ACCG23626
Cost and Managerial Accounting 1A |
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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.
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Section I: Administrative Information
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Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Spring/Summer 2022
Prerequisites: ACCG16971
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.
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Section II: Course Details
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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
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| Business |
Program Coordinator(s):
Vanessa Robinson |
This course is an elective course for the Business program.
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| Business Accounting |
Program Coordinator(s):
Orlando Brown |
Same as Business Administration Accounting
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| Business Admin. Accounting |
Program Coordinator(s):
Orlando Brown |
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 internal accounting data as an aid to plan, control
and evaluate an organization.
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Learning Outcomes:
To achieve the critical performance, students will have demonstrated the ability to:
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- Describe the roles and functions of both managerial and financial accounting in a business organization.
- Apply cost accounting terminology, concepts and procedures.
- Analyze cost behaviours using appropriate methods and techniques.
- Prepare various forms of income statements and supporting schedules.
- Analyze cost-volume-profit relationships.
- Determine the cost of a product by component in a job-order costing system.
- Prepare a formal departmental production report applying appropriate costing techniques in a process costing system.
- Understand and apply the activity-based costing model.
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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 through 3) | 30.0% | | | Final Exam (Comprehensive Modules 1 through 6) | 40.0% | | Total | 100.0% |
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. 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.
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Provincial Context
The course meets the following Ministry of Colleges and Universities requirements:
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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
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Section III: Topical Outline
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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.
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): Second Year Business Administration - Accounting
Course Details: Module 1: Introduction to Managerial Accounting and Cost Terminology - Describe the functions performed by managers, the major differences and similarities between financial and managerial accounting and the basic concepts of lean production and enterprise risk management.
- Identify the nature and importance of ethics for accountants and the role of corporate social responsibility.
- Identify the three basic manufacturing cost categories and distinguish between the various cost perspectives (product vs. period costs, variable vs. fixed costs, direct vs. indirect costs, differential costs and revenues, opportunity cost, and sunk cost).
- Prepare an income statement, including the calculation of cost of goods sold and prepare a schedule of cost of goods manufactured.
Assignments: Pre-work #1 (2%), Quiz #1 (2%) and Homework #1 (2%)
Reference: Chapters 1 & 2
Learning Outcomes: 1 &2 Module 2: Cost Behaviour: Analysis and Use - Analyze fixed and variable behaviour and apply this analysis to predict costs.
- Analyze mixed costs using various approaches (account analysis, engineering approach, high-low method, and least-squares regression method).
- Prepare an income statement using the traditional format and contribution format.
Assignments: Pre-work # 2 (2%), Quiz #2 (2%) and Homework #2 (2%)
Reference: Chapter 3 & Appendix 3A
Learning outcomes: 2, 3 &4 Module 3: Cost-Volume-Profit Relationships - Understand and analyze the cost–volume–profit relationship and the effect of changes in its elements on the contribution margin and profitability.
- Compute the contribution margin per unit and ratio, variable cost per unit and ratio, break-even point in unit sales and sales dollars, the level of sales needed to achieve a desired target profit, the margin of safety and the degree of operating leverage.
- Compute the breakeven point for a multi-product company and the effect of changes in the sales mix on the company’s contribution margin and the breakeven point.
- Conduct a CVP analysis with uncertainty.
Assignments: Pre-work # 3 (2%), Quiz # 3 (2%) and Homework # 3 (2%)
Reference: Chapter 4 & Appendix 4A
Learning outcomes: 2 &5 Mid-term Exam (30%): chapters 1, 2, 3, and 4 (Modules 1, 2, and 3) Module 4: Systems Design: Job Order Costing - Distinguish between process costing and job-order costing.
- Recognize the flow of costs through a job-order costing system.
- Compute predetermined overhead rates, apply overhead cost to work in process using a predetermined overhead rate.
- Compute underapplied or overapplied overhead cost.
- Record the journal entries that reflect the flow of costs in a job-order costing system,
- and to close the balance in manufacturing overhead to the appropriate accounts.
- Explore the relationship between the predetermined overhead rate and capacity.
Assignments: Pre-work #4 (2%), Quiz # 4 (2%) and Homework # 4 (2%)
Reference: Chapter 5 & Appendix 5A
Learning outcomes: 2 &6 Module 5: Systems Design: Process Costing - Recognize the flow of costs through a process costing systems.
- Compute the equivalent units of production and the cost per equivalent unit and assign costs to units using the weighted-average method and the FIFO method.
- Prepare a cost reconciliation report accounting for the costs transferred out and the
- costs in work in process inventory at the end of the period using the weighted- average method and the FIFO method.
- Compute the cost of lost units or shrinkage.
Assignments: Pre-work # 5 (2%), Quiz # 5 (2%) and Homework # 5 (2%)
Reference: Chapter 6 & Appendices 6A & 6B
Learning outcomes: 2 &7 Module 6: Activity-Based Costing - Explain the activity-based costing model.
- Assign costs to cost pools, compute activity rates, and assign costs to a cost object.
- Use activity-based costing to compute product and customer margins.
- Compare product costs computed using traditional and activity-based costing methods.
- Use activity-based costing techniques to compute unit product costs for external reports
Assignments: Pre-work # 6 (2%), Quiz # 6 (2%) and Homework # 6 (2%)
Reference: Chapter 7 & Appendix 7A
Learning outcomes: 2 & 8 Final Exam (40%) - Comprehensive
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- Academic Integrity
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All Sheridan policies can be viewed on the Sheridan policy website.
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.
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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