Principles of Managerial AccountingACC 212
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Display effective problem solving and decision-making skills.
- Associate relevant costs with decision making.
- Use the capital budgeting process to make effective decisions.