IEDM 501 Accounting Concepts and Applications
The course covers the use of accounting as a management tool. It includes the strengths and limitations of accounting as an information system, the role of accounting in management, planning and control, and the usefulness of accounting data for evaluating the results of operations and decision-making. Topics also include cost concepts, profit planning, budget decision techniques, planning pricing decisions, inventory control, quantitative decision techniques, as well as the introduction to development of accounting and budgeting information systems based on quantitative data processing.
Provides a firm foundation in accounting - the language of business - which will help the student to (a) understand and use the results in managerial decision-making and (b) financially evaluate a wide range of programs to achieve and integrate economic development. When you work on the ground, you need a good set of indicators and a very robust set of tools to measure success.
Accounting is a key tool and the perfect window through which to see how economic events affect organizations and their developmental efforts. The accounting process entails the: recording of financially measurable events in the life of a business, reporting of those events to outside stakeholders (investors, creditors, regulators, employees), and assessing the quality of the financial position of an organization.
Prerequisite
IEDM Program or Department Consent