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Lecture 1

AFM123 Lecture Notes - Lecture 1: Digital Evidence, Income Statement, Inventory Turnover

Accounting & Financial Management
Course Code
Peter Blake

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ARBUS 102/AFM 123 Monday January 4, 2016
Instructor: Peter Blake
Office: M3 2011
Office hours:
Monday, 10:00-12:00pm and Wednesday 12:00-2:00pm
Grade breakdown:
Assignments - 20% - easy to obtain 20/20 because you have unlimited tries on Connect to re-
submit until you get the mark you desire
Midterm - 35% - February 24, 2016, it may look like it is 2 hours long but it is only 1.5 hours
Final - 45% - cumulative, but focuses on second half of course, which is the management
Tips for success in the class, especially if you did not take an accounting course in high school:
People who get 90% are the ones asking questions, the prof knows where you sit, and
he sees you come each time and remembers your face
Not only teaching the course for new students
Slides on LEARN - extra material, good idea to go over especially if accounting is
completely new to you. Contains the basic terms which that will be covered in class.
The course is very manageable - just stay on top of things :)
Is used to measure how well a business is doing
For example an accountant who works in a desk making factory:
They make sure the factory runs well (purchase materials when needed)
Expenses, such as paying suppliers
Primary job: record business transactions
Other uses for accounting:
Want to know if the business is profitable
Keep record of money going in and out - cash control
Identify problems and find solutions
Checking liquidity - how fast assets can be converted into cash
Compare to other companies in the industry
Compare to your own company, to how well you did in previous years
Ratio analysis inventory turnover
Accounts receivable turnover
Accounts receivable: Sales
Accounts payable: Purchases, expenses
Income statement
Answers the question of, “Did we make money?”
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