Human resources professionals need to be able to prepare, analyze and interpret financial reports. This course provides participants with a basic understanding of financial and management accounting and how they relate to each other and the organization. Participants will study the major financial statements produced by a business and will acquire the ability to execute detailed calculations with regards to these reports as well as other accounting related information.
Those working towards their University of Guelph Diploma in Human Resources Management, Certified Human Resources Professional (CHRP) designation, PMCP and people working in or who wish to work in Human Resources or Payroll.
Upon successful completion of the course, students will be able to:
- Review the purpose of financial and management accounting
- Interpret and analyze income statements, balance sheets, and retained earnings statements
- Calculate and interpret financial ratios
- Examine cost behavior and its implications to financial systems
- Calculate and interpret contribution margin analysis and break-even analysis
- Identify risk through sensitivity analysis
- Explain allocation of costs; including service department costs
- Describe activity based costing
- Prepare an operating budget
- Purpose and objective of accounting
- Financial reports (balance sheet, income statement, statement of retained earnings, statement of changes in financial positions)
- Financial analysis using ratios
- Cost-volume-profit analysis
- Cost systems
- Budget preparation and control.
Human Resources Generalist, Payroll Specialist, Human Resources Manager
Applies Towards the Following Certificates
- Diploma in Human Resources Management : Required Courses