This is an introductory course in business economics and accounting. The course is intended to give students an introduction to basic methods and techniques in the discipline of business economics and accounting. The course forms the basis for subsequent BED courses, particularly BED5 Management Control Systems.
The first part of the course covers basic cost theory, including relevant costs, volume and profit analysis. An introduction is also provided to investment analysis.
The second part of the course addresses information and the use of information from the operating accounts, both for cost calculation and for decision-making and control purposes. Important topics include preparing standard cost accounts, variance analyses and budgets.