Describe the role of a manager in an organization.
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.
One Credit towards the Accounting Diploma Program.
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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