Course Description
This course provides an introduction to managerial accounting. It focuses on analysis of managerial accounting informational needs for planning and controlling. Specifically, it examines the nature of cost-volume-profit analysis and product costing; investigates budgets and standard costs in planning, control, and performance measurements; and employs relevant costs, current control techniques and present value techniques used in the decision-making process. Computerized exercises will be included.
Prerequisite(s)
ACCT 1514 with a grade of C or better or consent of instructor
IAI Number
BUS 904
IAI Title
Managerial Accounting
Topical Outline
- Job Order
- Process Costing
- Systems, ABC, JIT, QMS
- Profit Analysis
- Variable costing and Absorption Costing
- Master Budgets and Pro-forma financial statements
- Flexible Budgets and Standard Cost Systems with Variance analysis
- Responsibility Accounting and Performance Evaluation
- Short Term Business Decisions
- Capital Investment Decisions
At the end of this course, students will be able to:
- Analyze, interpret, differentiate between and complete both job order and process cost systems
- Construct, analyze and interpret just-in-time procedures
- Compute income using various accounting and managerial methods
- Organize a business using decentralized operations
- Construct, analyze, interpret and understand cost behavior and Cost-Volume-Profit analysis
- Interpret and analyze absorption and variable costing approaches for managerial decisions
- Formulate, interpret, complete and understand a master budget with pro-forma income statement and balance sheet
- Construct standard costs and measure variances from standards to material, labor and manufacturing overhead
- Measure performance using variances and variance analysis
- Analyze and interpret differential costs and product decisions
- Construct, analyze, and interpret activity-based costing as a decision-making tool
- Construct, analyze and interpret decisions using present value method