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Michael Olafusi

MIT: Introduction to Financial and Managerial Accounting

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You can register on MIT Opencourseware for Introduction to Financial and Managerial Accounting at https://ocw.mit.edu/courses/sloan-school-of-management/15-501-introduction-to-financial-and-managerial-accounting-spring-2004/ 

About the course

This course studies basic concepts of financial and managerial reporting. The viewpoint is that of readers of financial and managerial reports rather than the accountants who prepare them.


1 Overview of the course, Administrative matters, Discussion of Accounting Framework Pratt: skim Ch. 1, incl. Appendix 1A
2 The Balance Sheet and the Recording of Transactions Pratt: Ch. 2 and 3, skim Ch. 5

Do: P2-1, E3-3

Opt: P2-3, P2-4, P2-9
3 The Income Statement and Principles of Accrual Accounting Pratt: Ch. 2 and 3, skim Ch. 3

Do: P2-2, E2-4

Opt: E2-12, ID2-7
4 The Income Statement and Principles of Accrual Accounting (cont.) Pratt: Ch. 3 and 4, skim Appendix 4A

Do: P3-7, E4-19, E4-2

Opt: E4-5, E4-16
5 The Accounting Process Case: Chemalite, Inc.
6 Revenue Recognition Pratt: Ch. 3 (pp. 83-85) and Ch. 6

Do: E6-6, E6-8

Opt: P6-7
7 Revenue Recognition (cont.) Case: Circuit City

Pratt: Ch. 6

Do: P6-3, P6-4

Opt: P6-10
8 Inventory/Cost of Goods Sold Pratt: Ch. 7

Do: P7-4, P7-9

Opt: P7-6
9 Statement of Cash Flow Pratt: Ch. 14

Do: P14-2, E14-8

Opt: E14-7
10 More on the Statement of Cash Flows/Exam Review Do: E14-9, E14-10
11 First Exam  
12 Long-term Assets/Depreciation (Deferred Taxes) Pratt: Ch. 9, incl. App. 9A and 10B, pp. 439-442

Do: E9-5, E9-18, E10-11

Opt: ID9-7, BE9-3, P10-8
13 Matching Principle for PP&E Case: Depreciation at Delta and Pan Am
14 Marketable Securities (Deferred Taxes) Pratt: Ch. 8 (through p. 332)

Do: E8-2, E8-5, P8-6

Opt: P8-5
15 Marketable Securities, Time Value of Money Pratt: Appendix B

Do: EB-11, EB-14
16 Long Term Debt Pratt: Ch. 11 through p. 476 Appendix 11A

Do: E11-5, E11-9

Opt: E11-3, E11-18
17 Leases and Off-Balance Sheet Financing Pratt: Ch. 11 (p. 483 to end)

Do: P11-13, P11-14

Opt: ID11-6
18 Current Liabilities and Contingencies Case: Accounting for Frequent Fliers

Pratt: Ch. 10

Do: E10-9, P10-2

Opt: P10-5, ID10-1, ID10-3
19 Midterm 2 Review  
20 Second Exam  
21 Intangibles and Business Combinations Pratt: Ch. 8, pp. 332-339

Do: P8-10, P8-14
22 Introduction to Cost Concepts CP: A Brief Introduction to Cost Accounting; Activity Accounting: Another Way to Measure Costs; On the Folly of Rewarding A, While Hoping for B
23 Indirect Allocation of Costs, Destin Brass Case: Destin Brass Products
24 ABC, Destin Brass Case: Destin Brass Products
25 Managerial Accounting Wrap-up, Seligram Discussion Case: Seligram Inc. Electronic Testing Operations
26 Course Review/Wrap-up  
  Final Exam  

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