Fundamentals of financial and management accounting

The course Fundamentals of Financial and Management Accounting introduces the principles of financial accounting and cost management as foundations for economic decision-making in organizations. Students learn how financial information is recorded and reported in formal financial statements and how these statements are used to assess a firm’s performance, financial position, and cash flows. The course also focuses on management accounting concepts such as cost behavior, cost allocation, and costing systems, and shows how different accounting methods influence reported costs and profits. By linking accounting information to operational and strategic decisions, the course prepares students to evaluate costs and benefits, analyze production processes, and justify managerial choices. Through lectures, tutorials, and exercises, students systematically prepare for the exam while developing the financial skills needed to connect engineering decisions to their economic consequences in professional practice.

After this course, students are able to:

• Explain the relevant concepts related to financial accounting and cost management;
• Report the financial position formally;
• Implement various costing systems to obtain useful financial and cost-related information;
• Differentiate the profit/cost results when different methods are applied;
• Analyze the profit/cost information in business processes;
• Evaluate the costs and benefits based on appropriate analysis and use them to make short-term and long-term decisions.

You must meet the following requirements

• Registered for a degree programme other than
• HBO-TOP Applied Physics, Pre-Master

• "Cost management - strategies for business decisions", Wouters, Selto, Hilton, and Maher, International Edition, McGraw-Hill
• Financial accounting for decision makers", Atrill and Mc.Laney, Prentice Hall, 10th edition
• Extra obligatory literature and practice material and/or reader