ACCG23626
Cost and Managerial Accounting 1A
Sheridan
 
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
 
Section I: Administrative Information
  Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Winter 2021
Prerequisites: ACCG16971
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business Accounting, Business Admin. Accounting
Program Coordinator(s): Jennifer Peterson
Course Leader or Contact: Peter Kamala
Version: 20210118_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): Jennifer Peterson
Same as Business Administration Accounting

Business Admin. Accounting Program Coordinator(s): Jennifer Peterson
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. Apply cost accounting terminology, concepts and procedures.
  3. Analyze cost behaviours using appropriate methods and techniques.
  4. Prepare various forms of income statements and supporting schedules.
  5. Analyze cost-volume-profit relationships.
  6. Determine the cost of a product by component in a job-order costing system.
  7. Prepare a formal departmental production report applying appropriate costing techniques in a process costing system.
  8. Understand and apply the activity-based costing model.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS
 Online Pre-work (Best 5 of 6 @ 2% each)10.0%
 Online Homework (Best 5 of 6 @ 2% each)10.0%
 In-Class 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%
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. 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.
  • 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, 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.
  • Prepare an income statement, including the calculation of cost of goods sold and prepare a schedule of cost of goods manufactured.

Assignments: Online Pre-work #1 (2%), In-class Quiz #1 (2%) and Online 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.
  • Prepare an income statement using the traditional format and contribution format.

Assignments: Online Pre-work # 2 (2%), In-class Quiz #2 (2%) and Online 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.
  • Compute the 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.

Assignments: Online Pre-work # 3 (2%), In-class Quiz # 3 (2%) and Online 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.

Assignments: Online Pre-work #4 (2%), In-class Quiz # 4 (2%) and Online 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 assigns 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.

Assignments: Online Pre-work # 5 (2%), In-class Quiz # 5 (2%) and Online 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, 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: Online Pre-work # 6 (2%), In-class Quiz # 6 (2%) and Online Homework # 6 (2%)
Reference: Chapter 7 & Appendix 7A
Learning outcomes: 2 & 8

Final Exam (40%) - Comprehensive

 

 



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