- International Fees
International fees are typically 3.12 times the domestic tuition. Exact cost will be calculated upon completion of registration.
Course Overview
The first of two managerial accounting courses taken after a foundation in fundamental financial accounting principles and concepts, this course emphasizes the role of the management accountant, cost concepts & terminology, cost-volume-profit analysis, job costing, activity-based accounting, budgeting and control, standard costs, variance analysis and income effects of alternative inventory costing methods, cost allocation, joint and by-product costs, and process costing. This course qualifies as a prerequisite for entrance into the Chartered Professional Accountant (CPA) Professional Education Program (PEP) when completed in conjunction with FMGT 7210 Advanced Management Accounting.
Prerequisite(s)
Credits
4.0
- Not offered this term
- This course is not offered this term. Please check back next term or subscribe to receive notifications of future course offerings and other opportunities to learn more about this course and related programs.
Learning Outcomes
Upon successful completion of this course 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.
- 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 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 tconduct a sensitivity analysis of these relationships.
- Prepare all the budgets and supporting schedules required in the preparation of a master budget including performance reports incorporating flexible budgets.
- Apply the concepts of responsibility accounting to management evaluation and control.
- Develop standard costs for direct materials, direct labour, variable, and fixed overhead, compute the appropriate variances and evaluate and the decision of whether or not to investigate a variance.
- Evaluate the effects of alternative denominator activity levels in absorption costing.
- Describe and implement alternative methods of disposing of variances at year end.
- Develop cost functions using quantitative analysis techniques including high-low, regression and account analysis.
- Assess “make or buy” decisions after determining the relevant costs.
- Evaluate short term and long term pricing decisions using the cost plus approach and the market based approach as well as incorporating opportunity costs for one-time special orders.
- Determine the costs of service departments to be added to production departments using the direct, step-down and reciprocal methods.
Effective as of Spring/Summer 2015
Related Programs
Managerial Accounting - Comprehensive (ACCG 6210) is offered as a part of the following programs:
- Indicates programs accepting international students.
School of Business + Media
- Professional Accounting
Advanced Diploma Full-time/Part-time
Programs and courses are subject to change without notice.