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1 Course- Financial Management. PHAR 4233 Semester/Year: Spring 2015 Lecture Objective Template Lecture #1/2 Date/time: 10:00 AM 1/6-7/2015 Lecture/Name Topic: Introduction to Financial Management and Accounting 1. Understand the purpose of accounting and accountings relationship to the business of pharmacy. 2. Understand transactions and know how to set up a chart of accounts, general ledger and understand the accounts that make up both. 3. Learn the Balance Sheet, the balance sheet equation and the accounts that make up the balance sheet. 4. Learn the Income Statement, the Income Statement equation and the accounts that make up the income statement. 5. Understand the mechanics of the double entry accounting system, the account and posting transactions to accounts, debit and credit. Lecture #3 Date/time: 10:00 AM January 8, 2015 Lecture Name or Topic: Linking Transactions to Financial Reports Lecture Objectives 1. Demonstrate the calculation for Net Sales 2. Demonstrate the calculation for Cost of Goods Purchased 3. Demonstrate the creation of simple balance sheets and income statements Lecture #4/5 Date/Time: 10:00 AM January 8/9,

2 Lecture Name or Topic: Summary of Basic Accounting Concepts 1. Describe basic concepts and principles of accounting 2. Memorize and demonstrate the structure of Balance Sheet & Income Statement equations 3. Define Primary accounts for assets, liabilities, revenues and expenses 4. Define owner s equity Lecture #6 Date/Time: 10:00 AM January 14, 2015 Lecture Name or Topic: Summary of Basic Accounting Concepts 1. Demonstrate entering the pharmacy s transactions into the accounting records. Lecture #7 Lab Lecture #8 Date/Time: 10:00 AM January 16, 2015 Lecture Name or Topic: The Rules of Depreciation 1. Understand what constitutes a depreciable asset. 2. Demonstrate the calculation of three different methods of depreciation. 3. Know how to construct a depreciation schedule. 4. Be able to post the entry to record monthly depreciation. Lecture #9 Lab Lecture #10 Date/Time: 10:00 AM January 21, 2015 Lecture Name or Topic: Introduction to Non-Prescription and Prescription Pricing 1. Define various pricing terms 2. Compute mark-up on cost and retail 3. Define a professional fee 4. Describe various methods of 3 rd party pricing 2

3 Lecture #11 Date/Time: 10:00 AM January 22, 2015 Lecture Name or Topic: Introduction to Merchandise Pricing & Marketing Models 1. Define various pricing terms 2. Compute mark-up on cost and retail 3. Define a professional fee 4. Describe various methods of 3 rd party pricing Lecture #13/14/15 Date/Time: 10:00 AM January 27-29, 2015 Lecture Name or Topic: Accounting for Cost of Goods Sold and Inventory 1. Compare and contrast periodic and perpetual inventory systems 2. Describe the cost-of-goods relationship in an Income Statement 3. Describe the source of data and the computation for Cost of Goods Sold 4. Describe and compute the various methods used to place a dollar value on ending inventories Lecture #16 Date/Time: 10:00 AM January 30, 2015 Lecture Name or Topic: Preparing Financial Statements 1. Know how to prepare a trial balance. 2. Understand adjusting entries. 3. Understand how to execute closing entries. 4. Know how to prepare an income statement, balance sheet, capital statement, and sources and uses statement 5. Understand each of the statements and the usefulness to the managers and owners of the company. Lecture #17 Instructor: Joel M. Epps 3

4 Date/Time: 10:00 AM February 3, 2015 Lecture Name or Topic: The Income Statement 1. Explain the income statement equation. 2. Identify and classify the components of the income statement: revenues and expenses. 3. Construct an Income Statement from a listing of accounts. 4. Discuss the differences between an income statement for a service firm and a merchandising firm. Lecture #18 Date/Time: 10:00 AM February 4, 2015 Lecture Name or Topic: The Balance Sheet 1. Explain the balance sheet equation. 2. Identify and classify the components of the balance sheet: assets, liabilities and owner's e 3. Construct a Balance Sheet from a listing of account balances. Lecture #19 Date/Time: 10:00 AM February 5, 2015 Lecture Name or Topic: Sources and Uses Statement 1. Identify the components of the Sources and Uses Statement. 2. Develop a statement of Balance Sheet Changes. 3. Understand the sources and uses of cash. 4. Know how to use the information presented in the Sources and Uses Statement. Lecture #20 Date/Time: 10:00 AM February 6, 2015 Lecture Name or Topic: Financial Statements Lab 1. Demonstrate preparing financial statements. Lecture #21 4

5 Date/Time: 10:00 AM February 10, 2015 Lecture Name or Topic: Introduction to Ratios 1. Understand the calculation and use of common ratios used in healthcare financial management. 2. Use ratio analysis to analyze income statement and balance sheet data to detect trends and problems in the business. Lecture 23 Date/Time: 10:00 AM February 12, 2015 Lecture Name or Topic: Introduction to Ratios Cont. 1. Understand the calculation and use of common ratios used in healthcare financial management. 2. Use ratio analysis to analyze income statement and balance sheet data to detect trends and problems in the business. Lecture #24 Date/Time: 10:00 AM February 13, 2015 Lecture Name or Topic: Introduction to Ratios Lab 1. Demonstrate the calculation of ratios using an income statement and balance sheet. Lecture #25 Date/Time: 10:00 AM February 17, 2015 Lecture Name or Topic: Improving Cash Flow 1. State the principal of cash flow as a cycle. 2. Be able to explain the basic means of improving cash flow. 3. Apply six means of improving cash flow to a selected pharmacy. 5

6 Lecture #26 Date/Time: 10:00 AM February 13,

7 Lecture Name or Topic: Capital Decision Making 1. Define and give examples of capital budgeting decisions contrasted with operational decisions. 2. Explain the time value of money. 3. Describe the concepts of net present value, annuity and compounding of interest. 4. Use net present value to reject/accept a given investment. Lecture #27 Date/Time: 10:00 AM February 19, 2015 Lecture Name or Topic: Capital Decision Making, Cont. 1. Define and give examples of capital budgeting decisions contrasted with operational decisions. 2. Explain the time value of money. 3. Describe the concepts of net present value, annuity and compounding of interest. 4. Use net present value to reject/accept a given investment. Lecture #28 Date/Time: 10:00 AM February 20, 2015 Lecture Name or Topic: Capital Decision Making Lab 1. Demonstrate the capital decision making process. Lecture #29 Date/Time: 10:00 AM February 24, 2015 Lecture Name or Topic: Break-even Analysis 1. Define and Identify fixed, variable, and semivariable costs. 2. Conduct a break-even analysis using the contribution margin approach. 3. Conduct a break-even analysis using the graphic approach. 4. Use break-even approach to project the change in costs and prices. Lecture #30 7

8 Date/Time: 10:00 AM February 25, 2015 Lecture Name or Topic: Break-even Analysis, Cont. 1. Define and Identify fixed, variable, and semivariable costs. 2. Conduct a break-even analysis using the contribution margin approach. 3. Conduct a break-even analysis using the graphic approach. 4. Use break-even approach to project the change in costs and prices. Lecture #31 Date/Time: 10:00 AM February 26, 2015 Lecture Name or Topic: Break-even Analysis Lab 1. Demonstrate a series of break-even analysis given various business scenarios. Lecture #32 Date/Time: 10:00 AM February 27, 2015 Lecture Name or Topic: Budgeting 1. Name and define the types of budgets commonly prepared by pharmacies. 2. Develop simple demand forecasts. 3. Know the steps in the planning process and the development of the operating budget. 4. Identify and analyze budget variances. 5. Understand the Mission Statement and be able to write a personal mission statement 8

Course- Financial Management.

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