COURSE DESCRIPTION:
This course introduces the fundamentals of financial and management accounting from the perspective of the business manager. It focuses is on critical evaluation of accounting information contained in financial statements and application of key cost and management accounting techniques in daily business decisions.

BACKGROUND:
The American Accounting Association has come up with this definition: “the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information.” Accounting is a process of identifying, measuring, classifying and communicating economic information to the users so that they can make informed decisions. Quite simply, accounting is a language: a language that provides information about the financial position and financial performance of an organization. Accounting is a service function, it is the language of business. When you study accounting you are essentially learning this specialized language. By learning this language you can communicate and understand the financial operations of any and all types of organizations. This is because the information required by most organizations is very similar and can be broken down into three main categories:
• Operating Information
• Financial Accounting Information
• Managerial Accounting Information

LEARNING OUTCOMES:
Upon the completion of this module, users will be able to:
• Critically evaluate and gain a high-level understanding of the accounting process and fundamental accounting principles underpinning the development and reporting of financial statements including: Accounting and Reporting in Commerce; Accounting Equation & Cycles – Double Entry & Matching Periods; Types of Accounts – Debit & Credit Rules; Accrual Accounting – Book Reconciliation; and Accounting Conventions – GAAP & IFRS.

TIME: Up to 2 Hours

OTHER INFORMATION:
• No prerequisites.
• No materials distributed.
• No formal assessments required.