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. IAI: BUS 904 Managerial Accounting.
Prerequisite(s)
ACCT 1514 with a grade of C or better or consent of instructor - Must be completed prior to taking this course.
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
Topical Outline
1. Job Order
2. Process Costing
3. Systems, ABC, JIT, QMS
4. Profit Analysis
5. Variable costing and Absorption Costing
6. Master Budgets and Pro-forma financial statements
7. Flexible Budgets and Standard Cost Systems with Variance analysis
8. Responsibility Accounting and Performance Evaluation
9. Short Term Business Decisions
10.Capital Investment Decisions
2. Process Costing
3. Systems, ABC, JIT, QMS
4. Profit Analysis
5. Variable costing and Absorption Costing
6. Master Budgets and Pro-forma financial statements
7. Flexible Budgets and Standard Cost Systems with Variance analysis
8. Responsibility Accounting and Performance Evaluation
9. Short Term Business Decisions
10.Capital Investment Decisions