The study of the accumulation measurement assignment and analysis of costs to satisfy management objectives for planning control and evaluation.
To learn a form of managerial accounting called cost accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs.
Course Credits: 3
Prerequisites: MATH 1324, ACCT 2302
Student Learning Outcomes
- Module 1: Understand how management accountants help firms make strategic decisions, describe the 5-step decision making process and its role in management accounting, describe 3 ethical standards associated with management accountants.
- Module 2: Distinguish between inventoriable costs and period costs, identify cost behaviors and cost drivers, compute Contribution margin and evaluate alternatives using CVP analysis, explain how sensitivity analysis helps managers cope with uncertainty.
- Module 3: Distinguish between job costing and process costing, Track the flow of costs in a job-costing system, cost products or services using activity based costing, compare activity based costing systems and department costing systems.
- Module 4: Name the different types of budget and be able to prepare the schedules for the operating budget, compute static and flexible budgets, understand how managers use benchmarking and variance analysis to make decisions.
- Module 5: Compute income and ending inventory under variable and absorption costing, name factors that should be considered when adding or dropping customers, products or business units, allocate joint costs using the 4 different methods.