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Accounting for Managers
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Lumen Learning: Waymaker Accounting for Managers Learning Outcomes is licensed under CC-BY 4.0
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OutcomesShort Title
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Module 1: Manipulate numerical expressions involving fractions, decimals, and percentsWhole Numbers, Fractions, Decimals, Percents and Problem Solving
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1.1Make calculations with whole numbers of varying magnitudeIntroduction to Whole Number Calculations
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Use place value to define all digits of a whole numberPlace Value in Whole Numbers
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Round whole numbers to a determined place valueRounding Whole Numbers
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Use addition, subtraction, multiplication, and division when evaluating whole number expressionsAdding, Subtracting, Multiplying, and Dividing Whole Numbers
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1.2Make calculations with proper fractions, improper fractions, and mixed numbersIntroduction to Fraction Calculations
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Identify different types of fractions and convert between themConvert Between Types of Fractions
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Use addition and subtraction when evaluating expressions with fractionsAdding and Subtracting Fractions
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Use multiplication and division when evaluating expressions with fractionsMultiplying and Dividing Fractions
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1.3Make calculations with decimals of varying magnitudeIntroduction to Decimal Calculations
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Use place value to define all digits of a decimal numberPlace Value in Decimals
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Use addition and subtraction when evaluating expressions with decimalsAdding and Subtracting Decimals
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Use multiplication and division when evaluating expressions with decimalsMultiplying and Dividing Decimals
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Convert decimals to fractions and fractions to decimalsConvert Between Decimals and Fractions
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1.4Make calculations using percents or finding percentsIntroduction to Percent Calculations
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Use ratios to solve simple word problemsSolving Problems Using Ratios
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Use percent to represent a given fraction or decimalWriting Fractions and Decimals as Percents
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Evaluate expressions and word problems involving percentsSolving Problems Using Percents
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Solve problems involving percent increase and decreasePercent Increase and Decrease
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Module 2: Apply basic math skills to solve problems with a variable of unknown valueCalculations and Solving Equations (rate of change, discount, markup)
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2.1Solve single and multi-step equations for a given variableIntroduction to Solving Equations
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Define and identify variablesVariables
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Use the addition, subtraction, multiplication, and division properties to solve single-step equationsSolving Single-Step Equations
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Solve multi-step equations with variables on both sidesSolving Multi-Step Equations
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2.2Write and solve equations from word problemsIntroduction to Translating Word Problems into Equations
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Translate simple word phrases into math notationTranslating Words Into Algebra
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Use a problem solving strategy to set up and solve word problemsAlgebraic Problem Solving Strategies
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2.3Solve equations for word problems that contain fractions, decimals, and percentsIntroduction to Solving Complex Equations
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Use mathematical notation to solve markup problemsMark-Up Problems
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Use mathematical notation to solve discount problemsDiscount Problems
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Calculate simple and compound interestSimple and Compound Interest
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Solve any given formula for a specific variableSolving Formulas for a Specific Variable
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2.4Use tables and graphs to visually represent numerical dataIntroduction to Reading and Using Graphs
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Graph points (ordered pairs) on a coordinate planeGraphing Points on a Coordinate Plane
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Recognize the trend of a graphIdentifying Trends of a Graph
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Calculate the rate of change using data points and graphical representationsRate of Change
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Compare and contrast graphical data to decipher information and make decisionsAnalyzing Graphical Data
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Module 3: Identify the Major Principles of AccountingAccounting Theory
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3.1Describe the place of finance and accounting within a businessIntroduction to Accounting
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Discuss the roles of financial and managerial accounting in businessRoles of Accounting in Business
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Summarize the background and sources of financial accounting standardsFinancial Accounting Standards
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Demonstrate how ethics applies to the field of accountingEthics and Accounting
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3.2Discuss the financial consequences of various organizational structuresIntroduction to Users of Accounting
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Outline the variety of accounting roles internal and external to a businessUsers of Accounting Information
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Differentiate between functional and divisional organizationOrganizational Structure
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Describe the legal implications of a business' organization on its accountingForms of Doing Business
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Summarize the information provided in a corporation's annual reportThe Annual Report
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3.3Explore the fundamentals of accountingIntroduction to Accounting Principles
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Define the accounting entity and discuss the going concern conceptThe Accounting Entity
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Identify the major underlying accounting principles of consistency, full disclosure, materiality, verifiability and conservatismBasic Accounting Principles
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Explain the accural accounting conceptAccrual Basis Accounting
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Module 4: Describe the different types of business organizations and the financial statements they rely onFinancial Statements of Business Organizations
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4.1Examine the elements of common financial statementsIntroduction to Financial Statements
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Define transactionsTransactions
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Solve the accounting equationAccounting Equation
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Identify general categories of accountsAccount Categories
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Describe the double entry bookkeeping systemDouble Entry Bookkeeping System
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Explain how key financial statements are structuredStructures of Key Financial Statements
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4.2Discuss the bookkeeping process and the overall effects of transactionsIntroduction to the Bookkeeping Process
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Illustrate the expanded accounting equationExpanded Accounting Equation
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Define common bookkeeping terms and phrasesBookkeeping Terms and Phrases
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Construct bookkeeping journal entries based on given parametersBookkeeping Journal Entries
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Analyze the relationships between key financial statements Relationships Between Financial Statements
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Identify important information found on key financial statementsKey Information in Financial Statements
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4.3Analyze data from financial statementsIntroduction to Analyzing Data from Financial Statement
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Describe how inventories are reported on balance sheets and income statementsReporting Inventories
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Demonstrate how current assets are reported on the balance sheetReporting Current Assets
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Show how noncurrent assets are reported on the balance sheetReporting Noncurrent Assets
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Describe the presentation of stockholder's equity on the balance sheet and statement of owners' equityReporting Stockholder Equity
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Discuss how unearned revenues are reported on the balance sheetReporting Unearned Revenue
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Explain how expenses are reported on the income statementReporting Expenses
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4.4Explore how other financial components are accounted for and presentedIntroduction to Other Financial Components
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Compute core financial ratios that communicate essential informationCore Financial Ratios
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Calculate return on investmentCalculating Return on Investment
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Calculate return on equityCalculating Return on Equity
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Analyze other key ratios used to interpret financial statement dataOther Key Ratios
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Discuss the limitations of financial statementsLimitations of Financial Statements
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Module 5: Define managerial accounting, its key elements, and its role in a businessManagerial Accounting in Business
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5.1Describe the difference between financial and managerial accountingIntroduction to Financial and Managerial Accounting
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Compare and contrast financial accounting and managerial accountingDifferentiating Between Financial and Managerial Accounting
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Explain the key components of managerial accountingManagerial Accounting
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Analyze the relationship between financial and managerial accounting and how they are compartmentalized within modern businessesRelationship Between Financial and Managerial Accounting
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5.2Examine the various managerial accounting perspectives throughout an organizationIntroduction to Managerial Accounting Perspectives
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Identify the roles/people in a business who take on managerial accounting decisionsAccounting Decision Makers
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Explain how accounting affects strategy developmentStrategy Development
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Explain how accounting is tied to risk management planningRisk Management Planning
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Explain how accounting decisions are influenced by both employee and leadership beliefs and needsInfluence on Accounting Decisions
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