Learning Outcomes

Upon successful completion, the student will be able to:

• Identify the roles of the management accountant in the organization's planning and control functions.
• Prepare financial statements for a manufacturing organization.
• Define and differentiate between a variety of terms used in cost and managerial accounting.
• Distinguish between job-order, process costing and activity based costing systems with regard to the methods of accumulating costs.
• Develop predetermined manufacturing overhead rates for application to jobs.
• Illustrate the flow of costs through a job cost system.
• Determine and implement alternative methods of dealing with under-or over-applied overhead.
• Analyze the effects of changes in prices, volumes, and cost structures on organizational profitability and do sensitivity analysis of these relationships.
• Complete all the budgets and supporting schedules required in the preparation of a master budget.
• Apply the concepts of responsibility accounting to management evaluation and control.
• Prepare performance reports incorporating flexible budgets.
• Develop standard costs for direct materials, direct labour, variable and fixed overhead and compute the appropriate variances.
• Evaluate and implement the decision of whether or not to investigate a variance.
• Evaluate the effects of alternative methods of inventory-costing.
• Evaluate the effects of alternative denominator activity levels in absorption costing.
• Describe and implement alternative methods of disposing of variances at year end.