This course is composed of two main themes ; Financial Accounting and Cost Accounting
The objectives of Financial Accounting:
To familiarize the student with basic principles and concepts of the financial statements.
- To interpret data presented in the Balance Sheet; Income Statement and Statement of Cash Flows
- To apply the accounting formula, debit, credit (double entry theory)in T-accounts of in Journal entries
- To recognize and apply the basic characteristics of accrual and cash basis accounting
- To complete a classified balance sheet and multi-step income statement
The objectives of Cost Accounting:
After an introduction about the relevance of cost accounting, we continue showing why cost accounting systems provide valuable information for management planning and control. An improperly designed cost accounting system can lead to costly errors in decision making.
- To recognize the different kind of costs within a company
- To determine the importance of cost accounting with respect of accounting rules
- To develop an understanding for the important characteristics of good cost systems
- To analyze the role of cost information in a variety of management decisions such as pricing, product mix and performance measurement.
- Profesor: Harriette Elenburg