This course involves financial and managerial accounting with an emphasis on applying concepts for management decision-making. Financial accounting emphasizes accounting terminology, financial statements and analysis of a business entity. Managerial accounting emphasizes strategic planning, budgeting, cost-volume-profit analysis, and decision-making in a competitive environment. This course is primarily intended for non-Commerce & Business Administration program students who work (or plan to work) as owners, managers, consultants, or project leaders in either the profit or not-for-profit sectors. ACCT 3008 may not be taken for credit, if a student has obtained credit in ACCT 1110, ACCT 1210, ACCT 1235 or ACCT 2320. This course is not eligible for credit in any Accounting credential.
- Overview of financial reporting, analyze and calculate adjustments and their effects on financial statements
- Revenue recognition and financial statement preparation
- Cash, short-term investments, inventory and receivables
- Property, Plant and Equipment, Intangible Assets and Goodwill
- Current and long-term liabilities, including Time Value of Money
- Corporate accounting
- Statement of cash flows
- Financial statement analysis
- Managerial accounting in the information age
- Cost-volume-profit analysis
- Use of cost information in management decision-making
- Budgeting and variance analysis
- Capital budgeting
- Decentralization and performance evaluation
Methods of Instruction
Lectures, demonstrations of material, and discussions will be used, together with any appropriate technology available which may be of assistance to students.
Means of Assessment
STUDENTS MUST WRITE BOTH THE MIDTERM(S) AND THE FINAL EXAMINATION TO OBTAIN CREDIT FOR THE COURSE.
The student should be able to:
- account for the various classifications of assets and liabilities of a business;
- calculate adjustments, determine the effects of adjustments and prepare financial statements, using generally accepted accounting principles;
- analyze financial information to determine the financial health of the organization;
- understand the difference between cash flows and accounting profits (net income);
- develop a master budget and understand the elements of control and strategy implications;
- identify cost behaviour and its impact on the decision-making process;
- use capital budgeting techniques and evaluate and prioritize investments;
- understand and explain the importance of ethics and corporate social responsibility.
Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester/year of the course, consider the previous version as the applicable version.
Below shows how this course and its credits transfer within the BC transfer system.
A course is considered university-transferable (UT) if it transfers to at least one of the five research universities in British Columbia: University of British Columbia; University of British Columbia-Okanagan; Simon Fraser University; University of Victoria; and the University of Northern British Columbia.
For more information on transfer visit the BC Transfer Guide and BCCAT websites.
If your course prerequisites indicate that you need an assessment, please see our Assessment page for more information.