Financial Accounting and Reporting Accounting is an information system. This course is designed to introduce students to accounting concepts essential to the preparation and interpretation of financial statements issued to management and to external users such as stockholders and creditors. While appropriate consideration is given to the procedural aspects of accounting, emphasis is placed on understanding the conceptual bases of generally accepted accounting principles and the effects of using alternative accounting methods on financial statements. Cost Analysis and Control Internally, managers need timely information in order to plan and control operations. This course focuses on managerial uses of accounting information for decision making within the business enterprise.
Decisions considered include product pricing, transfer pricing, make or buy, and capital budgeting.
Formation of budgets, establishing an internal control structure, performance evaluation, and cost control techniques are also discussed. In order to survive, businesses must meet the legal and ethical standards imposed by a changing society. Business enterprise is not an island and business decision making must be undertaken in light of current legal and ethical demands. Such demands may take the form of globalization of the business enterprise, reactions to hostile takeovers, concerns with market concentration and efficiency, changes in legal philosophy and corporate ethics, and developments in international law and administrative regulation. All major decisions have financial implications, and therefore, the financial manager's contribution to directing the operations of the firm has become increasingly critical in the last decade.