ACC433 - Managerial Accounting

Outline information
Semester
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Last revision date May 25, 2020 12:07:02 AM
Last review date Aug 3, 2020 12:15:02 AM

Subject Title
Managerial Accounting

Subject Description
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.

Learning Outcomes
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.

Academic Integrity
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Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.