IE241 FINANCIAL AND MANAGERIAL ACCOUNTING FOR ENGINEERS
| Course Code: | 5680241 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Industrial Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Prof.Dr. SERHAN DURAN |
| Offered Semester: | Spring Semesters. |
Course Objectives
1- At the end of the course, the students will understand basics of financial accounting procedures and interpret financial statements.
2- At the end of the course, the students will be able to apply costing techniques for different manufacturing/service environments.
3- At the end of the course, the students will be able to use cost information in planning and decision making.
Course Content
Basics of financial accounting. Preparation of balance sheet, income statement and flow of funds statement. Inventory valuation and depreciation methods. Basics of accounting. Definition of costs. Absorbtion cost techniques, with an emphasis on allocation of overhead in manufacturing organizations. Budgeting. Variance Analysis. Cost-Volume-Profit Analysis. Pricing decisions, special decisions based on incremental analysis.
Course Learning Outcomes
Students will be able to
- record transactions in a business cycle,
- prepare financial documents,
- perform financial statement analysis,
- allocate costs in a job-costing environment,
- allocate costs in a process costing environment,
- allocate joint production and support department costs,
- apply activity based costing to increase accuracy in cost allocation,
- prepare budgets,
- perform variance analysis,
- identify relevant costs in a decision making problem,
- select among alternative courses of actions.
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | An ability to identify, formulate, and solve complex engineering problems by applying principles of engineering, science, and mathematics | ✔ | |||
| 2 | An ability to apply engineering design to produce solutions that meet specified needs with consideration of public health, safety, and welfare, as well as global, cultural, social, environmental, and economic factors | ✔ | |||
| 3 | An ability to communicate effectively with a range of audiences | ✔ | |||
| 4 | An ability to recognize ethical and professional responsibilities in engineering situations and make informed judgments, which must consider the impact of engineering solutions in global, economic, environmental, and societal contexts | ✔ | |||
| 5 | An ability to function effectively on a team whose members together provide leadership, create a collaborative and inclusive environment, establish goals, plan tasks, and meet objectives | ✔ | |||
| 6 | An ability to develop and conduct appropriate experimentation, analyze and interpret data, and use engineering judgment to draw conclusions | ✔ | |||
| 7 | An ability to acquire and apply new knowledge as needed, using appropriate learning strategies | ✔ | |||
| 8 | An ability to design, analyze, operate, and improve integrated systems that produce and/or supply products and/or services in an effective, efficient, sustainable, and socially responsible manner | ✔ | |||
| 9 | An ability to apply critical reason and systems thinking in problem solving and systems design | ✔ | |||
| 10 | An ability to use scientific methods and tools (such as mathematical models, statistical methods and techniques) necessary for industrial engineering practice | ✔ | |||