ACCG23626
Cost and Managerial Accounting 1A		 Sheridan
 
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
 

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.

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Section I: Administrative Information
  Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2019
Prerequisites: ACCG16971
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business Accounting, Business Admin. Accounting
Program Coordinator(s): Orlando Brown
Course Leader or Contact: Alison Feierabend
Version: 20190903_00
Status: Approved (APPR)

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

Detailed Description
This course offers an introduction to managerial accounting with a particular emphasis on cost control and the analytical tools used by management to plan for future operations and evaluate past performance.

Program Context

 
Business Accounting Program Coordinator(s): Orlando Brown
Same as Business Administration Accounting

Business Admin. Accounting Program Coordinator(s): Orlando Brown
This course is a core component of the second year of the Accounting Program.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course, students will have demonstrated the ability to use internal accounting data as an aid to plan, control and evaluate an organization.
 
Learning Outcomes:

To achieve the critical performance, students will have demonstrated the ability to:

  1. Describe the roles and functions of both managerial and financial accounting in a business organization.
  2. Classify costs under various categories.
  3. Analyze cost behaviours using appropriate methods and techniques.
  4. Prepare various forms of income statements and supporting schedules.
  5. Determine the cost of a product by component in a job-order costing system.
  6. Analyze cost-volume-profit relationships.
  7. Prepare a master budget to aid in planning, controlling and evaluating an organization.
  8. Calculate appropriate prices to transfer products and services between division.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS
 Online Pre-work (Best 5 of 6 @ 1% each)5.0%
 Online Homework (Best 5 of 6 @ 2% each)10.0%
 In-Class Quizzes (Best 5 of 6 @ 3% each)15.0%
 Mid-term Exam (Modules 1 through 3)30.0%
 Final Exam (Comprehensive Modules 1 through 6)40.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
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, the mid-term and the final exam in order to receive credit for this course. 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-class quizzes will be completed using Respondus Lockdown Browser.

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

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):
 TypeDescription
RequiredTextbookManagerial Accounting, Garrison, Chesley, Carroll, Webb & Libby, McGraw-Hill Ryerson, 11th Canadian ed., 2018
RequiredOtherStudents 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): Second Year Business Administration - Accounting
Course Details:

Module 1: Introduction to Managerial Accounting and Cost Terminology

  • Compare and contrast managerial and financial accounting
  • Describe the planning and control cycle and its relation to decision making
  • Classify costs and understand cost flows
  • Prepare a schedule of cost of goods manufactured and cost of goods sold

Assignments: Pre-work (1 x 1%), In-class (3%) and Homework (2%)

Reference: Chapters 1 and 2

Module 2: Cost Behaviour: Analysis and Use

  • Identify costs by behaviour
  • Analyze mixed costs using various methods
  • Prepare an income statement using the contribution format

Assignments: Pre-work (1 x 1%), In-class (3%) and Homework (2%)

Reference: Chapter 3

Module 3: Cost-Volume-Profit Relationships

  • Explain the basics of CVP analysis
  • Prepare a break-even analysis for single and multi-product scenarios
  • Compute margin of safety
  • Compute operating leverage and explain how operating leverage affects an organization

Assignments: Pre-work (1 x 1%), In-class (3%) and Homework (2%)

Reference: Chapter 4

Mid-term Exam (30%): chapters 1, 2, 3, and 4 (Modules 1, 2, and 3)

Module 4: Systems Design: Job Order Costing

  • Apply direct material, direct labour and manufacturing overhead in a job-order costing system
  • Prepare a job order cost card
  • Calculate the predetermined overhead rate to be used when applying overhead to a job
  • Prepare journal entries to record transactions related to a job order cost system

Assignments: Pre-work (2 x 1%), In-class (2%) and Homework (2%)

Reference: Chapter 5

Module 5: Budgeting

  • Prepare master budget with particular emphasis on the cash budget

Assignments: Pre-work (1%), In-class (2%) and Homework (2%)

Reference: Chapter 9

Module 6: Reporting for Control

  • Prepare a segment report and  use profitability analysis (including return on investment and residual income) managerial performance
  • Identify an appropriate transfer price range to be used between divisions

Assignments: Pre-work (3 x 1%), In-class (2%) and Homework (2%)

Reference: Chapter 11 and Appendix 11A

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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