The course requires that you are comfortable with financial accounting and financial statements.

Please contact NYU IT (, 212-998-3333) or NYU Stern IT (, 212-998-0180) for all ZOOM/email/NYU Brightspace/Admin/CapitalIQ issues. Please do not copy/contact me. Brightspace sends all emails to the (not address, while Stern class mail lists send emails to You must check BOTH emails and use the correct browser profile. Please contact IT to figure this out. Do not write to Almaris or me if you do not get Almaris emails because this issue is between NYU and you.

Undergrad ACCT-UB 65 Concentrations


Entrepreneurs and promoters seeking funds to launch or grow a business need to present a business plan to investors. Executives managing a business need a business plan to monitor whether business outcomes are tracking expectations. This course covers how to integrate forecasts of key business drivers into financially viable plans using Excel. It focuses on building business plans, not financial statement modeling for valuation or statistical forecasting. The course requires financial accounting and strongly recommends managerial accounting.

This course will be offered only for undergrads; it will not be cross-listed.


You will learn to do the following:


Financial Accounting. The course requires that you are comfortable with understanding financial statements.

Recommended courses


I use my materials. Therefore, there is no required textbook, and you need not purchase anything.

Attendance and penalty for missing classes

Requiring attendance is necessary for several reasons. First, you incorrectly assume that you can catch up on a missed class by watching a recording (if available). Videos do not engage your brain as much as a live class. Second, less than 20% of you watch the recording (if available). You are then lost in class, which provides wrong signals to me as an instructor. Third, your absence hurts class discussions. Fourth, you miss out on feedback if you do not work through the questions I pose in class. Fifth, I lose the feedback since there are fewer questions.

The policy below will be in effect only after the add/drop period.

Without mandatory attendance, attendance is often below 50%. Therefore, though I dislike doing this, I penalize absences. If you anticipate being absent for good reasons, please email me well in advance. Please enter "Excused" on the attendance sheet described below to avoid the penalty if I approve. If you miss a class due to emergencies and cannot tell me in advance, do not panic. Take care of the emergency first, and then email me. I will permit you to change the "Absent" to "Excused." But, if you miss a class without a valid reason, there is a penalty, as stated below.

For sections meeting in 150-190 minute sessions, you would lose one grade (A to A-, A- to B+, B+ to B, B to B-, and so on) for EVERY missed session unless you were explicitly excused via email. Thus, if you miss two class sessions, you would lose two grades, and so on.

For sections meeting in 75-80 minute sessions, you would lose one grade (A to A-, A- to B+, B+ to B, B to B-, and so on) for EVERY TWO missed sessions unless you were explicitly excused via email. Thus, if you miss four class sessions, you would lose two grades, and so on.

Please sit in the same seat in every class and display your name tags. For zoom classes, you must keep your video on AT ALL TIMES. You must also have a good working headset or mic as it is extremely rude to be inaudible and force me to ask you to repeat yourself. After entering the class, please mark yourself present in the first 20 minutes on the OneDrive sheet (link posted on Brightspace). You will be marked absent if you are more than 20 minutes late unless it is because of factors beyond your control (traffic, subway, interviews running late). You will also be marked absent if you leave the class early unless you have my permission or get it afterward. You will get an F in the course if you are caught cheating on the attendance sheet.

Exams and Grading

There are no in-class quizzes, midterms, or final exams.

System Requirements

Help and Office



Session 1: An overview of the business planning process



Session 2: Revenue metrics

We will discuss revenue metrics across a wide range of industries. Some of the examples are provided below.

Software service and product-based



Product or location-based

Session 3: Revenue growth

Growth metrics

Product life cycles

Session 4: Integrating forecasts of revenue drivers

Market share and pricing

Incorporating revenue drivers into the business plan

Session 5: Relationship between revenues and operating expenses

We strongly recommend that you take Managerial Accounting for an in-depth treatment of these

Cost behavior

Long-run versus short-run

Session 6: Operating expense metrics and drivers

Operating expense ratios and margins

Expense drivers

Forecasting expenses

Session 7: Prepayments and payables

How prepayments require financing: Operating assets

How payables mitigate the need for financing: Operating liabilities

Session 9: Receivables and deferred revenues

How receivables increase the need for financing: Operating assets

How deferred revenues provide financing: Operating liabilities

Session 10: Meeting financing needs partially with debt

Ensuring liquidity: Financial assets

Understanding corporate loans using personal finance examples

Assessing borrowing capacity: Financial liabilities

Session 11: Meeting residual needs with equity

Raising equity

Sweat equity and incentive structures

Backup sources

Session 12: Sensitivity analysis

Building scenarios