Prerequisites: MEBA 220 and a minimum of 45 earned credits
This course explores the basic financial and managerial accounting competencies needed to manage a business or product line. The accounting concepts are introduced with a discussion of how general purpose financial statements reflect the business corporation’s performance and position for users external to management. The course also examines major elements of the statements such as cash, receivables, inventory, long–lived assets, depreciation, payroll, bonds, and other liabilities and stocks. Concepts of financial accounting are applied to management accounting for internal reporting and decision-making. The course emphasizes applications of accounting strategies, decision-making, and evaluation. A conceptual framework is established to enable managers to be profitable and to read and understand ledgers. Accounting information systems commonly used (e.g., Quickbooks) are examined by the student.