The prerequisite for Business 2257 is five credits. Unless you have either the requisites for this course or written special permission from the department to enrol in it, you may be removed from this course and it will be deleted from your record. This decision may not be appealed. You will receive no adjustment to your fees in the event that you are dropped from a course for failing to have the necessary prerequisites.
Per CPA Ontario Regulations, students may not enroll in other courses during intersession while taking Business 2257.
1. Introduce students to the current methods used in developing financial statements.
2. Provide students with an introduction to the analytical management tools that assist business decision-making.
3. Increase problem-solving capabilities.
4. Provide a common base of knowledge for the first year of the Undergraduate Business Program (HBA).
5. Provide a foundation of business knowledge as required for various other degree programs at Western (e.g., DAN
Management and Organizational Studies [MOS]).
In summary, students will leave Business 2257 better equipped for problem-solving, whether in business or other organizations. In addition, students will improve their verbal and written communication skills
Section B. Planning, Budgeting, and Forecasting (20% - Levels A, B, and C)
Part 1 – Section B.1. Strategic planning
The candidate should be able to: a. discuss how strategic planning determines the path an organization chooses for attaining its long-term goals, vision, and mission, and distinguish between vision and mission b. identify the time frame appropriate for a strategic plan c. identify the external factors that should be analyzed during the strategic planning process and understand how this analysis leads to recognition of organizational opportunities, limitations, and threats d. identify the internal factors that should be analyzed during the strategic planning process and explain how this analysis leads to recognition of organizational strengths, weaknesses, and competitive advantages e. demonstrate an understanding of how the mission leads to the formulation of long-term business objectives such as business diversification, the addition or deletion of product lines, or the penetration of new markets f. explain why short-term objectives, tactics for achieving these objectives, and operational planning (master budget) must be congruent with the strategic plan and contribute to the achievement of long-term strategic goals g. identify the characteristics of successful strategic plans h. describe Porter’s generic strategies, including cost leadership, differentiation, and focus i. demonstrate an understanding of the following planning tools and techniques: SWOT analysis, Porter’s 5 forces, situational analysis, PEST analysis, scenario planning, competitive analysis, contingency planning, and the BCG Growth-Share Matrix
Part 1 – Section B.2. Budgeting concepts The candidate should be able to: a. describe the role that budgeting plays in the overall planning and performance evaluation process of an organization b. explain the interrelationships between economic conditions, industry situation, and a firm’s plans and budgets c. identify the role that budgeting plays in formulating short-term objectives and planning and controlling operations to meet those objectives d. demonstrate an understanding of the role that budgets play in measuring performance against established goals e. identify the characteristics that define successful budgeting processes 4 © Copyright 2020 Institute of Certified Management Accountants f. explain how the budgeting process facilitates communication among organizational units and enhances coordination of organizational activities g. describe the concept of a controllable cost as it relates to both budgeting and performance evaluation h. explain how the efficient allocation of organizational resources are planned during the budgeting process i. identify the appropriate time frame for various types of budgets j. identify who should participate in the budgeting process for optimum success k. describe the role of top management in successful budgeting l. demonstrate an understanding of the use of cost standards in budgeting m. differentiate between ideal (theoretical) standards and currently attainable (practical) standards n. differentiate between authoritative standards and participative standards o. identify the steps to be taken in developing standards for both direct material and direct labor p. demonstrate an understanding of the techniques that are used to develop standards such as activity
This course covers all the major managerial accounting concepts that are a part of every Managerial ( Management) Accounting course in every Master of Business Administration university program.
Learn and Master Each Management Accounting Tool and Technique.
Understand what managerial accounting is about and how it differs from financial accounting
Know what the different roles that managers perform.
Know the three different manufacturing costs
Know the difference between product costs and period costs.
Develop a cost volume profit income statement
Understand how costs change when sales changes
Calculate break-even and target profit levels
Develop a CVP analysis for a multi-product company
Understand operating leverage, how to calculate it and what it means to senior management
Know how a job costing system works.
Complete a Job Costing accounting system using excel spreadsheets.
Design an activity-based costing system using excel spreadsheets.
Develop an activity-based accounting model
Understand activity-based management
Make or Buy decisions using Incremental analysis.
Solve Special Order decisions using incremental analysis.
Solve Equipment Replacement questions using relevant cost analysis.
Prepare a Master Budget using excel spreadsheets to plan business operations.
Know how to use the Flexible Budget to control operations.
Perform Budget variance analysis.
Understand the Balanced Scorecard and how it used in evaluating performance.
Some student comments:
"Great Class, systematic, and very organized Thanks, it's a great reviewing for my managerial accounting 15 years ago." Tung KU
"Awesome n very beneficial Thank u Dr "Rabia Taher
"Very Good course with the explanations, Illustrations and quizzes. It makes you well prepared to actually give the exam for a good grade" Muhammed Hassen
"Great course, I'm learning a lot about managerial accounting!" Mark Furman
This is an introductory financial accounting course that covers all the financial accounting concepts offered in an introductory financial accounting course at university or college. We begin with an understanding of how the accountant presents the Income Statement and Balance sheet. Then we learn how to record business transactions using Debits and Credits. There are two practice sets of accounting records where you will learn how to keep the books for a service company and again for a merchandise company. The accounting records will be in an excel file that is part of material of this course. We will be continually uploading more problems with video solutions for you to practice.
Learn and Master the Financial Accounting Process.
Understand that accounting is the language of business.
Know business terminology (biz speak).
Understand the difference between a corporation and a single proprietorship.
Know the three forms of business - service company, merchandise company and a manufacturer.
Understand an Income Statement and how to prepare one.
Understand a Balance Sheet and how to prepare one.
Know how to analyse and record business transactions
Learn how to use debits and credits to record business transactions.
Know how to use the accounting journal and ledger,
Complete a set of accounting records for a service business using excel spreadsheets.
Complete a set of accounting records for a merchandise company using excel spreadsheets.
Understand LIFO and FIFO.
Understand how to use the accounting system for Internal Control.
Understand the different methods of depreciation.
This course is unique in that it contains a number of excel projects on using a set of accounting records first for a service company and then a merchandise company.
Past student comments :
"Lecture is clear and concise..... so far so good." Michael Morris
"I have learned and enjoyed step by step method and a lot of practices" Ahmed M. ElShatawy
"The content is clear and well organised. The topics are very well explained. Your effort is really appreciated professor." Haya Al Dhahari
"This is one of the best courses I have gone through. My finance knowledge has increased to a large extent." Sonalika Sood