Managerial Accounting
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This course focuses on the identification, gathering, and interpretation of information for planning, controlling, and evaluating the performance of a business. This course studies the measurement of the costs of producing goods or services and how to analyze and control these costs.
Course Objectives
After completing this course, students will be able to:
Compare and contrast between managerial accounting and financial accounting and assess how managerial accounting affects various management functions.
Define cost and distinguish between product costs and period costs.
Describe job-order costing system and evaluate its suitability in manufacturing and nonmanufacturing firms.
Describe process costing and evaluate the suitability of process costing in manufacturing and nonmanufacturing firms.
Compare and contrast traditional volume-based costing system and activity-based costing system.
Interpret cost behavior patterns to estimate costs and assess the need for contribution approach to income statements.
Graph CVP relationships and compute the break-even point using the contribution-margin and equation approach.
Prepare and analyze an income statement using absorption costing and using variable costing.
Describe the elements of a budgeting framework and assess the need for a budgeting framework in an organization.
Describe the various ways to set performance standards and assess the role of performance standards in cost management.
Describe the key decision areas in capital budgeting and explain the concept of time value of money.
Describe the various ways to set performance standards and assess the role of performance standards in cost management.
Explain the role of responsibility accounting in achieving set goals and list the responsibility centers.
Describe allocation of joint costs across products.
Determine the criteria that decide the relevance of a cost or a benefit and explain the concepts of sunk costs, opportunity costs, and unit costs.
