BAS 301 : Managerial Accounting
This course is intended for students in the Bachelor of Applied Science (BAS) in Applied Management program where understanding the basic principles of financial and managerial accounting is essential in the successful execution of management responsibilities. The course defines financial statement interrelationships, financial analysis, product cost, budgetary control systems, and information reporting for the planning, coordinating, and monitoring of the performance of a business.
- Define the accounting function and describe its role in business and society.
- Identify the primary users of accounting information.
- Explain generally accepted accounting principles.
- Describe the basic elements, uses, and limitations of the balance sheet & income statement.
- Analyze transactions and determine how those transactions affect the accounting equation.
- Record the effects of transactions using journal entries.
- Describe the accrual method of accounting and make adjusting entries.
- Discuss the purpose of internal control systems in business and develop internal control policies and procedures.
- Read, interpret, and analyze the annual report of a company, including the primary financial statements (income statement, balance sheet, and the statement of cash flows) and related notes.
- Recognize and understand the common terms and concepts used in management accounting.
- Develop an operational budget, describe how to interpret the differences from budgeted amounts when evaluating actual performance and explain how the differences would be investigated.
- Develop reporting tools for performance evaluation. Discuss the different means of measuring performance and the strengths and weaknesses of each alternative.
- Demonstrate the accounting for long-term assets, including acquisition, useful life, and disposition.