ACCTING 7000 Managerial Accounting
|Course Number:||ACCTING 7000|
|Course Name:||Managerial Accounting|
|Course Description: ||An overview of fundamental accounting concepts as they apply to financial reporting and managerial decisionmaking. The course covers the development of income statement and balance sheet information, the use of operational data in profit planning, the interpretation of variances, budgeting, and project costing approaches.|
- Spring 2013: YES
- Summer 2013: NO
- Fall 2013: YES
- Spring 2014: YES
- Summer 2014: NO
- Fall 2014: YES
|Registration Instructions|| |
The primary outcome of this course is to provide students with an introduction to management accounting concepts, showing how the concepts are used in business decision-making. Specific course outcomes include the abilities to:
- Record and develop the primary types of information used in the preparation of financial accounting statements.
- Prepare the required financial statements for a business firm.
- Apply selling price, fixed cost and variable cost data to attain profit-making objectives.
- Classify and tabulate the manufacturing costs incurred by a firm through the use of job-order costing and process costing.
- Develop operational plans and budgets and comparisons of a firm's operational results with its budgetary expectations.
- Apply accounting methods typically used by business firms in meeting needs of customers and the expectations of shareholders.
Every business entity is required to account for its operation by preparing basic financial statements. These documents are the firm's balance sheet, income statement and statement of cash flows. They must be prepared in accordance with authoritative procedures that are collectively termed generally accepted accounting principles. The initial unit of the course provides students with an understanding of the procedures used to develop these statements.
This segment of the course covers several of the most significant items that appear on the balance sheet of a business and the third financial statement, the statement of cash flows. The balance sheet topics covered in the unit focus on the importance role played by the matching concept in the preparation of financial statements and the way accounting standards comply with legal requirements related to the rights of creditors and corporate shareholders. The coverage of the statement of cash flows underscores the importance in a firm's ability to obtain and maintain the funds needed for all of its activities.
Unlike the accounting information prepared for financial reporting, the managerial accounting information of a business firm is tailored specifically to its needs. Firms will develop information that will be useful to it as it reaches business decisions. Managerial accounting information is primarily focused on the future operations of the business.
The principal value of data about its past operations lies in the insights that managers can extract from it about the likely effectiveness of business activities yet to come. In planning its operations, the management of a firm remains highly interested in the costs of all of its activities.
Developing budgets, evaluating past performance, assessing investment opportunities—these are universal business functions performed by virtually all managers. In meeting these responsibilities, managers rely on many different types of accounting information.
Typically a firm's accountants assist managers in establishing the operational plans that become the firm's budget and in monitoring actual results as the budget period unfolds. Indices derived from data about a division's performance are used in determining its effectiveness. Detailed analyses and projections assist managers in determining whether to maintain current operations or implement new approaches for the future.
Number of Exams
There are 4 exams for this course.
Number of Assignments
There are 17 assignments, an essay and discussion sessions regarding essays for this course.
Number of Projects
There are no group projects for this course.
The course will be graded using practices typically employed for graduate-level study. Accordingly, letter grades below the B level will be assigned to performance that fails to meet the standards expected for graduate courses. Grading for the course will be completed on a curved basis. The work completed by all students in the course will serve as the basis for assessing an individual student's performance.
A: 90% or more of possible points
B: 80% - 89% of the possible points
C: 70% - 79% of the possible points
D: 60% - 69% of the possible points
F: 59% or fewer of the possible points