Analyze and classify accounting information.
- Define the accounting cycle.
- Prepare bank transactions and learn Control of Cash.
- Recognize financial statements including Income Statement, Statement of Owner's Equity, Balance Sheet, and Statement of Cash Flows.
- Analyze primary financial statements and how they are used to control operations and assess financial stability.
- Explain how managerial accounting is used in planning, control, and decision making. Learn the two key ideas in managerial accounting: 1) incremental analysis and 2) you get what you measure.
- Recognize cost classifications for a manufacturing firm and how those costs of manufactured products are reflected on the company's financial statements.
- Analyze cost-volume-profit relationships and how they are used in planning and control.
- Discuss the various pricing methods such as target pricing and cost-plus.
- Identify how master budgeting and capital budgeting are used for planning and control.