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Principles of Managerial Accounting

ACC 212

Principles of Managerial Accounting

ACC 212

Course Description

Prerequisite: ACC 211 with a C (2.0) minimum grade. Includes a study of corporate basic theory and methodology, statement of cash flows, accounting for manufacturing operations, and accounting data as used in performance measurement, decision making, planning, and control. (60-15)

Outcomes and Objectives

Describe the preparation and use of financial statements.

Objectives:

  • Demonstrate an understanding of the interrelationship of the statement of cash flows to the income statement and balance sheet.
  • Prepare the statement of cash flows and related financial information.
  • Describe the elements and purpose of the statement of cash flows.
  • Describe the expanded elements of the corporate income statement.

Illustrate and analyze an entity's liquidity, solvency, and profitability.

Objectives:

  • Apply basic tools in financial statement analysis to highlight the significance of financial statement data.
  • Practice skills to render analysis based on available business information.
  • Present analysis results to aid in judging operating performance and financial position.

Apply basic elements of managerial and manufacturing accounting for strategic decision-making.

Objectives:

  • Contrast managerial and financial accounting by identifying distinguisging features of managerial accounting.
  • Associate the broad functions of management with the role of the accountant.
  • Describe the elements of the manufacturing income statement.

Explain the purposes and characteristics of cost accounting.

Objectives:

  • Describe the cost flows of a manufacturing accounting system.
  • Differentiate the uses and users of various costing systems.
  • Account for product costs using various costing systems.
  • Prepare product costing information associated with related management decisions.

Illustrate the significance of cost behaviors.

Objectives:

  • Explain the characteristics of cost behaviors.
  • Calculate mixed costs using associated costs and methods.
  • Complete cost-volume-profit analysis and related decision-making.
  • Prepare the income statement in the contribution format.

Describe the planning and control process as it relates to the business environment.

Objectives:

  • Demonstrate the process of effective budgeting.
  • Describe the concept of budgetary control and responsibility accounting.
  • Prepare performance reports presenting variances to aid in controlling operations.
  • Compute variances in a standard costing environment.

Explain tools used in the decision-making process.

Objectives:

  • Display effective problem solving and decision-making skills.
  • Associate relevant costs with decision making.
  • Use the capital budgeting process to make effective decisions.