The first of two managerial accounting courses taken after a foundation in fundamental financial accounting principles and concepts, this course emphasizes the role of the management accountant, cost concepts & terminology, cost-volume-profit analysis, job costing, activity-based accounting, budgeting and control, standard costs, variance analysis and income effects of alternative inventory costing methods, cost allocation, joint and by-product costs, and process costing. This course qualifies as a prerequisite for entrance into the Chartered Professional Accountant (CPA) Professional Education Program (PEP) when completed in conjunction with FMGT 7210 Advanced Management Accounting.
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Upon successful completion of this course the student will be able to:
- Identify the roles of the management accountant in the organization’s planning and control functions.
- Prepare financial statements for a manufacturing organization.
- Differentiate between a variety of terms used in cost and managerial accounting.
- Distinguish between job-order, process costing and activity-based costing systems with regard to the methods of accumulating costs.
- Develop predetermined manufacturing overhead rates for application to jobs and implement alternative methods of dealing with under or over-applied overhead.
- Analyze the effects of changes in prices, volumes, and cost structures on organizational profitability and tconduct a sensitivity analysis of these relationships.
- Prepare all the budgets and supporting schedules required in the preparation of a master budget including performance reports incorporating flexible budgets.
- Apply the concepts of responsibility accounting to management evaluation and control.
- Develop standard costs for direct materials, direct labour, variable, and fixed overhead, compute the appropriate variances and evaluate and the decision of whether or not to investigate a variance.
- Evaluate the effects of alternative denominator activity levels in absorption costing.
- Describe and implement alternative methods of disposing of variances at year end.
- Develop cost functions using quantitative analysis techniques including high-low, regression and account analysis.
- Assess “make or buy” decisions after determining the relevant costs.
- Evaluate short term and long term pricing decisions using the cost plus approach and the market based approach as well as incorporating opportunity costs for one-time special orders.
- Determine the costs of service departments to be added to production departments using the direct, step-down and reciprocal methods.
Effective as of Spring/Summer 2015
Managerial Accounting - Comprehensive (ACCG 6210) is offered as a part of the following programs:
School of Business + Media
- Professional Accounting
Advanced Diploma Full-time/Part-time
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Programs and courses are subject to change without notice.