ACCT& 203 - Prin of Accounting III

Credits: 5
Variable Credit Course: No

Lecture Hours: 55
Lab Hours: 0
Worksite/Clinical Hours: 0
Other Hours (LIA/Internships): 0

Course Description: Introduction to managerial accounting which uses accounting data as a basis for the planning, controlling, and decision-making activities of managers. Topics include job and process costing, cost-volume-profit analysis, budgeting and control, and short-term and capital investment decision making.

Prerequisite: ACCT& 202 with a C or higher or concurrent enrollment.
Meets FQE Requirement: No
Elective Requirements: Fulfills Academic Electives
Integrative Experience Requirement: No

Student Learning Outcomes

Track costs associated with a manufacturing process.
Prepare financial statements for a manufacturer.
Report costs in both job order and process costing systems.
Use cost-volume-profit analysis for profit planning.
Prepare income statements for both variable costing and absorption costing methods.
Prepare supporting schedules and financial statements for a master budget.
Prepare a flexible budget and performance report showing standard cost and efficiency variances based on a standard cost system.
Make recommendations for short-term and capital investment decisions based on relevant quantitative and qualitative analysis.

Course Contents

Accounting and its role in managerial decision making
Accounting procedures for manufacturing companies
Cost concepts and classifications
Tracking and recording costs in a job order costing system
Tracking and recording costs in a process costing system
Cost behavior and estimation
Cost-Volume-Profit Analysis for profit planning
Absorption costing and variable costing methods
Profit reporting for management analysis
Preparation and use of master and flexible budgets
Standard cost systems and computation of variances
Methods for evaluating short-term business decisions
Methods for evaluating capital investment decisions

Instructional Units: 5