Week 06 - BCOR 1010 Introduction to Business Instructor:...

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BCOR 1010 Introduction to Business Instructor: Kevin McMahon Office: Room 345H Koelbel Email: kevin.mcmahon@colorado.edu Office Hrs: Monday 9:30 – 11:00, Thursday 1:00 – 2:30 or by appointment
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Admin Test Feedback? Friday Recitation Midterm Returned/Reviewed Presentation Groups Assigned Logs #1-3 Due
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Today Accounting AON Accounting Basics
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PART ONE: THE CONTEXT OF MODERN BUSINESS A. The Economic Environment World’s Economic Systems Factors of Production The Role of Profit The Market Economy The Laws of Supply and Demand Imperfect Competition Economic Indicators
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PART ONE: THE CONTEXT OF MODERN BUSINESS B. The Role of the Government Channeling Markets Along Competitive Lines Equality versus Efficiency Market Failures: Externalities and Public Goods
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PART ONE: THE CONTEXT OF MODERN BUSINESS C. Corporate Social Responsibility Taking Account of Stakeholders’ Interests Ethics and the Individual
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PART ONE: THE CONTEXT OF MODERN BUSINESS D. The Globalization of Markets The Extent The Appeal The Barriers The Concerns and Emerging Issues
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PART TWO: THE BUSINESS AS AN ENTITY Business Forms Entrepreneurship
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PART THREE: THE INTERRELATED FUNCTIONS OF BUSINESS Accounting Finance Marketing Midterm #2 (3/18) Management
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Goals Gain a basic knowledge of the different functional areas of business Understand the basic trade-offs in business decisions Gain personal insight into your interests and career goals
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Accounting Outline Uses of Information: Internal versus External GAAP and IFRS “The Language” Fundamental Financial Statements Assessing Financial Health: An Intro to Ratios
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Accounting - definition Accounting is the recording , measurement , and interpretation of financial information used in business decisions. ( Ferrell, Hirt, & Ferrell, Business: A Changing World , 2006, p. 434)
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Is it Accounting or Bookkeeping? Bookkeepers are responsible for obtaining and recording the information that accountants require to analyze a firm’s financial position Accountants are not only trained to record financial information, but to understand, interpret, and even develop the sophisticated accounting systems necessary to classify and analyze complex financial information
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Corporate Accounting Users and Uses Financial – external Used by the company to report financial performance to any group outside the business Managerial – internal Used by the company in planning and directing the course of the organization Cash flow, budgets, operations, costing
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Accounting Who uses Financial Accounting information?
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This note was uploaded on 12/13/2010 for the course BCOR 1010 at Colorado.

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Week 06 - BCOR 1010 Introduction to Business Instructor:...

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