Course Syllabus

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This is the study of how managers use accounting information in decision-making, planning, directing operations and controlling.  Focuses on cost terms and concepts, cost behavior, cost structure, and cost-volume-profit analysis.  Includes issues relating to cost systems, cost control, profit planning, and performance analysis in manufacturing and service environments.. 

Student Learning Outcomes:

At the conclusion of this course, the student should be able to:

  1. Identify and illustrate the primary activities and information needs of managers and explain the role of the managerial accountant as a member of the management team; compare and contrast financial and managerial accounting;
  2. Define and illustrate various cost terms, concepts, and behaviors, and evaluate their relevancy for different decision-making purposes;
  3. Distinguish between product and period costs and prepare and evaluate a Schedule of Cost of Goods Manufactured, Schedule of Cost of Goods Sold, and Income Statement;
  4. Prepare traditional and contribution-margin income statements and define related terms;
  5. Explain cost-volume-profit analysis, degree of operating leverage, and safety margin and employ each as an analytical tool;
  6. Describe the traditional types of product costing systems (including job-order and process), illustrate the flow of costs in each, and prepare related accounting records and reports;
  7. Discuss the impact of technology on the business environment, its implications for product and service costs, and the development of activity-based costing and management;
  8. Explain the purposes of budgeting, prepare a master budget and its component schedules, and relate the budget to planning and control;
  9. Explain the development and use of standard costs and flexible budgets, prepare and interpret variance analysis reports and relate them to responsibility accounting and control;
  10. Explain the nature of and need for segment reporting and the relationship with cost, revenue, profit, and investment centers; prepare and analyze related segment reports;
  11. Compare and contrast absorption costing and variable costing, prepare income statements using both methods, and reconcile the resulting net incomes;
  12. Define relevant costs and benefits and prepare analyses related to special decisions;
  13. Explain the nature of capital expenditure decisions and apply and evaluate various methods used in making these decisions; including the time value of money and
  14. Identify the ethical implications inherent in managerial accounting and reporting and be able to apply strategies for addressing them.

Textbook:

Great news: your textbook for this class is available for free online!

Principles of Accounting Volume 2 Managerial Accounting from OpenStax, ISBN-10: 1-947172-59-X

You have several options to obtain this book:

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Course Summary:

Course Summary
Date Details Due