1. Describe the contents and components of the balance sheet, income statement, and statement of cash flows and the relationships among these statements;
2. Understand how business transactions affect financial accounting statements;
3. Understand the basic operating characteristics and cost terms used by business organizations; identify and classify cost behaviors; understand the basic concepts associated with cost measurement; and understand how cost behavior and measurement are used in decision making in organizations;
4. Understand the nature of the management control process and the use of accounting information in that process;
5. Understand how accounting information is used in strategic planning, budgeting, and evaluation;
6. Analyze and interpret accounting information for use in making planning and control decisions within organizations;
7. Apply problem solving, critical thinking, and communication skills that are necessary for communicating accounting information;
8. Use financial and managerial accounting information by identifying accounting problem requirements, identifying relevant information needed for problem solving, and adapting knowledge to problem situations;
9. Critically analyze and discuss (oral and written) the book selected for the reading initiative for the current year.
Purpose
To introduce the concepts of managerial accounting, explain the relationship between financial and managerial accounting, and introduce the use of accounting information for decision-making in organizations.