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Credit Value: 3.0
Credit Value Notes: N/A
Effective: Spring/Summer 2014
Prerequisites:
(ACCG23626)
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Cost & Managerial Accounting 2
School: All Sheridan Schools
Program(s):
Business Accounting, Business Admin Accounting
Program Coordinator(s):
Sally Mitzel
Course Leader or Contact: Alison Feierabend
Originator: Lesley Rumsby
Designate: Lesley Rumsby
Version: 18.0
Status: Approved - Under Rev (AREV)
Calendar Description
This course emphasizes the use of accounting data by managers for
internal use including decision making, planning and control and
non-routine planning. Topics include: relevant costs, flexible
budgets, fixed overhead analysis and labour, overhead and cost
allocations.
Typical Instructional Format
Mobile
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42.0 |
Total hours: |
42.0 |
Courses may be offered in other formats.
Section I Notes:
ACCG23626 and ACCG20478 together qualify for exemption toward the
CGA
course of study with a grade of "B" or better. This course is
taught
in a mobile computing environment.
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Detailed Description
This course is a continuation of managerial accounting with an
emphasis on cost control and analysis of internal accounting
data to plan for future operations and to evaluate past
performance.
Program Context
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Business Accounting |
Program Coordinator: Sally Mitzel |
Same Program Context as
Business Admin Accounting.
See above.
Business Admin Accounting |
Program Coordinator: Sally Mitzel |
This course is a core
component of the second year
of the Accounting Program.
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Course Critical Performance and Learning Outcomes
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Critical Performance:
By the end of this course, students will have demonstrated the
ability to use managerial accounting reports and analytical tools to
plan, control and evaluate an organization.
Learning Outcomes:
To achieve the critical performance, students will have demonstrated
the ability to:
1. Develop a product's cost by determining the amount of direct
material, direct labour and manufacturing overhead to apply to a
unit of product.
2. Prepare a formal departmental production report applying
appropriate costing techniques in a process costing system.
3. Prepare the journal entries required to record inventory flow in a
process cost system.
4. Use activity based costing as a tool to aid decision making.
5. Compare product cost per unit under the traditional vs. activity
based costing approach.
6. Allocate service department costs using either the step or direct
method.
7. Allocate variable and fixed costs at both the beginning and end of
a period and charge any over (under) run to the correct department.
8. Use cost and revenue variances as a tool for improved decision
making and evaluation of key personnel.
9. Create a flexible budget and develop an overhead performance
report for use in directing and controlling a corporation.
10.Identify relevant costs and develop decision making models that
can be used to support recommendations made to the management
team to improve overall profitability of a company.
11.Analyze the various costs of quality.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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Online Assignments & Activities* 20%
Midterm Exam - Modules 1, 2 and 3 40%
Final Exam - Comprehensive 40%
100%
*Includes in-class assignments.
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Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:
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Essential Employability
Skills
Essential Employability Skills emphasized in the course:
X
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Communication
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X
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Critical Thinking & Problem Solving
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Interpersonal
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X
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Numeracy |
X
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Information
Management |
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Personal
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Notes: N/A
Prior Learning Assessment and Recognition
PLAR Contact: Multiple PLA Contacts
Students may apply to receive credit by demonstrating achievement
of the course learning outcomes through previous life and work experiences.
This course is eligible for challenge through the following
method(s):
Challenge Exam |
Portfolio |
Interview |
Other |
Not Eligible for PLAR |
X |
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Notes: N/A
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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: Spring/Summer 2014
Professor: Multiple Professors
Textbook(s): "Managerial Accounting", Garrison, Chesley, Carroll, Webb & Libby
9th Canadian Edition, McGraw-Hill Ryerson
Students will be required to use Connect. It is included with new
copies of the textbook. Connect also includes an e-book so
purchasing a hard copy of the textbook is optional. Connect can be
purchased separately directly from the McGraw-Hill website.
Applicable student group(s): Business Administration - Accounting, Second Year
Course Details:Module 1: Systems Design - Process Costing
- Compare and contrast job order and process costing.
- Prepare process cost flow journal entries.
- Compute equivalent units of production using either the weighted
average or FIFO method.
- Prepare a production report using the weighted average or FIFO
method.
- Assignments
Reference: Chapter 4, Appendix 4A
Module 2: Service Department Costing: An Activity Approach
- Allocate service department costs using various methods
- Assignments
Reference: Appendix 4B
Module 3: Activity-Based Costing: A Tool to Aid Decision Making
- Assign cost to cost pools using a first-stage allocation.
- Assign costs using a second-stage allocation.
- Compare product cost per unit using traditional and activity-based
costing methods.
- Assignments
- Reference: Chapter 5
Mid-term Exam (40%) - Chapter 4, Appendix 4A, Appendix 4B and Chapter
5 (Modules 1, 2 & 3)
Module 4: Standard Costs
- Apply management by exception
- Setting standard costs
- Explain the significance of denominator in determining standard cost
- Assignments
Reference: Chapter 10 (pages 405-411)
Module 5: Variance analysis and overhead performance reports
- Use the general model for variance analysis
- Use standard costs to determine: direct material variances, direct
labour variance, variable overhead variances
- Compute and interpret fixed overhead budget and volume variances
- Prepare an overhead performance report
- Prepare journal entries to record standard costs and variances
- Assignments
Reference: Chapter 10 (pages 412-433), and Appendix 10A and Appendix
10B
Module 6: Flexible Budgets
- Create a flexible budget
- Determine appropriate measures of activity
- Describe how variable and fixed cost behaviours affect the flexible
budget
- Prepare an overhead performance report
- Assignments
Reference: Chapter 9 (pages 369-373)
Module 7: Reporting for Control
- Calculate and interpret revenue variances
- Analyze costs of quality
- Assignments
Reference: Chapter 11 (pages 507-514), Appendix 11A
Module 8: Relevant Costs for Decision Making
- Describe how various cost concepts are used in decision making
- Identify costs as relevant or not relevant
- Use the differential approach for decision making
- Perform an analysis to determine if a product should be dropped
- Perform an analysis to determine if a product line should be
purchased or made
- Perform an analysis to determine if a special order should be
accepted
- Perform an analysis to determine how to best utilize a constrained
resource
- Perform an analysis to determine if a joint product should be sold
or processed further
- Assignments
Reference: Chapter 12
Final Exam (40%) - Comprehensive
Academic Honesty
The principle of academic honesty 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 faculty member, or otherwise submitting work that is not
the student's own violates this principle and will not be tolerated. Instances of academic dishonesty, including
assisting another student to cheat, will be penalized as detailed in the Student Handbook.
Students who have any questions regarding whether or not specific circumstances involve a breach of academic
honesty are advised to discuss them with the faculty member prior to submitting the assignment in question.
Discrimination and Harassment
Sheridan is committed to provide a learning environment that respects 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 are available in the Student Handbook.
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