Complete Business Math for Accountants is an essential course for professionals seeking to enhance their understanding and application of business mathematics in real-world scenarios. The course offers a treasure trove of filled-in examples, illustrations, and practical applications covering various aspects of business finance. From computing the cost of credit and capital to analyzing budget accuracy and cash flow management, this course addresses key areas that are crucial in today's business landscape. It delves into forecasting methods, regression analysis, inventory control, and financial ratio analysis, providing a robust foundation for strategic decision-making. By the end of this course, participants will not only have gained a deeper understanding of vital financial concepts but also the ability to apply mathematical reasoning to solve business problems effectively, thereby enhancing the operational efficiency and profitability of their organizations.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Compute the cost of credit using different methods.
Calculate due dates.
Define and compute the cost of capital.
Chapter 2
Recognize the major steps in budget preparation.
Calculate a production budget.
Identify budget accuracy ratios.
Recognize importance of cash budgeting and the steps involved.
Chapter 3
Identify different methods used for business forecasting.
Recognize how regression analysis can be used, and the implication of regression statistics.
Recognize the attributes of the Chi-Square test.
Chapter 4
Identify components of the cash flow statement and different financing activities.
Recognize how to manage cash and accounts receivable properly.
Calculate cash flow from operations and average collection periods.
Chapter 5
Identify key concepts behind the economic order quantity (EOQ).
Calculate inventory reorder point.
Recognize the concepts of the ABC inventory control method.
Chapter 6
Recognize sales ratios used by management.
Calculate the relationships among price, costs, volume, and profit.
Identify how to calculate the break-even sales.
Recognize how the elasticity of demand affects total sales revenue.
Chapter 7
Recognize how the risk-return tradeoff is important in decision making.
Calculate payback periods for different projects.
Calculate the present value and identify how to calculate the present value of an annuity.
Calculate the profitability index.
Recognize internal rate of return and capitalization rate.
Chapter 8
Recognize some commonly used operating ratios
Identify how to use charting to help communicate business operations
Chapter 9
Recognize the components of the balance sheet, including assets and equity.
Identify attributes of the income statement.
Chapter 10
Recognize different ratios used in financial analysis, including liquidity, debt and profitability ratios.
Chapter 11
Identify how management can use and improve ROI.
Compute residual income and identify how it is different than ROI.
Recognize how marginal analysis can used for business decisions.
Chapter 12
Calculate average (mean), median, and mode.
Compute standard deviation.
Recognize the coefficient of variation and the normal distribution.
Chapter 13
Recognize different types of insurance
Identify insurance terms such coinsurance and fair payment
Identify the basis for how much insurance is needed
Chapter 14
Recognize how to determine human resource needs
Identify attributes of a benefits packages
Recognize the cost factor of human resources and how it varies by organization types
Chapter 15
Recognize different methods used for determining the price of a business.
Major Topics
Budgeting and Profit Planning
Managing Cash and Receivables
Buying and Selling Products and Services
Scheduling, Planning, and Efficiency Measures
Measure Business Performance
Adequacy and Cost of Insurance Coverage
Buying or Selling a Business
