Nov 22, 2019
ACC 233 - Managerial Cost AccountingCredits: 3
Relates principles and methods of handling materials, labor costs, and manufacturing expenses to the formulation of reports to management. Includes job order, process, standard, direct and budgetary costing procedures.
Prerequisite(s): ACC 212 with a C (2.0) minimum grade.
Lecture Hours: 45 Lab Hours: 0
Meets MTA Requirement: None
Outcomes and Objectives
- Prepare accounting information that supports manufacturing operation decision-making.
- Explain basic cost accounting concepts and procedures.
- Calculate product costs using standard, Job order, process, variable, and ABC costing methods.
- Record product cost transactions and results with various costing systems.
- Describe the use, flow of costs, and appropriate business environment for each method.
- Compare the use and results for each method.
- Explain customer and product profitability analysis.
- Explain how cost behaviors affect cost management.
- Prepare CVP-analysis calculations and procedures.
- Prepare and interpret the Contribution Income Statement format.
- Describe cost behavior concepts in the larger business decision making context.
- Describe the business financial planning process.
- Describe factors related to projecting business activity and predictive accounting.
- Prepare budgets for various types of entities.
- Explain the use and importance of budgets in the business planning and performance process.
- Apply procedures used for controlling costs.
- Apply flexible budget processes and concepts.
- Explain the use of spending and activity cost variances in controlling cost, budgets, and forecasts.
- Calculate and interpret variances in a standard costing system.
- Explain the use of standard cost variances in controlling costs.
- Interpret accounting information to support decision-making.
- Explain relevant costs.
- Apply relevant cost calculations to business decisions.
- Explain the use of financial information in the larger business decision making context.
- Explain performance measurement tools in a decentralized environment.
- Describe Responsibility accounting concepts and procedures.
- Prepare calculations for measuring manufacturing processes.
- Integrate managerial accounting concepts and procedures with the work of management.
- Apply managerial accounting concepts and procedures to business situations and problems.
- Use technology to prepare financial information that supports the work of management.
- Practice appropriate communication skills through written and oral presentation opportunities.
- Explain the career opportunities and certification process in management accounting.
- Demonstrate the master budget and its components.
- Prepare a master budget and the components involved.
- Use the master budget to explain the importance and use of planning to manage costs in an organization.
- Demonstrate overhead analysis using flexible budgets.
- Prepare a flexible budget, and explain the advantages of the flexible budget approach over the static budget approach.
- Use the flexible budget to prepare an overhead performance report containing spending variances.
- Explain how flexible budgets can be used in a company that employs activity-based costing.
- Compute and properly interpret the fixed overhead budget and volume variances.
- Explain how variances can be presented on the income statement for management's use.
- Describe decision-making using segment reporting.
- Prepare a segmented income statement using the contribution format.
- Use the segmented income statement for decision-making.
- Compute and use ROI for decision-making.
[Add to Portfolio]