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ACC433 - Managerial Accounting
This course introduces students to key concepts and practices of Managerial accounting. ACC433 outlines the methods that are available to managers for managing, planning, and controlling the operations of an organization. Particular attention will be paid to such topics as cost accounting fundamentals, job-order and process costing, cost-volume-profit analysis, budgeting and variance analysis, inventory costing, and information for management control and decision analysis.
Upon successful completion of this subject the student will be able to:
1. Describe and explain the basic concepts of Management Accounting.
2. Identify all documents used in a job order cost system; prepare journal entries for all transactions of a manufacturing process; and compute predetermined overhead rates.
3. Prepare cost of production reports including equivalent unit calculations, using the AVERAGE and the FIFO method.
4. Determine the volume, price, breakeven before and after taxes for single products and sales mix using the contribution margin approach and the formulae method.
5. Allocate manufacturing overhead to cost objects using activity based costing.
6. Determine inventory values and income under direct costing and full absorption costing methods and reconcile the differences.
7. Record cost flow through a standard cost system and calculate variances.
8. Calculate fixed overhead variances and reporting of variances for control purposes.
9. Explain relevant cost, sunk cost and opportunity cost and demonstrate their use in decision making.
10. Calculate cost using target costing and selling price using full cost-plus, absorption cost-plus and variable cost-plus pricing, define transfer pricing and its role in an organization.
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