This syllabus contains the Lesson Assignments for the above referenced course. Managerial accounting deals with providing information to individuals inside the organization. This process is driven by the information needs of the individuals involved in the decision process. In contrast, financial accounting deals with preparing general purpose reports for persons outside an organization and is heavily constrained by standard setting, regulatory and tax authorities. Financial accounting statements are also required to be audited by independent accountants.
Managerial accounting information focuses on segments of a business and comes in various forms: 1) qualitative, 2) quantitative, 3) factual, and 4) estimated.
Managers have to make many different types of decisions. Some of these might include:
A. Should we expand or contract our business?
B. Should we close a particular store or drop a product line?
C. Should we open a new product line or department?
Every organization has its own individual strategy. The managerial accounting system helps managers implement an organization’s strategy and provide clarity to the decision-making process. The important thing is to recognize that the managerial accounting system needs to be adapted to each organization’s objectives, strategy, and environment.
Much of this course will focus on the managerial decision making aspects that drive managerial accounting. Students will explore how to use accounting information to solve business problems, with a focus on understanding the business problems to be solved and the real incentives for decisions. Students will learn how to truly use the financial information, rather than simply perfect accounting techniques. Core managerial accounting concepts combine with the latest cutting-edge material that’s important to today’s managers and decision makers. Numerous realistic examples and application problems help emphasize process improvement and the integration of financial reporting issues for management decision-making. Students will also learn to apply managerial accounting tools to the emerging service sector, government, and nonprofit organizations for ongoing business success.
Through successful completion of this course students will be able to:
Compare and contrast managerial accounting and financial accounting.
Demonstrate the importance of effective communication between accountants and users of managerial accounting information.
Explain the concepts of costing and how they relate to profitability analysis.
Distinguish between resources used and resources supplied, and measure unused resource capacity.
Explain total quality management and demonstrate how traditional managerial accounting systems require modifications to support total quality management.
Compare the costs, benefits, and weaknesses of the various cost estimation methods.
Perform cost-volume-profit analysis and explain the use of financial modeling for profitplanning
Use differential analysis to measure customer profitability.
Describe the steps of the net present value method for making long-term decisions using discounted cash flows, and explain the effect of income taxes on cash flows.
Demonstrate the use of a budget as a tool for planning and performance evaluation.
Describe the purpose of the return on investment calculation, and identify its shortcomings.
Identify controls that can be instituted to prevent financial fraud.
Managerial Accounting: An Introduction to Concepts, Methods and Uses (11th Edition)
Publisher: Cengage Learning
Print: ISBN – 9781111571269
Suggestions for getting the most out of this course:
Read professional journals and periodicals.
Participate in the course discussion forums, and learn from the experience and knowledge of your faculty mentor and fellow students.
If possible, form a relationship with someone who works in an area related to your course. Explain that you would like to obtain their insights and perspectives from time to time.
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to commit 135 hours to complete the course requirements.
This course contains a number of lesson assignments. Work through the lessons one at a time. Unless otherwise instructed, you should complete all assignments for a particular lesson in one WORD document. When you complete all of the assignments in a lesson, submit it to the faculty for grading and feedback. Submit only one lesson at a time, completing them in sequence. Continue on to the next lesson, but be sure to incorporate any feedback received on previous lessons into your subsequent assignments – if necessary. Final examination procedures are set forth in the Student Handbook.
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the course. Total Possible Points = 600 (100 Points per lesson).
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