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Michael Olafusi

MIT: Financial and Managerial Accounting

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You can register on MIT Opencourseware for Financial and Managerial Accounting at https://ocw.mit.edu/courses/sloan-school-of-management/15-514-financial-and-managerial-accounting-summer-2003/

About the course

The goal is to help you develop a framework for understanding financial, managerial, and tax reports. Many at the forefront of accounting education have goals generally consistent with this course objective. For example, Dr. Jean Wyer, a former accounting professor who refers to herself as "Dean" of Cooper & Lybrand's educational programs, told soon-to-be professors at an Accounting Doctoral Consortium to abandon debits and credits. To paraphrase Dr. Wyer:

"You should not be teaching debits and credits; they are a holdover from the past that were needed to balance entries and accounts before we had computers. Modern electronic information systems do not have T-accounts or journal entries, and students need only understand a lesson taught the first day of an algebra course to master bookkeeping concepts: Assets = Liabilities + Owners' Equity."

Because 15.514 is likely quite different than you might expect, the next few pages provides an overview of our objectives, how we plan to get there, and additional details about how each class will be structured.

The essential elements of our strategy to help you reach the course goal is outlined in the course challenges. In addition, the structure of each day's class and related assignments are designed complement the challenges.


1 Overview

Acknowledgement is hereby given to Professor G. Peter Wilson for his authorship of the following works incorporated into this slideshow:
  • The Five Challenges (slides 4-5)
  • "What Do Intel and Accountants Have in Common?" (slides 9-16)
  • A Conceptual Framework for Financial Accounting (slide 17)
(PDF) (PDF)  
2 Principles of Accrual Accounting (PDF) (PDF)  
3 Elements of an Annual Report and Financial Ratios (PDF)    
4 Revenue Recognition (PDF) (PDF)  
5 Revenue Recognition (PDF) (PDF)  
6 Inventory / Cost of Goods Sold (PDF) (PDF)  
7 Long-Term Assets / Depreciation (PDF) (PDF)  
8 Matching Principle for PP&E (PDF)    
9 Statement of Cash Flow (PDF) (PDF) Exercise for Preparing the Statement of Cash Flows (PDF)
Note on Cash Flow Statements (PDF)
10 Additional Discussion of Topics   (PDF)  
11 Accounting for Taxes (PDF) (PDF)  
12 Marketable Securities (PDF) (PDF)  
13 Current Liabilities / Long-Term Debt (PDF) (PDF) Class Preparation Questions (PDF)
14 Long-Term Debt (PDF) (PDF)  
15 Leases and Off-Balance Sheet Financing (PDF) (PDF)  
16 Introduction to Cost Concepts (PDF) (PDF)  
17 Activity-Based Costing (PDF)    
18 Moving Beyond ABC (PDF)    
19 Managerial Accounting and Financial Reporting (PDF)    
20 Wrap-up   (PDF)  


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