Sheridan Course Outlines

Land Acknowledgement

Sheridan College resides on land that has been, and still is, the traditional territory of several Indigenous nations, including the Anishinaabe, the Haudenosaunee Confederacy, the Wendat, and the Mississaugas of the Credit First Nation. We recognize this territory is covered by the Dish with One Spoon treaty and the Two Row Wampum treaty, which emphasize the importance of joint stewardship, peace, and respectful relationships.

As an institution of higher learning Sheridan embraces the critical role that education must play in facilitating real transformational change. We continue our collective efforts to recognize Canada's colonial history and to take steps to meaningful Truth and Reconciliation.

Section I: Administrative Information

Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Spring/Summer 2022
Prerequisites: ACCG23626
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business, Business Accounting, Business Admin. Accounting
Program Coordinator(s): Orlando Brown, Vanessa Robinson
Course Leader or Contact: Peter Kamala
Version: 20220509_00
Status: Approved (APPR)

Section I Notes: This course is taught in a mobile computing environment.

Section II: Course Details

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

Business	Program Coordinator(s): Vanessa Robinson
This course is an elective course for the Business program.
Business Accounting	Program Coordinator(s): Orlando Brown
This course is a core component of the second year of the Business Accounting Program.
Business Admin. Accounting	Program Coordinator(s): Orlando Brown
This course is a core component of the second year of the Business Administration Accounting Program.

Course Critical Performance and Learning Outcomes

	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:

Apply variable costing and absorption costing to organizations.
Prepare a master budget and a flexible budget to aid in planning, controlling and evaluating an organization.
Distinguish between the types of responsibility centres and the measurement of their performance
Computes, analyzes, or assesses implications of variances
Distinguish between relevant and irrelevant costs in decision making.
Prepare analyses for various short-term decision situations.
Evaluate the acceptability of investment projects using various methods.

Evaluation Plan
Students demonstrate their learning in the following ways:

Evaluation Plan: IN-CLASS

	Pre- work (Best 5 of 6 @ 2% each)	10.0%
	Homework (Best 5 of 6 @ 2% each)	10.0%
	Quizzes (Best 5 of 6 @ 2% each)	10.0%
	Mid-term Exam (Modules 1 - 3)	30.0%
	Final Exam (Comprehensive Modules 1 - 5)	40.0%
	Total	100.0%

Evaluation Notes and Academic Missed Work Procedure:

*These assignments are either completed online, outside of class time or in class. Failure to complete an assignment by the due date will result in a zero on that assignment. No makeups or extensions are available. In addition to achieving a minimum 50% overall grade, a student must have a combined average of at least 50% on the in-class quizzes, mid-term and final exam in order to receive credit for this course. Students may be required to complete the quizzes, mid-term and final exams using Excel (or a similar spreadsheet program) with Respondus Lockdown browser and/or monitor (or similar software) on their laptops.

Provincial Context
The course meets the following Ministry of Colleges and Universities requirements:

Essential Employability Skills
Essential Employability Skills emphasized in the course:

Communication Skills - Communicate clearly, concisely and correctly in the written, spoken, visual form that fulfills the purpose and meets the needs of the audience.
Numeracy - Execute mathematical operations accurately.
Critical Thinking & Problem Solving Skills - Use a variety of thinking skills to anticipate and solve problems.
Critical Thinking & Problem Solving - Apply a systematic approach to solve problems.
Information Management Skills - Analyze, evaluate, and apply relevant information from a variety of sources.
Information Management - Locate, select, organize and document information using appropriate technology and information systems.
Interpersonal Skills - Show respect for the diverse opinions, values, belief systems, and contributions of others.
Interpersonal Skills - Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.
Personal Skills - Manage the use of time and other resources to complete projects.
Personal Skills - Take responsibility for one's own actions, decisions, and consequences.

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) - Office of the Registrar

Not Eligible for PLAR

Section III: Topical Outline

Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Instruction Mode: In-Class
Professor: Multiple Professors
Resource(s):

	Type	Description
Required	Textbook	Managerial Accounting, Garrison, Libby, Webb, Noreen, and Brewer, McGraw-Hill & Ryerson, 12th Canadian ed., 2021, with Connect Access

Applicable student group(s): Business Administration - Accounting
Course Details:

Module 1: Variable Costing

Distinguish between variable costing and absorption costing.
Compute unit product costs and prepare income statements under each method.
Reconcile variable costing and absorption costing operating incomes.
Explain and contrast the advantages and disadvantages of variable and absorption costing.

Evaluations: Pre-work #1 (2%), Homework #1 (2) %, Quiz #1 (2%)
Reference: Chapter 8
Learning Outcomes: 1

Module 2: The Budgeting Process

Explain the importance of budgeting and its process.
Prepare the supporting components of a master budget, budgeted financial statements and a flexible budget.
Describe variations in the master budget process when applying it to not-for-profit situations.

Evaluations: Pre-work #2 (2%), Homework #2 (2%), Quiz #2 (2%)
Reference: Chapter 9
Learning Outcome: 2

Module 3: Standard Costs and Overhead Analysis

Explain and understand how direct material and direct labour standards are set.
Compute and interpret direct material price and quantity variances, direct labour rate and efficiency variances, variable manufacturing overhead spending and efficiency variances, and fixed overhead budget and volume variances.
Prepare a performance report for manufacturing overhead, decide which variances to investigate, and perform an analysis of capacity utilization.

Evaluations: Pre-work #3 (2%), Homework #3 (2%), Quiz #3 (2%)
Reference: Chapter 10
Learning Outcome: 3

Mid-term Exam (30%) – Chapters 8, 9 &10 (Modules 1, 2, & 3)

Module 4: Reporting for Control

Prepare a segmented income statement using the contribution format and explain the difference between traceable fixed costs and common fixed costs.
Differentiate among responsibility centres and explain how performance is measured in each.
Compute and analyze the return on investment and residual income and explain the use of balanced scorecards to assess performance.
Determine the range, if any, within which a negotiated transfer price should fall, and explain approaches to setting the transfer price.

Evaluations: Pre-work #4 (2%), Homework #4 (2%), Quiz #4 (2%)
Reference: Chapter 11, Appendix 11A: Transfer Pricing
Learning Outcome: 4

Module 4: Short-Term Decision Making

Distinguish between relevant and irrelevant costs in decision making.
Prepare analyses for various decision situations: adding or dropping a segment decision, make vs. buy decision, special orders decision, joint products, and sell or process further decision.
Determine the most profitable use of a constrained resource and the value of obtaining more of the constrained resource.

Evaluations: Pre-work #5 (2%), Homework #5 (2%), Quiz #5 (2%)
Reference: Chapter 12
Learning Outcome: 5 & 6

Module 5: Capital Budgeting Decision

Evaluate the acceptability of an investment project using the net present value method and the internal rate of return method, and rank investment projects in order of preference.
Evaluate an investment project that has uncertain cash flows.
Calculate the payback period for an investment and the simple rate of return for an investment.
Incorporate income taxes into a capital budgeting analysis.

Evaluations: Pre-work #6 (2%), Homework #6 (2%), Quiz #6 (2%)
Reference: Chapter 13 & Appendices 13B
Learning Outcome: 5 & 7

Final Exam (40%) - Comprehensive

Sheridan Policies

It is recommended that students read the following policies in relation to course outlines:

Academic Integrity
Copyright
Intellectual Property
Respectful Behaviour
Accessible Learning

All Sheridan policies can be viewed on the Sheridan policy website.

Appropriate use of generative Artificial Intelligence tools: In alignment with Sheridan's Academic Integrity Policy, students should consult with their professors and/or refer to evaluation instructions regarding the appropriate use, or prohibition, of generative Artificial Intelligence (AI) tools for coursework. Turnitin AI detection software may be used by faculty members to screen assignment submissions or exams for unauthorized use of artificial intelligence.

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. 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.

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