Mar 19, 2024  
2019-2020 Course Catalog 
    
2019-2020 Course Catalog [ARCHIVED CATALOG]

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ACCT 2025 - Managerial Accounting

Credits: 4
Hours/Week: Lecture 4 Lab None
Course Description: This course introduces the foundations of managerial accounting.  The emphasis is on managements use of accounting information for planning, controlling, and decision making. Topics covered include cost behavior, an overview of job order and process costing, cost volume profit analysis, budgeting, cost analysis, and capital budgeting decisions
MnTC Goals
None

Prerequisite(s): ACCT 2020  with a grade of C or higher.
Corequisite(s): None
Recommendation: Experience in the use of Excel.

Major Content

  1. Managerial Accounting and the Business Environment
  2. Cost Term, Concepts, and Classifications
  3. Job-Order Costing
  4. Process Costing
  5. Capital Budgeting
  6. Cost Behavior: Analysis and Use
  7. Cost-Volume-Profit Relationships
  8. Financial Statement Analysis
  9. Flexible Budgets and Overhead Analysis 10. Profit Planning 11. Relevant Costs for Decision Making 12. Segment Reporting and Decentralization 13. Service Department Costing 14. Standard Costs 15. Statement of Cash Flows 16. Variable Costing: A Tool for Management

Learning Outcomes
At the end of this course students will be able to:

  1. describe the differences between managerial and financial accounting.

  2. explain the different elements of cost in business organizations; cost behavior; inventory cost flow including cost of good manufactured and cost of goods sold; and how costs are used in planning, control and decision making.

  3. apply traditional and contribution-margin income statements; analyze cost-volume-profit relationships to support managerial planning and control.

  4. analyze costing systems including job-order costing, activity based costing and process costing.

  5. discuss the purposes of budgeting and the master budget, prepare component budget schedules and relate the budget to planning and control to support management decision making.

  6. describe the development and use of standard costs and variance analysis reports; analyze them in support of responsibility accounting and cost management.

  7. analyze various special decisions using relevant costs and benefits analysis to support decision making and analyze short-term and long-term implications.

  8. apply management performance evaluation tools such as the balanced scorecard, operational performance measures and quality measures.

  9. describe management’s decision making process as it relates to product pricing.

  10. apply the concepts of responsibility accounting and decentralization.

  11. apply the concepts of capital budgeting and the concepts underlying strategic capital investment decisions.

  12. explain the impact of a changing business environment on the role of managerial accounting.
  13. explain the role of financial and non-financial accounting information in a company’s decision making environment.

Competency 1 (1-6)
None
Competency 2 (7-10)
None


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