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1 | Accounting for Managers | |||||||||||||||||||
2 | Lumen Learning: Waymaker Accounting for Managers Learning Outcomes is licensed under CC-BY 4.0 | |||||||||||||||||||
3 | Outcomes | Short Title | ||||||||||||||||||
4 | Module 1: Manipulate numerical expressions involving fractions, decimals, and percents | Whole Numbers, Fractions, Decimals, Percents and Problem Solving | ||||||||||||||||||
5 | 1.1 | Make calculations with whole numbers of varying magnitude | Introduction to Whole Number Calculations | |||||||||||||||||
6 | Use place value to define all digits of a whole number | Place Value in Whole Numbers | ||||||||||||||||||
7 | Round whole numbers to a determined place value | Rounding Whole Numbers | ||||||||||||||||||
8 | Use addition, subtraction, multiplication, and division when evaluating whole number expressions | Adding, Subtracting, Multiplying, and Dividing Whole Numbers | ||||||||||||||||||
9 | 1.2 | Make calculations with proper fractions, improper fractions, and mixed numbers | Introduction to Fraction Calculations | |||||||||||||||||
10 | Identify different types of fractions and convert between them | Convert Between Types of Fractions | ||||||||||||||||||
11 | Use addition and subtraction when evaluating expressions with fractions | Adding and Subtracting Fractions | ||||||||||||||||||
12 | Use multiplication and division when evaluating expressions with fractions | Multiplying and Dividing Fractions | ||||||||||||||||||
13 | 1.3 | Make calculations with decimals of varying magnitude | Introduction to Decimal Calculations | |||||||||||||||||
14 | Use place value to define all digits of a decimal number | Place Value in Decimals | ||||||||||||||||||
15 | Use addition and subtraction when evaluating expressions with decimals | Adding and Subtracting Decimals | ||||||||||||||||||
16 | Use multiplication and division when evaluating expressions with decimals | Multiplying and Dividing Decimals | ||||||||||||||||||
17 | Convert decimals to fractions and fractions to decimals | Convert Between Decimals and Fractions | ||||||||||||||||||
18 | 1.4 | Make calculations using percents or finding percents | Introduction to Percent Calculations | |||||||||||||||||
19 | Use ratios to solve simple word problems | Solving Problems Using Ratios | ||||||||||||||||||
20 | Use percent to represent a given fraction or decimal | Writing Fractions and Decimals as Percents | ||||||||||||||||||
21 | Evaluate expressions and word problems involving percents | Solving Problems Using Percents | ||||||||||||||||||
22 | Solve problems involving percent increase and decrease | Percent Increase and Decrease | ||||||||||||||||||
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25 | Module 2: Apply basic math skills to solve problems with a variable of unknown value | Calculations and Solving Equations (rate of change, discount, markup) | ||||||||||||||||||
26 | 2.1 | Solve single and multi-step equations for a given variable | Introduction to Solving Equations | |||||||||||||||||
27 | Define and identify variables | Variables | ||||||||||||||||||
28 | Use the addition, subtraction, multiplication, and division properties to solve single-step equations | Solving Single-Step Equations | ||||||||||||||||||
29 | Solve multi-step equations with variables on both sides | Solving Multi-Step Equations | ||||||||||||||||||
30 | 2.2 | Write and solve equations from word problems | Introduction to Translating Word Problems into Equations | |||||||||||||||||
31 | Translate simple word phrases into math notation | Translating Words Into Algebra | ||||||||||||||||||
32 | Use a problem solving strategy to set up and solve word problems | Algebraic Problem Solving Strategies | ||||||||||||||||||
33 | 2.3 | Solve equations for word problems that contain fractions, decimals, and percents | Introduction to Solving Complex Equations | |||||||||||||||||
34 | Use mathematical notation to solve markup problems | Mark-Up Problems | ||||||||||||||||||
35 | Use mathematical notation to solve discount problems | Discount Problems | ||||||||||||||||||
36 | Calculate simple and compound interest | Simple and Compound Interest | ||||||||||||||||||
37 | Solve any given formula for a specific variable | Solving Formulas for a Specific Variable | ||||||||||||||||||
38 | 2.4 | Use tables and graphs to visually represent numerical data | Introduction to Reading and Using Graphs | |||||||||||||||||
39 | Graph points (ordered pairs) on a coordinate plane | Graphing Points on a Coordinate Plane | ||||||||||||||||||
40 | Recognize the trend of a graph | Identifying Trends of a Graph | ||||||||||||||||||
41 | Calculate the rate of change using data points and graphical representations | Rate of Change | ||||||||||||||||||
42 | Compare and contrast graphical data to decipher information and make decisions | Analyzing Graphical Data | ||||||||||||||||||
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45 | Module 3: Identify the Major Principles of Accounting | Accounting Theory | ||||||||||||||||||
46 | 3.1 | Describe the place of finance and accounting within a business | Introduction to Accounting | |||||||||||||||||
47 | Discuss the roles of financial and managerial accounting in business | Roles of Accounting in Business | ||||||||||||||||||
48 | Summarize the background and sources of financial accounting standards | Financial Accounting Standards | ||||||||||||||||||
49 | Demonstrate how ethics applies to the field of accounting | Ethics and Accounting | ||||||||||||||||||
50 | 3.2 | Discuss the financial consequences of various organizational structures | Introduction to Users of Accounting | |||||||||||||||||
51 | Outline the variety of accounting roles internal and external to a business | Users of Accounting Information | ||||||||||||||||||
52 | Differentiate between functional and divisional organization | Organizational Structure | ||||||||||||||||||
53 | Describe the legal implications of a business' organization on its accounting | Forms of Doing Business | ||||||||||||||||||
54 | Summarize the information provided in a corporation's annual report | The Annual Report | ||||||||||||||||||
55 | 3.3 | Explore the fundamentals of accounting | Introduction to Accounting Principles | |||||||||||||||||
56 | Define the accounting entity and discuss the going concern concept | The Accounting Entity | ||||||||||||||||||
57 | Identify the major underlying accounting principles of consistency, full disclosure, materiality, verifiability and conservatism | Basic Accounting Principles | ||||||||||||||||||
58 | Explain the accural accounting concept | Accrual Basis Accounting | ||||||||||||||||||
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61 | Module 4: Describe the different types of business organizations and the financial statements they rely on | Financial Statements of Business Organizations | ||||||||||||||||||
62 | 4.1 | Examine the elements of common financial statements | Introduction to Financial Statements | |||||||||||||||||
63 | Define transactions | Transactions | ||||||||||||||||||
64 | Solve the accounting equation | Accounting Equation | ||||||||||||||||||
65 | Identify general categories of accounts | Account Categories | ||||||||||||||||||
66 | Describe the double entry bookkeeping system | Double Entry Bookkeeping System | ||||||||||||||||||
67 | Explain how key financial statements are structured | Structures of Key Financial Statements | ||||||||||||||||||
68 | 4.2 | Discuss the bookkeeping process and the overall effects of transactions | Introduction to the Bookkeeping Process | |||||||||||||||||
69 | Illustrate the expanded accounting equation | Expanded Accounting Equation | ||||||||||||||||||
70 | Define common bookkeeping terms and phrases | Bookkeeping Terms and Phrases | ||||||||||||||||||
71 | Construct bookkeeping journal entries based on given parameters | Bookkeeping Journal Entries | ||||||||||||||||||
72 | Analyze the relationships between key financial statements | Relationships Between Financial Statements | ||||||||||||||||||
73 | Identify important information found on key financial statements | Key Information in Financial Statements | ||||||||||||||||||
74 | 4.3 | Analyze data from financial statements | Introduction to Analyzing Data from Financial Statement | |||||||||||||||||
75 | Describe how inventories are reported on balance sheets and income statements | Reporting Inventories | ||||||||||||||||||
76 | Demonstrate how current assets are reported on the balance sheet | Reporting Current Assets | ||||||||||||||||||
77 | Show how noncurrent assets are reported on the balance sheet | Reporting Noncurrent Assets | ||||||||||||||||||
78 | Describe the presentation of stockholder's equity on the balance sheet and statement of owners' equity | Reporting Stockholder Equity | ||||||||||||||||||
79 | Discuss how unearned revenues are reported on the balance sheet | Reporting Unearned Revenue | ||||||||||||||||||
80 | Explain how expenses are reported on the income statement | Reporting Expenses | ||||||||||||||||||
81 | 4.4 | Explore how other financial components are accounted for and presented | Introduction to Other Financial Components | |||||||||||||||||
82 | Compute core financial ratios that communicate essential information | Core Financial Ratios | ||||||||||||||||||
83 | Calculate return on investment | Calculating Return on Investment | ||||||||||||||||||
84 | Calculate return on equity | Calculating Return on Equity | ||||||||||||||||||
85 | Analyze other key ratios used to interpret financial statement data | Other Key Ratios | ||||||||||||||||||
86 | Discuss the limitations of financial statements | Limitations of Financial Statements | ||||||||||||||||||
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89 | Module 5: Define managerial accounting, its key elements, and its role in a business | Managerial Accounting in Business | ||||||||||||||||||
90 | 5.1 | Describe the difference between financial and managerial accounting | Introduction to Financial and Managerial Accounting | |||||||||||||||||
91 | Compare and contrast financial accounting and managerial accounting | Differentiating Between Financial and Managerial Accounting | ||||||||||||||||||
92 | Explain the key components of managerial accounting | Managerial Accounting | ||||||||||||||||||
93 | Analyze the relationship between financial and managerial accounting and how they are compartmentalized within modern businesses | Relationship Between Financial and Managerial Accounting | ||||||||||||||||||
94 | 5.2 | Examine the various managerial accounting perspectives throughout an organization | Introduction to Managerial Accounting Perspectives | |||||||||||||||||
95 | Identify the roles/people in a business who take on managerial accounting decisions | Accounting Decision Makers | ||||||||||||||||||
96 | Explain how accounting affects strategy development | Strategy Development | ||||||||||||||||||
97 | Explain how accounting is tied to risk management planning | Risk Management Planning | ||||||||||||||||||
98 | Explain how accounting decisions are influenced by both employee and leadership beliefs and needs | Influence on Accounting Decisions | ||||||||||||||||||
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