Course Number: AC250
Course Title: Managerial Accounting
STUDENT LEARNING OUTCOMES
General
To develop students' abilities to use accounting information within specific
organizations for the purposes of planning, control and analysis.
The course will show what kinds of information the manager needs, where this
information can be obtained, and how this information is used in carrying out
three essential functions within the business enterprise 1) to plan operations;
2) to control activities; and 3) to make decisions.
Specific
Students will be able to:
1.
Describe how
budgets are used to plan and how performance reports are used to evaluate;
distinguish between manufacturing and
non-manufacturing costs and between
product and period costs; describe the flow of product costs in a manufacturing
firm's
accounts; distinguish between fixed and variable costs, direct and
indirect costs, and controllable and non-controllable costs.
2.
Discuss the types
of product costing systems; explain the relationship between the cost of jobs
and Work in Process Inventory,
Finished Goods Inventory, and Cost of Goods Sold;
describe how direct material, direct labor, and manufacturing overhead are
traced to jobs.
3.
Describe product
flows through departments and record cost flows in accounts; discuss the concept
of equivalent units; calculate
the cost per equivalent unit; calculate the cost
of goods completed and the ending work in process balance in a processing
department; describe a production cost report.
4.
Identify the
common cost behavior patterns; estimate the relationship between cost and
activity using account analysis; perform
cost-volume-profit analysis.
5.
Explain why
indirect cost are allocated; describe the cost allocation process; discuss the
allocation of joint costs; discuss activity
-based costing and cost drivers.
6.
Discuss how
budgets are used in planning and control; describe why flexible budgets are
needed for performance evaluation;
describe the conflict between the planning
and control uses of budgets.
7.
Explain how
standard costs are developed; calculate and interpret variances; record standard
costs in a manufacturing firm's
accounts.
8.
Explain the role
of differential costs and revenues in management decisions; define sunk cost,
avoidable cost and opportunity cost;
discuss how managers use cost information
for product pricing decisions.
9.
Define capital
expenditure decisions and capital budgets; evaluate investment opportunities
using the net present value approach;
evaluate investment opportunities using
the internal rate of return approach.