Detailed Description
In this course Human Resources students are introduced to finance
and
accounting concepts and skills relevant to their professional
future.
Students develop an understanding of the impact of accounting on the
field of Human Resources. Students learn tools used to help an
organization analyze its past and plan its future, standard cost
systems, cost-volume-profit relationships, various forms of
budgeting, and relevant costs for decision making. HR applications
and scenarios provide the context for finance and accounting
concepts
in the course. Students learn through practice and repetition after
concepts and skills are taught and demonstrated. Individual
assignments and quizzes reinforce the concepts learned in class.
Program Context
|
Business Human Resources |
Program Coordinator: Judith Hunter |
This is a required course in
the second year of the Human
Resources program. It
builds
upon the knowledge and
skills
acquired in the first year
Accounting and Finance
courses and is a compulsory
academic component towards
CHRP designation.
|
Course Critical Performance and Learning Outcomes
|
Critical Performance
By the end of this course, students will have demonstrated the
ability to apply some of the important tools used to evaluate a
company's financial performance and to plan and direct its future
operations.
Learning Outcomes
To achieve the critical performance, students will have demonstrated
the ability to:
1. Describe the role and functions of both managerial and financial
accounting in a business organization.
2. Understand the differences between Job Costing, Process Costing
and Activity Based Costing systems.
3. Prepare budgets for: sales, production; direct materials; direct
labour; manufacturing overhead; selling & administrative
expenses; cash receipts and disbursements.
4. Describe how to use fixed and variable costs to predict costs.
5. Explain how changes in activity affect contribution margin and
net operating income
6. Determine the level of sales needed to achieve a desired target
profit, after computation of the break-even point.
7. Explain the significance of direct materials and direct labour
variances after computation.
8. Contrast flexible budgets with static budgets.
9. Prepare a performance report for both variable and fixed costs
using the flexible budget approach.
10. Distinguish between relevant and irrelevant costs in decision
making.
11. Prepare an analysis showing whether a product line or other
organizational segments should be dropped or retained.
12. Prepare a well-organized make-or-buy analysis and an analysis
showing whether a special customer order should be accepted.
13. Outline the basic approach in activity-based costing as distinct
from traditional costing, and the computation of product costs
under the two systems.
14. Understand the content and purpose of financial statements,
including the financial ratios and other measures used to
evaluate a company's financial performance.
15. Understand the basics of capital budgeting analysis.
|
Evaluation Plan
Students demonstrate their learning in the following ways:
|
Quizzes / Assignments 30%
Test 1 Chapters 1, 2, 3 (4, 5, 6 overview only) 20%
Test 2 Chapters 7, 8, 9, 10 25%
Test 3 Chapters 11, 12, 14, 15 25%
Total 100%
|
Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:
|
Essential Employability
Skills
Essential Employability Skills emphasized in the course:
|
Communication
|
|
Critical Thinking & Problem Solving
|
|
Interpersonal
|
|
Numeracy |
|
Information
Management |
|
Personal
|
Notes: N/A
Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) : Office of the Registrar
Students may apply to receive credit by demonstrating achievement of the course learning outcomes through previous relevant work/life experience, service, self-study and training on the job. This course is eligible for challenge through the following method(s):
Challenge Exam |
Portfolio |
Interview |
Other |
Not Eligible for PLAR |
X |
|
|
|
|
Notes: N/A
|
|
Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Effective term: Winter 2014
Professor: Multiple Professors
Textbook(s): Introduction to Managerial Accounting, Brewer, Garrison, Noreen,
Kalagnaham & Vaidyanathan, 4th Canadian Edition., McGraw-Hill Ryerson
(2014)
Applicable student group(s): Business Administration - Human Resource students
Course Details:Unit 1
Reference: Chapter 1 - An Introduction to Managerial Accounting
- Differentiate between financial and managerial accounting.
Reference: Chapter 2 - Cost Concepts
- Define and give examples of variable and fixed costs; direct and
indirect costs; differential costs, opportunity costs and sunk
costs; manufacturing and non-manufacturing costs; and product and
period costs.
- Explain how costs are classified in the financial statements of
merchandising and manufacturing companies.
- Prepare an income statement and a schedule of costs of goods sold.
- Prepare a schedule of cost of goods manufactured.
- Assignments/quizzes/labs
Reference: Chapter 3 - Cost Behaviour: Analysis and Use
- Describe the behavior of variable costs, fixed costs, and mixed
costs.
- Describe the high-low method of analyzing mixed costs and set up a
cost equation using the high-low method.
- Explain the concept of contribution margin and prepare a
contribution margin income statement.
- Assignments/quizzes/labs
Reference: Overview of Chapter 4 Systems Design: Job-Order Costing,
Chapter 5 Process Costing, and Chapter 6 Activity-Based Costing.
Test 1 (20%): Chapters 1, 2, 3, and 4, 5, 6 (overview)
Unit 2
Reference: Chapter 7 - Budgeting
- Describe a master budget and the relationships among its components.
- Prepare a sales budget, including a schedule of cash collections.
- Prepare a production budget, a direct materials budget, a direct
labour budget, a manufacturing budget, an ending finished goods
inventory budget, and a selling and administrative expense budget.
- Prepare a cash budget.
- Prepare a budgeted income statement and a budgeted balance sheet.
- Assignments/quizzes/labs
Reference: Chapter 8 - Cost-Volume-Profit Relationships
- Explain how changes in activity affect contribution margin, the CM
ratio, and net income.
- Compute break-even sales, and the sales needed to achieve a target
profit.
- Explain and compute the margin of safety.
- Compute the degree of operating leverage and explain its
usefulness.
- Assignments/quizzes/labs
Reference: Chapter 9 - Relevant Costs: The Key to Decision Making
- Understand the relevant cost approach to decision making.
- Apply the relevant cost analysis framework to an equipment
replacement decision.
- Apply the relevant cost analysis framework to a business
addition/deletion decision.
- Apply the relevant cost analysis framework to a make-or-buy
(outsourcing) decision.
- Apply the relevant cost analysis framework to a special-order
decision.
- Assignments/quizzes/labs
Reference: Chapter 10 - Capital Budgeting Decisions
-Understand the basics of capital budgeting analysis.
-Understand and apply alternative methods to analyze capital
investments.
- Assignments/quizzes/labs
Test 2 (25%): Chapters 7, 8, 9, 10
Unit 3
Reference: Chapter 11 - Standard Costs and Variance Analysis
- Understand standard costing and compute standard costs.
- Understand variance analysis and compute variances.
- Understand management control in a standard costing environment.
- Assignments/quizzes/labs
- Understand static and flexible budgets
- Understand variable overhead variances
- Understand fixed overhead variances
- Assignments/quizzes/labs
Reference: Chapter 12 - Organizational Structure and Performance
Measurement
- Explain segmented reporting and prepare a segmented performance
- Define and compute the return on investment (ROI) measure.
- Explain how changes in sales, expenses, and operating assets can
influence the ROI.
- Define and compute the residual income (RI) measure.
- Assignments/quizzes/labs
Reference: Chapter 13 - How Well Am I Doing? - Financial Statement
Analysis (Online chapter)
- Prepare and interpret financial statements in comparative and
common-size forms.
- Compute and interpret the financial ratios used to measure the well-
being of shareholders and creditors.
- Assignments/quizzes/labs
Reference: Chapter 14 - How Well Am I Doing? - Cash Flow Statement
(Online chapter)
- Prepare a cash flow statement.
Test 3 (25%): Chapters 11, 12, 13, 14
|
Sheridan Policies
All Sheridan policies can be viewed on the Sheridan policy website.
Academic Integrity: The principle of academic integrity requires that all work submitted for evaluation and course credit be the original, unassisted work of the student. Cheating or plagiarism including borrowing, copying, purchasing or collaborating on work, except for group projects arranged and approved by the professor, or otherwise submitting work that is not the student's own, violates this principle and will not be tolerated. Students who have any questions regarding whether or not specific circumstances involve a breach of academic integrity are advised to review the Academic Integrity Policy and procedure and/or discuss them with the professor.
Copyright: A majority of the course lectures and materials provided in class and posted in SLATE are protected by copyright. Use of these materials must comply with the Acceptable Use Policy, Use of Copyright Protected Work Policy and Student Code of Conduct. Students may use, copy and share these materials for learning and/or research purposes provided that the use complies with fair dealing or an exception in the Copyright Act. Permission from the rights holder would be necessary otherwise. Please note that it is prohibited to reproduce and/or post a work that is not your own on third-party commercial websites including but not limited to Course Hero or OneNote. It is also prohibited to reproduce and/or post a work that is not your own or your own work with the intent to assist others in cheating on third-party commercial websites including but not limited to Course Hero or OneNote.
Intellectual Property: Sheridan's Intellectual Property Policy generally applies such that students own their own work. Please be advised that students working with external research and/or industry collaborators may be asked to sign agreements that waive or modify their IP rights. Please refer to Sheridan's IP Policy and Procedure.
Respectful Behaviour: Sheridan is committed to provide a learning environment that supports academic achievement by respecting the dignity, self-esteem and fair treatment of every person engaged in the learning process. Behaviour which is inconsistent with this principle will not be tolerated. Details of Sheridan's policy on Harassment and Discrimination, Academic Integrity and other academic policies are available on the Sheridan policy website.
Accessible Learning: Accessible Learning coordinates academic accommodations for students with disabilities. For more information or to register, please see the Accessible Learning website (Statement added September 2016)
Course Outline Changes: The information contained in this Course Outline including but not limited to faculty and program information and course description is subject to change without notice. Any changes to course curriculum and/or assessment shall adhere to approved Sheridan protocol. Nothing in this Course Outline should be viewed as a representation, offer and/or warranty. Students are responsible for reading the Important Notice and Disclaimer which applies to Programs and Courses.
|