For the latest COVID-19 information and news from Centennial College, please visit Together Again Fall 2021.

Finance and Accounting for HRM 1

Course Code HRMT-304
Lecture hours per week
Lab hours per week
Course Availability: Open
Description: Accounting and finance, the financial information system of the organization, serve to summarize organizational plans and the results of actual operations. Because these are so pervasive in the organization, it is necessary for Human Resources managers to understand the measurement bases and the underlying methodologies that are used. Many of the decisions faced by the HR manager have an accounting or financial aspect. This may require detailed knowledge of the procedure. This would be the case, for example, where the HR manager is required to prepare an operating budget for his/ her area of responsibility. Alternatively, it may require a familiarity, without necessarily requiring the ability to perform the calculations as such. This would be the case where the HR manager is required to interpret, or react, to, standard costing variances in respect to their area of responsibility, or the effect of their decisions on the overall results of the organization. This is the Part I of HRPAO’s Managerial Accounting course. Part I (HRMT 304) provides an introduction to financial reports/ statements, budgets and the budgetary process. Part II (HRMT 305) focuses on the use of cost information in management decision-making.