D774A_Introduction_Business_Accounting

Course Description and Competencies

What to Expect

In this course, you will work through four modules of content. These modules are broken into smaller lessons. Throughout the course, you will find readings and a variety of interactive elements. These include practice quizzes and knowledge checks to help deepen your understanding of the content. Engaging with these activities reinforces new learning. It also complements the knowledge you bring to this area of study.  

In this course, you will learn about the following:

The role of financial and managerial accounting in business
The use of financial statements in business
The basic methods of budgeting in business
The ways costs and profits are managed in business

Note

This is a supplemental resource that provides foundational knowledge. It has no assessment and provides no competency units.

Course Outline

Module	Upon completion of this module, you will be able to:
Finance and Management	Describe the ethics and regulatory environment of accounting. Explain the key differences between financial and managerial accounting and how each supports business decision-making. Describe the ethics and regulatory environment of accounting.
Financial Statements	Explain the purpose, characteristics, and limitations of the income statement. Explain the purpose, characteristics, and limitations of the owner's equity statement. Explain the purpose, characteristics, and limitations of the balance sheet. Explain the purpose, characteristics, and limitations of the cash flow statement. Explain the relationship between the income statement, balance sheet, and cash flow statement.
Budgeting	Describe the incremental budgeting process. Describe the zero-based budgeting process. Compare and contrast when to use incremental vs. zero-based budgeting. Perform a variance analysis when provided with financial information.
Costs and Profits	Explain the role of profit centers, departmental, and accountability reporting. Identify cost types and behaviors. Identify cost methodologies. Describe cost volume, profit analysis, and break-even analysis.

Technology Requirements

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You will need Adobe Acrobat Reader DC. If you haven't already, download this free software. You may encounter an interactive form that contains fields that you can select or fill in. Review how to fill in a PDF form.

For other details about the technology you'll need, review the Computer System and Technology Requirements. If you have questions about your setup, contact support@academy.wgu.edu.

Key Contacts

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Accommodations

WGU provides compliant and accessible learning experiences. If you require accommodation, please contact us at the start of the course. You can email disability@academy.wgu.edu.

We are committed to ensuring that all students with disabilities have equal access to WGU's services and materials. We strive to use best practices for accessibility. Our goal is to conform to existing U.S. laws, including the Americans with Disabilities Act and Section 504 and Section 508 of the Rehabilitation Act.

Our learning management system (LMS) platform is Open edX. Open edX’s commitment to accessible content is published in their Website Accessibility Policy.