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Credit Value: 3.0
Credit Value Notes: N/A
Effective: Winter 2015
Prerequisites:
(ACCG16971)
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Human Resources Finance & Accg
School: Business
Program(s):
Business Human Resources
Program Coordinator(s):
Judith Hunter
Course Leader or Contact: Multiple Course Leaders
Originator: Lesley Rumsby
Designate: Lesley Rumsby
Version: 8.0
Status: Approved (APPR)
Calendar Description
Human resource professionals require an understanding of financial
and accounting concepts and skills so that they can help an
organization analyze its past and plan its future. Students focus on
analysis of financial statements, standard cost systems, cost-volume-
profit relationships, budgeting and decision making.
Typical Instructional Format
Lecture
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42.0 |
Total hours: |
42.0 |
Courses may be offered in other formats.
Section I Notes:
N/A
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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
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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.
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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 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.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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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%
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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:
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Communication
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Critical Thinking & Problem Solving
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Interpersonal
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Numeracy |
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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: Winter 2015
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
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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