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: Winter 2020
Prerequisites: ACCG16971
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business Admin. - HR, Business Human Resources
Program Coordinator(s): Sujaykumar Vardhmane
Course Leader or Contact: N/A
Version: 20200106_00
Status: Approved (APPR)

Section I Notes: Students are advised to retain course outlines for future use in support of applications for employment or transfer of credits to other schools.

Section II: Course Details

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

Business Admin. - HR	Program Coordinator(s): Sujaykumar Vardhmane
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.
Business Human Resources	Program Coordinator(s): Sujaykumar Vardhmane
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.

Course Critical Performance and Learning Outcomes

	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:

Describe the role and functions of both managerial and financial accounting in a business organization.
Understand the differences between Job Costing, Process Costing and Activity Based Costing systems.
Prepare budgets for: sales, production; direct materials; direct labour; manufacturing overhead; selling & administrative expenses; cash receipts and disbursements.
Describe how to use fixed and variable costs to predict costs.
Explain how changes in activity affect contribution margin and net operating income
Determine the level of sales needed to achieve a desired target profit, after computation of the break-even point.
Explain the significance of direct materials and direct labour variances after computation.
Contrast flexible budgets with static budgets.
Prepare a performance report for both variable and fixed costs using the flexible budget approach.
Distinguish between relevant and irrelevant costs in decision making.
Prepare an analysis showing whether a product line or other organizational segments should be dropped or retained.
Prepare a well-organized make-or-buy analysis and an analysis showing whether a special customer order should be accepted.
Outline the basic approach in activity-based costing as distinct from traditional costing, and the computation of product costs under the two systems.
Understand the content and purpose of financial statements, including the financial ratios and other measures used to evaluate a company's financial performance.
Understand the basics of capital budgeting analysis.

Evaluation Plan
Students demonstrate their learning in the following ways:

Evaluation Plan: IN-CLASS

	Quizzes/Assignments (3 @ 10%)	30.0%
	Test 1	20.0%
	Test 2	25.0%
	Test 3	25.0%
	Total	100.0%

Evaluation Notes and Academic Missed Work Procedure:

N/A

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.
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.
Numeracy - Execute mathematical operations accurately.
Interpersonal Skills - Show respect for the diverse opinions, values, belief systems, and contributions of others.
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.
Critical Thinking & Problem Solving Skills - Use a variety of thinking skills to anticipate and solve problems.
Communication Skills - Respond to written, spoken, or visual messages in a manner that ensures effective communication.
Interpersonal Skills - Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) - Office of the Registrar
Students may apply to receive credit by demonstrating achievement of the course learning outcomes through previous relevant work/life experience, service, self-study and training on the job. This course is eligible for challenge through the following method(s):

Challenge Exam
Notes:

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	Introduction to Managerial Accounting, Brewer, Garrison, Noreen, Kalagnaham & Vaidyanathan, McGraw-Hill Ryerson, 5th, 2017

Applicable student group(s): Business Administration - Human Resource and Business Human Resources students
Course Details:

Module 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.

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.

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)

Quiz/Assignment (10%)

Module 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.

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.

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.

Reference: Chapter 10 - Capital Budgeting Decisions
-Understand the basics of capital budgeting analysis.
-Understand and apply alternative methods to analyze capital
investments.

Test 2 (25%): Chapters 7, 8, 9, 10

Quizz/Assignment (10%)

Module 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

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.

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.

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

Quizz/Assignment (10%)

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.

[ Printable Version ]