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1. Describe the role of a manager in an organization.

This paper revolves around the primary theme of management accounting that instills the basic concepts and practices of the domain. The student is required to focus mainly on the following key components:

  • Discussion on the role of a manager within an orgnaisation

  • The different types of information needs of orgnaisation

  • The concept of cost used in accounting and its parts

  • Implementation of the concepts of full cost in the verification of selling price, in the development of target sales levels and in the designing of profits

  • The explanation of relevant cost, sunk costs, and opportunity costs along with their use in decision-making contexts

  • The formulation of job-order cost flow and relevant accounting journal entries

  • The concept and development of master budget with its benefits

  • The idea ofactivity-based costing systems

  • The planning of effectual management accounting related reports

Instructions 

Subject Title 
Managerial Accounting

Subject Description 
This is an introductory course which will present the main concepts and practices of management accounting. The subject will outline the methods that are available to managers for managing, planning, and controlling. Particular attention will be paid to such topics as cost accounting fundamentals, job costing, cost-volume-profit analysis, budgeting, and variance analysis.

Credit Status 
One Credit towards the Accounting Diploma Program.

Learning Outcomes 
Upon successful completion of this subject the student will be able to:

1. Describe the role of a manager in an organization.

2. Describe the information needs of different types of organizations.

3. Explain the basic components of cost as it is used in accounting and outline the components of full cost.

4. Utilize cost concepts to determine selling price, to establish target sales levels, and to plan profits.

5. Explain relevant cost, sunk costs, and opportunity costs, and demonstrate their use in decision making.

6. Prepare job-order cost flow and all related accounting journal entries. 

7. Prepare a master budget with all supporting schedules and explain the planning aspects of budgeting.

8. Utilize activity-based costing systems. 

9. Record the cost flow through a standard cost system and calculate the variances. 

10. Prepare effective management accounting related reports.


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