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FMGT 1110 - Financial Management 1

Financial Management Part-time Studies Course

School of Business

Course Details

Covers basic accounting procedures; closing the books; adjustments; working papers; merchandise operations; statement and ledger organization; special journals; forms of business organization; accounting principles; accounting for cash, accounts receivable, inventory and capital assets; and analysis of financial data and financial statements.

Credits

4.0

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Learning Outcomes

Upon successful completion of the course, the student will be able to:

  • Describe the nature and purpose of accounting information including its limitations and basic concepts.
  • Apply generally accepted accounting principles in the analysis and recording of business transactions.
  • Prepare a trial balance.
  • Analyze and record adjusting journal entries.
  • Prepare financial statements (Income Statement, Statement of Owner's Equity and the Balance Sheet) for a service business and merchandising business.
  • Determine the value of ending inventories under alternative generally accepted accounting methods.
  • Explain the purpose and need for internal controls and prepare bank reconciliations.
  • Describe the nature and management of accounts and notes receivable and the aging of accounts receivables.
  • Explain the purpose and demonstrate the calculation of amortization on various types of property, plant and equipment using generally accepted accounting practices.
  • Describe and differentiate the advantages and disadvantages of a corporation, a partnership and a sole proprietorship as forms of business organization.
  • Demonstrate the accounting required for the shareholders' equity of a corporation including the issuance of shares, the declaration/payment of dividends, and the related effect on Retained Earnings.
  • Demonstrate the nature of accounting for a partnership including allocation of earnings.
  • Prepare a statement of cash flows.
  • Analyze financial statements using financial ratios and other common tools.

Effective as of Spring/Summer 2015

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