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Business Accounting: The Conversion Cycle

Audience

Managers, prospective managers, and any other employees seeking competency in the area of accounting

Prerequisites

A basic understanding of the accounting function

Course Aim

To provide students with an overview of the conversion cycle and the role of accounting within it

Learning Objectives

Discuss recent business trends. Define the management cycle. Define the conversion cycle. Outline and discuss conversion cycle activities. Explain how material events and labor events are recorded. Define manufacturing overhead. Describe a 'cost of goods' report. Explain how financial statements are used in the conversion cycle.

Topics Covered

Modern Markets and the Management Cycle - Changes in the business environment - The management cycle The Conversion Cycle Defined - Conversion cycle activities - Analyzing and recording materials and labor events - Manufacturing overhead events - Hands-on: Determining a cost driver End Products in the Conversion Cycle - Reporting cost of goods - The conversion cycle income statement and balance sheet - Hands-on: Where does the entry go?