Academic Reflection And Analysis: Wilfrid Laurier University

This course focuses on ways in which financial statements reflect business operations and emphasizes use of financial statements in the decision-making process. The course encompasses all business forms and various sectors such as merchandising, manufacturing and service. Students make extensive use of spreadsheet applications to analyze accounting records and financial statements. Prerequisites: COMP100 and MATH114 / 4-4

cognizant of the fact that the choices he makes can affect the price a buyer pays

We would like to congratulate your office on the first successful year of operating and maintaining Ryerson’s Student Learning Centre. When the announcement was made that Ryerson would be adding this state of the art facility to our campus we as students were ecstatic to experience a learning space which was truly unique. Although the Student Learning Centre has been extremely beneficial to all students Ryerson Students this far, we believe the space has not been used to its full potential.

1. How does PPLS create value for its customers? What are the critical risks that it has to manage well?

The Accounting for Management Decision Making class has provided several concepts that have improved my ability to make decisions for my organization, a large hospital. I now have an understanding of methods to determine if a capital project is possible such as discounted cash flow, net present value, accounting rate of return, payback and internal rate of return. This course also helped me increase my knowledge of strategic planning, forecasting and budgeting. Additionally, I learned to calculate standard versus actual costs as well as opportunity cost.

The course is designed to allow individuals who do not prepare accounting and financial documents to understand and use these documents as tools in effective managerial decision-making, control and planning. Topics include purposes of financial statements, analysis of financial statements using basic accounting concepts, budgeting, and financial accountability in an organization

Learning Objective: 04-02 Explain the purpose of adjustments and analyze the adjustments necessary at the end of the period to update balance sheet and income statement accounts.

This course provides a framework for financial accounting concepts and practices used by internal and external users in businesses. Topics presented include the accounting cycle, financial reporting, financial statements analysis, ratio calculation and interpretation, and management decision making based on financial results.

Harrison, W. T. (2013). Financial Accounting, VitalSource for DeVry University, (9th ed.). Pearson Learning Solutions.

How do you envision using the knowledge from this course in your current role or your role after graduation?

sets from the accounting and audit departments. Building the right foundation is important in the

The accounting system we use today started in Venice in renaissance period over 520 years ago. The trade business increased hugely during this time and all the financial recordings had to be written down to help people see how their business is doing. During that time in 1494 the first book about was published in accounting by Luca Paciolli and was called “The Collected Knowledge of Arithmetic, Geometry, Proportion and Proportionality”. He was called “The father of Accounting” and most of his described principles have been used up until this day.

I found several helpful strategies throughout this course but the ones I found to be most beneficial were the ones on setting goals and managing financial

Is there anything you have found to be helpful that you learned from the class (such as being able to answer tax questions for friend; able to do your own taxes better, etc.)?

For instance, the concept of cost estimation which assists in estimating future expenditure as the expenditure depends on the cost of the respective activities can be applied in the setting of a budget which is simply an estimate and schedule of all costs required to be assigned to an activity. One can make an estimation of the resources required for an activity by applying the cost estimation techniques. Since there are limiting factors to each activity such as scarcity of resources for activities, the concept of constraints can be applied together with the concept of cost volume profit analysis to ensure that maximum benefits are driven from the scarce resources and the number of activities that are available. This facilitates the allocation of resources that most equitable and profitable. The theory of constraints is also applicable in the process of setting up budgets. In setting up budget one considers the amount of resources that are available and cannot therefore set a budget plan that exceeds the amount of resources that are available. This implies that the budget is constrained by the amount of