Об этом курсе: Whenever the word “accounting” is pronounced, it is immediately associated with the need to memorize endless boring numbers. However, it is the common financial statements that contain important information that provides inputs for valuation of investment projects. The only challenge is how to properly extract them. Accounting and finance are indeed intertwined. Sometimes people that are not experienced in the area even mix them up. But most often emphasis in accounting is on numbers. Still, the deep understanding of key accounting concepts helps reveal the interests and actions of people behind these numbers. And the human dimension of accounting adds invaluable insight in the potential of successful project implementation. This Course discusses core ideas and concepts of both financial and managerial accounting. It by no means pretends to be comprehensive to any extent. But, being rather an accounting overview, it focuses on the issues that are most relevant and important for effective valuation of investment projects. The learners will gain insight into the essence of accounting. They will be able to use the obtained knowledge and skills to successfully advance in their career at a financial institution, as well as in the area of financial management at non-financial businesses. To pursue a career in accounting, a more detailed study is strongly recommended.
Для кого этот курс: The Course is designed for a wide audience of those interested in finance and accounting either professionally or just of curiosity. The audience includes managers of different levels – from top to line – specializing in finance, accounting, business planning, strategy, consulting, and project management. It will be of interest to the IT specialists engaged in the area of finance, accounting, fintech, big data, valuation etc. The Course might also add value to the students and instructors, and to anyone willing to better understand the core accounting ideas, approaches, and models, as well as the opportunities to properly apply them in finance.
Автор: Московский физико-технический институт, American Institute of Business and Economics
Преподаватели: Konstantin Kontor, Director and Professor of Finance and Strategy
American Institute of Business and Economics (AIBEc)
| Основные сведения | Course 3 of 5 in the Understanding Modern Finance Specialization |
| Уровень | Intermediate |
| Язык | English |
| Как пройти курс | Чтобы пройти курс, выполните все оцениваемые задания. |
Программа курса
НЕДЕЛЯ 1
Financial Accounting – Basic Principles. Transaction Analysis. Income Recognition. Accounting for Current Assets
In Week 1 we discuss the scope of accounting and its two major areas – financial and managerial accounting. In the first part of the Course – Weeks 1 through 3 – we talk about financial accounting (FA). First, the key financial statements – the Balance Sheet (BS), the Income Statement (IS), and the Statement of Cash Flows (SCF) – are introduced, and the accounting equation is analyzed.
Then we move on to the basic accounting principles, standards, and approaches – from double-entry bookkeeping to GAAP. Equipped with the general understanding of the financial accounting approach, we apply accounting procedures to transaction analysis. Then we study revenue and expense recognition, and focus on accounts receivable and bad debts. Finally, you will learn how financial accounting deals with inventories.
12 видео, 11 материалов для самостоятельного изучения, 1 practice quiz
- Reading: Konstantin Kontor
- Reading: AIBEc. The American Institute of Business and Economics
- Видео: Introduction
- Reading: Grading
- Reading: Handouts – an important comment
- Видео: 1.1. Why study accounting?
- Видео: 1.2. What is accounting? Financial vs. managerial accounting
- Видео: 1.3. Key financial statements – BS, IS, SCF
- Видео: 1.4. Accounting principles. GAAP
- Видео: 1.5. Double-entry bookkeeping
- Видео: 1.6. Transaction analysis – an example
- Видео: 1.7. Revenue and expense recognition
- Видео: 1.8. Cash and accounts receivable
- Видео: 1.9. Accounting for inventories (1) – cost travel
- Видео: 1.10. Accounting for inventories (2) – cost of goods sold
- Видео: 1.11. Accounting for inventories (3) – FIFO, LIFO, LCM
- Reading: 1.1. Financial accounting basics
- Reading: 1.2. Accounting record-keeping
- Reading: 1.3. Transaction analysis – an example
- Reading: 1.4. Revenue and expense recognition – an overview
- Reading: 1.5. Accounting for uncollectibles
- Reading: 1.6. Accounting for inventories (1) – cost travel
- Reading: 1.7. Accounting for inventories (2) – basic concepts. FIFO, LIFO, LCM
- Practice Quiz: 1 (Practice)
- Discussion Prompt: Open Question 1
Оцениваемый: 1 - Basic accounting procedures for current assets
НЕДЕЛЯ 2
Operational Assets. Depreciation. Short-Term Investments. Long-Term Liabilities. Shareholders’ Equity. Some Tax Issues
Week 2 is devoted to long-term assets and liabilities. We start with operational assets and see the role of depreciation and amortization in financial accounting and compare it to the way depreciation is used in valuation of investment projects.
Then we discuss how financial investments in securities – stocks and bonds – are treated in accounting dependent upon goals and time horizon of holding and/or issuing of these securities. You will see how financial concepts (present values) are used in accounting for bond premium/discount amortization. Finally, an overview of the accounting approach to taxes is provided. On an example, you will study the core idea of deferred taxes.
12 видео, 5 материалов для самостоятельного изучения, 1 practice quiz
- Видео: 2.1. Operational assets – types and accounting approach
- Видео: 2.2. Depreciation
- Видео: 2.3. Depreciation tax shield
- Видео: 2.4. Intangible assets – accounting and amortization
- Видео: 2.5. Short-term investments in bonds
- Видео: 2.6. Short-term investments in stocks
- Видео: 2.7. Bonds (1) – parameters and accounting approach
- Видео: 2.8. Bonds (2) – amortization of premium/discount
- Видео: 2.9. Equity (1) – accounting for common and preferred stock
- Видео: 2.10. Equity (2) – treasury stock and stock dividends
- Видео: 2.11. Accounting for taxes – an overview
- Видео: 2.12. Deferred taxes – an example
- Reading: 2.1. Operational assets
- Reading: 2.2. Depreciation tax shield
- Reading: 2.3. Accounting for long-term liabilities
- Reading: 2.4. Accounting for shareholders’ equity
- Reading: 2.5. Accounting for income taxes – an overview
- Practice Quiz: 2 (Practice)
Оцениваемый: 2 - Depreciation, amortization, and deferred items
НЕДЕЛЯ 3
The Statement of Cash Flows. Analysis and Use of Financial Statements. Financial Accounting and Project Valuation
In Week 3 of the Course we discuss the idea and format of the Statement of Cash Flows and use examples to delve deeper in its role and importance. Special attention is paid to the use of financial accounting inputs – cash flows, net income, and investments – in valuation.
Then we briefly discuss the analysis and use of financial statements as a powerful tool in the overall assessment of performance, financial stability, and future development of a company or investment project. Finally, wrapping up the first part of the Course, we draw conclusions about the role of financial accounting in financial valuation in the world of uncertainty.
12 видео, 3 материалов для самостоятельного изучения, 1 practice quiz
- Видео: 3.1. The statement of cash flows (SCF) – idea and format
- Видео: 3.2. SCF – Example 1
- Видео: 3.3. SCF – a more advanced Example 2 (1)
- Видео: 3.4. SCF – a more advanced Example 2 (2)
- Видео: 3.5. Valuation revisited – cash flows, net income, and FCF
- Видео: 3.6. Comparison of interest treatment in SCF and FCF
- Видео: 3.7. The big question – why use earnings?
- Видео: 3.8. Analysis and use of financial statements – an overview
- Видео: 3.9. Ratio analysis (1) – current position and performance
- Видео: 3.10. Ratio analysis (2) – capital structure
- Видео: 3.11. Ratio analysis (3) – operating performance
- Видео: 3.12. Financial accounting and valuation – conclusions
- Reading: 3.1. The statement of cash flows (1) – the idea and format
- Reading: 3.2. The statement of cash flows (2) – an example
- Reading: 3.3. Analysis and use of financial statements – an overview
- Practice Quiz: 3 (Practice)
- Discussion Prompt: Open Question 2
Оцениваемый: 3 - SCF inputs and ROI ratios
НЕДЕЛЯ 4
Managerial Accounting – Core Ideas. Cost Behavior. Direct and Indirect Costs. Indirect Cost Allocation
Weeks 4 through 6 of the Course are devoted to the issues of managerial accounting. First, we introduce the key ideas of managerial accounting, and compare it to the financial accounting. We focus on the much closer link of managerial accounting to people.
Then the core idea of managerial accounting – cost – is introduced and discussed. You will learn why it is so important to identify the total cost of any product, project, or division. We will study cost behavior, fixed and variable costs, and break-even point.
The last part of Week 3 discusses cost tracing and allocation as a major task of any in-depth cost analysis. We study an example and come up with the tracing and allocation roadmap.
12 видео, 4 материалов для самостоятельного изучения, 1 practice quiz
- Видео: 4.1. What is managerial accounting? Key ideas
- Видео: 4.2. Managerial vs. financial accounting – a comparison
- Видео: 4.3. Systems of managerial accounting
- Видео: 4.4. Introduction to costs – major terms
- Видео: 4.5. Cost behavior
- Видео: 4.6. Total cost – concept and information
- Видео: 4.7. Direct and indirect costs
- Видео: 4.8. Indirect cost allocation
- Видео: 4.9. Cost allocation example (1) – initial cost allocation
- Видео: 4.10. Cost allocation example (2) – cost re-allocation
- Видео: 4.11. Cost allocation example (3) – cost allocation rates
- Видео: 4.12. The tracing and allocation roadmap
- Reading: 4.1. The nature of managerial accounting
- Reading: 4.2. Cost behavior
- Reading: 4.3. Total cost (1) – the concept. Direct and indirect costs
- Reading: 4.4. Total cost (2) – direct costs measurement and overhead allocation
- Practice Quiz: 4 (Practice)
- Discussion Prompt: Open Question 3
Оцениваемый: 4 - Cost behavior and cost allocation
НЕДЕЛЯ 5
Activity-Based Costing (ABC). Relevant Costs
In Week 5 we will study the more advanced approaches to costing – activity-based costing (ABC) and relevant costs – that provide for the more accurate costing of products, projects, and divisions, and allow to reveal actual relationship between numbers and people.
We start with the analysis of ABC on an example of a small retail firm. Then we move on to the more detailed example of the use of ABC in manufacturing. Both examples will help us gain insight in the role of ABC in identifying ways to improve performance.
Finally, we analyze the idea of relevant costs and its application to managerial actions –make-or-buy decisions, product mix under capacity constraints, customer profit analysis. Of special attention will be the role of relevant and opportunity costs in valuation.
12 видео, 8 материалов для самостоятельного изучения, 1 practice quiz
- Видео: 5.1. Activity-based costing (ABC) – an overview
- Видео: 5.2. ABC for a retail firm (1)
- Видео: 5.3. ABC for a retail firm (2)
- Видео: 5.4. ABC in manufacturing (1)
- Видео: 5.5. ABC in manufacturing (2)
- Видео: 5.6. Insights provided by ABC
- Видео: 5.7. Relevant costs – an idea
- Видео: 5.8. Make-or-buy decisions (1)
- Видео: 5.9. Make-or-buy decisions (2)
- Видео: 5.10. Product mix under capacity constraints
- Видео: 5.11. Customer profit, ABC, and relevant costs
- Видео: 5.12. Irrelevance of past costs
- Reading: 5.1. Activity-based costing (1) – ABC for a retail firm
- Reading: 5.2. Activity-based costing (2) – ABC in manufacturing
- Reading: 5.3. Insights provided by ABC
- Reading: 5.4. The concept of relevance
- Reading: 5.5. Outsourcing and make-or-buy decisions
- Reading: 5.6. Product mix under capacity constraints
- Reading: 5.7. Customer profit, ABC, and relevant costs
- Reading: 5.8. Irrelevance of past costs
- Practice Quiz: 5 (Practice)
- Discussion Prompt: Open Question 4
Оцениваемый: 5 - Costs, activities, and relevance
НЕДЕЛЯ 6
Budgets and Responsibility Accounting. Accounting and Valuation – Final Conclusions
Week 6, the final week of the Course, is devoted to the discussion of budgets and responsibility accounting as powerful tools of improving efficiency and quality of managerial decision making. A comprehensive example of preparing the operational budget will help reveal the interdependence of different areas of management in the budgeting process.
We will also discuss responsibility accounting in some more detail to follow relationships between decision makers, processes, and results – or, as we call it, numbers and people. We will comment on some major trends in approaching budgeting in the fast changing, uncertain, and complex world.
Finally, we summarize the contribution of accounting to the valuation of investment projects. As a result, you will be able to successfully apply the obtained knowledge and skills well beyond accounting, but in any financial and managerial area.
12 видео, 4 материалов для самостоятельного изучения
- Видео: 6.1. Budgets – an overview. The budgeting cycle
- Видео: 6.2. Budgets, planning and project management
- Видео: 6.3. The master budget – an idea
- Видео: 6.4. Operational budget – the data (1)
- Видео: 6.5. Operational budget – the data (2)
- Видео: 6.6. Preparing operational budget (1)
- Видео: 6.7. Preparing operational budget (2)
- Видео: 6.8. Preparing operational budget (3)
- Видео: 6.9. Preparing operational budget (final steps)
- Видео: 6.10. Budgeting and responsibility accounting
- Видео: 6.11. Changes in budgeting – major trends
- Видео: 6.12. Accounting and valuation – final conclusions
- Reading: 6.1. Budgets – ideas, roles, and advantages
- Reading: 6.2. Preparing operating budget (1) – the data
- Reading: 6.3. Preparing operating budget (2) – the road map
- Reading: 6.4. Budgets and responsibility accounting
- Discussion Prompt: Open Question 5
Оцениваемый: Final Test
Оцениваемый: Project essay
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Авторы
Московский физико-технический институт
Московский физико-технический институт (неофициально известный как МФТИ или Физтех) является одним из самых престижных в мире учебных и научно-исследовательских институтов. Он готовит высококвалифицированных специалистов в области теоретической и прикладной физики, прикладной математики, информатики, биотехнологии и смежных дисциплин. Физтех был основан в 1951 году Нобелевской премии лауреатами Петром Капицей, Николаем Семеновым, Львом Ландау и Сергеем Христиановичем. Основой образования в МФТИ является уникальная «система Физтеха»: кропотливое воспитание и отбор самых талантливых абитуриентов, фундаментальное образование высшего класса и раннее вовлечение студентов в реальную научно-исследовательскую работу. Среди выпускников МФТИ есть Нобелевские лауреаты, основатели всемирно известных компаний, известные космонавты, изобретатели, инженеры.
American Institute of Business and Economics
The American Institute of Business and Economics (AIBEc) offers a wide variety of business courses in finance, accounting, marketing, strategy, HR, business law, economics, general management, business psychology, as well as course projects and the Field study. AIBEc provides for flexibility and customization of programs and schedules.
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