Course Discription |
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This course is specialized to community pharmacy financing. It consists of understanding the guiding principles of accounting and how pharmacy transactions are summarized in financial statements and reports. This basic understanding should allow pharmacy students to determine the source and flow of financial information within any pharmacy and form a knowledge base of how their financial information should be categorized, recorded, and then reviewed. Furthermore the basics of financial analysis, including the time value of money, simple and compound interest, using comparative financial statements, trend analysis, and ratio analysis. Through comparative financial statement analysis, it describes how the pharmacy students can apply financial information to create useful metrics to assess the internal business performance. These analyses can then be used to determine the necessary resource allocation for staffing, inventory, and investment, as well as the overall current and future business direction. In addition a case study will be held to apply the previous knowledge. |