Financial Information for Decision Making

Overview

The aim of this unit is to provide a framework to learn accounting concepts. Students will learn how accounting concepts can be applied in business and provide useful information for evaluating and decision-making. Whatever aspect of business students intend to specialise in, they will need to be familiar with the concepts and principles underlying the practice of accounting. Such knowledge will enable students to understand the importance of financial information in decision-making and thereby provide them with the necessary financial literacy for their future roles in the world of business.

Unit learning outcomes

1. Discuss and evaluate the role that financial information plays in practice within an environment of business decision making.
2. Apply accounting tools to prepare financial reports for both external and internal business use.
3. Research and evaluate financial information in order to solve problems and to aid business decision making.
4. Organise and communicate financial information, supported by well-reasoned arguments as appropriate.
5. Work both independently and as a member of a team.

Teaching methods

Hawthorn

Assessment

Content

• Business Reporting - Financial reporting - Introduction to financial reports and their use in decision making
• Business Reporting - Recording & reporting business transactions using accrual accounting
• Business Reporting - Preparation and use of Cash Flow Statement
• Performance Assessment - Analysis & Interpretation of Financial Reports
• Performance Assessment - Introduction to Performance Evaluation - business unit & business unit manager
• Business Planning - Revenue & Cost Determination
• Business Planning - Cost Behaviour & Cost Volume Profit Analysis (CVP)
• Business Planning - Operational Decision Making