Learning Objectives and Class Prep - Accounting and Financial Information
Introduction
It is said that accounting is the language of business. Knowing how to understand basic financial information is crucial to the success of any manager, even those that do not keep the books. This chapter introduces you to how accounting information is constructed. Although we will cover this chapter over a two-day window, please read the full chapter before day one since it is difficult to predict how much progress we will make on the first day.
Learning Objectives
- Define accounting and explain the differences between managerial accounting and financial accounting.
- Identify some of the users of accounting information and explain how they use it.
- Explain the function of the income statement.
- Explain the function of the balance sheet.
- Calculate a break-even point given the necessary information.
- Introduce students to analyzing a company’s performance using financial statements and ratio analysis.
Preparation for Class
1. Review the Learning Objectives for this chapter
2. Read Chapter 17 from the Press Books site
What value does data analytics bring to the accounting profession, and how might a business student find out for free about key data analytic tools that accountants would find useful?
Watch this Video for additional learning. Should accountants learn data analytics? Links to an external site.
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