To view this video please enable JavaScript, and consider upgrading to a web browser that, Learning Objectives and What is Managerial Accounting, The Difference Between Financial and Managerial Accounting. The course develops the core management accounting tools, … But there is some interrelationships between taxes and managerial accounting, and we'll see a little bit of that in the future modules, but a tax course this is not. Specific attention will be given to such topics as various costing systems and their relevance to the particular firm and the particular industry; the analysis and presentation of data for the solving of … Course Content (Themes, Concepts, Issues and Skills) Outcome #1:Communicate effectively using basic managerial accounting terminology and concepts in a business environment. So in a very unsatisfying book definition is the following: It's the process of obtaining, creating, and analyzing relevant information to help achieve organizational goals. Financial statement information, along with other information, is useful to those parties as well. We're focusing on those users inside of the organization, the managers and employees who are making decisions that help the organization try to achieve its goals. … Learner Outcomes. Understand the importance of pricing as a business strategy. Explain and demonstrate managerial accounting principles. The course covers management accounting fundamentals and introduces a range of management accounting tools, including job and process costing, … A full list of course learning outcomes can be viewed here: Accounting For Managers Module 1: Manipulate numerical expressions involving fractions, decimals, and percents Make calculations with … For more information, please see the Resource page in this course and onlinemba.illinois.edu. The content, assignments, and assessments for Accounting for Managers are aligned to the following learning outcomes. 2. Appreciated it was informative but not overwhelming. • Organize cost information according to the decision-making needs of the organization. OUTCOMES AND OBJECTIVES Outcome 1: Upon completion of this course, students will be able to apply managerial accounting techniques at a paraprofessional level. • Identify problems associated with relying on financial accounting information for internal decision making. 3. Detailed course outcomes are listed on the Course Outline which is made available to the students. Course Student Learning Outcomes being Measured Fall 2016 PSLO ACC 150 - Payroll Accounting 2 1) Students will develop and apply a working knowledge of unemployment compensation tax law with analyzing journalizing payroll. So creditors and those parties thinking about becoming creditors to the firm or the organization also would be interested in the financial statements. Understand the difference between financial accounting and managerial accounting and explain why a company requires good information that supports effective planning, controlling, and evaluating processes. So, for example, when you buy something, you record the payable, then you pay the bill. In this module, you will become familiar with the course, your instructor, your classmates, and our learning environment. Upon the successful completion of this course students will be able to: Describe the objectives and functions of cost/managerial accounting; Discuss the concepts and methodologies of managerial accounting and their application in business decision making (b) Differentiating between economic and non-economic activities of business organization It studies cost-benefit criteria, Define the major product cost classifications - direct materials, labor, and overhead, and under… Upon completion of this course, you will be able to: Define and compare managerial accounting functions, processes and responsibilities Let's get started with Lesson 1. Differentiate between various costing methods and cost behaviors. Course Outcomes. The content, assignments, and assessments for Accounting for Managers are aligned to the following learning outcomes. ACCTG 100 Introduction to Accounting Students will describe the accounting cycle, write simple journal entries, compute a trial balance, and build simple financial statements. Introduces students to the various accounting systems that facilitate internal management planning, decision making and control. Managerial accountants are experts at analyzing an organization’s operational metrics, and then turning this data into useful information that management can use to make informed decisions. Lecture notes; Assignments: problem sets with solutions; Exams and solutions; Course Description. Managerial Accounting Product Pricing 1 Course Module Module 009: Product Pricing Course Learning Outcomes: At the end of this module, the student will be able to: 1. So first off, we can think of an organization, and just so it's easy to envision, let's think about a publicly traded global corporation. This course provides students with an understanding of management accounting concepts related to the management functions of planning, control, and decision making. Manipulate numerical expressions involving fractions, decimals, and percents, https://thenounproject.com/term/magnify/1276779/, Make calculations with whole numbers of varying magnitude, Round whole numbers to a determined place value, Identify different types of fractions and convert between them, Use addition and subtraction when evaluating with fractions, Use multiplication and division when evaluating expressions with fractions, Use place value to define all digits of a decimal number, Use addition and subtraction when evaluating expressions with decimals, Use multiplication and division when evaluating expressions with decimals, Convert decimals to fractions and fractions to decimals, Use percent to represent a given fraction or decimal, Evaluate expressions and word problems involving percents, Solve problems involving percent increase and decrease, Use the addition, subtraction, multiplication, and division properties to solve single-step equations, Solving multi-step equations with variables on both sides, Translating simple word phases into math notation, Use a problem solving strategy to set up and solve word problems, Use mathematical questions to solve mark-up problems, Use mathematical questions to solve discount problems, Solve any given formula for a specific variable, Calculate the rate of change using data points and graphical presentation, Compare and contrast graphical data to decipher information and make decisions, Discuss the roles of finance and accounting in a business, Summarize the background and sources of financial accounting standards, Demonstrate how ethics applies to the field of accounting, Outline the variety of accounting roles internal and external to a business, Differentiate between functional and divisional organization, Describe the legal implications of a business’ organization on its accounting, Summarize the information provided in a corporation’s annual report, Define the accounting entity and discuss the going concern concept, Identify the major underlying accounting principles of consistency, full disclosure, materiality, verifiability and conservatism, Describe the double entry bookkeeping system, Explain how key financial statements are structured, Illustrate the expanded accounting equation, Define common bookkeeping terms and phrases, Construct bookkeeping journal entries based on given parameters, Analyze the relationships between key financial statements, Identify important information found on key financial statements, Describe how inventories are reported on balance sheets and income statements, Demonstrate how current assets are reported on the balance sheet, Show how noncurent assets are reported on the balance sheet, Describe the presentation of stockholder’s equity on the balance sheet and statement of owners’ equity, Discuss how expenses are reported on the income statement, Explain how expenses are reported on the income statement, Compute core financial ratios that communicate essential information, Analyze other key ratios to interpret financial statement data, Discuss the limitations of financial statements, Compare and contrast financial and managerial accounting, Explain the key components of managerial accounting, Analyze the relationship between financial and managerial accounting and how they are compartmentalized within modern businesses, Identify the roles/people in a business who take on managerial accounting decisions, Explain how accounting affects strategy development, Explain how accounting is tied to risk management planning, Explain how accounting decisions are influenced by both employee and leadership beliefs and needs, Differentiate between product costs and period costs, Classify a variety of manufacturing costs, Define and give examples of fixed and variable costs, Describe the relevant range and its use in managerial accouning, Define and outline examples of mixed costs in retail and manufacturing businesses, Define dependent variable and independent variable, Analyze mixed costs using the high-low method, Use the least-squares regression method to create a regression line on a graph of cost data, Describe the relationship between cost management and managerial accounting relating to the value chain, Differentiate between direct and indirect costs, Describe a situation in which job order costing is used, Calculate an overhead rate, manufacturing overhead, and unit costs, Explain the flow of costs in a job order costing system, Prepare a sample journal entry that records job order costs, Compare and contrast job order and process costing, Explain the flow of costs in a process costing system, Calculate equivalent units of production and costs per equivalent unit using the weighted average and FIFO method, Prepare sample cost reconciliation journals for both the weighted average and FIFO methods, Discuss how to allocate service costs as operations costs using the direct and step-down methods, Describe situations in which activity-based absorption costing is used, Illustrate the difference between tradition costing and activity-based absorption costing, List the factors associated with cost-volume-profit analysis, Calculate net operating income using the profit equation, Explain why changes to key cost-volume-profit factors can significantly affect planning and decision making, Prepare a statement that shows a charge in fixed cost and sales volume, Prepare a statement that shows a charge in variable costs and sales volume, Prepare a statement that shows a change in fixed cost, selling price and sales volume, Prepare a statement that shows change in variable cost, fixed cost and sales volume, Determine the break-even point using the equation method, the formula method, and in dollar sales and sales units, Define target profit analysis and use it to make sales volume calculations, Analyze the break-even point data for a company that wants to adjust its sales mix, Compare and contrast sample cost structures for company strengths and weakness, Describe operating leverage and use it to evaluate sample cost structures, Describe the advantages of budgeting to a business, Differentiate between alternative budget periods, Identify the benefits of self-imposed and participatory budgeting, Summarize the impact of the sales forecast on the master budget, Outline the sequence of components of the master budget, Create a selling and administrative budget, Describe the shortcomings of a statistic budget, Create a flexible budget report that shows sales, activity, labor, or cost variances, Create a flexible budget report that shows multiple cost drivers, Identify the four steps of simple cost variance analysis, Differentiate between favorable and unfavorable variances, Analyze the variance between expected material cost and actual material costs, Analyze the variance between standard unit price and actual price of materials purchased, Analyze the variance between expected amount of materials purchased and the actual amount of materials purchased, Discuss strategies to limit and reduce material variances, Analyze the variance between expected labor cost and actual labor costs, Discuss strategies to limit and reduce labor variances, Analyze the variance between expected variable manufacturing overhead cost and actual variable manufacturing overly costs, Analyze the variance between expected variable manufacturing overhead efficiency and actual variable manufacturing overhead efficiency, Discuss strategies to limit and reduce variable manufacturing overhead variances, Summarize the concept of different costs analyzed for different purposes, Identify the data needed to support an add or drop decision, Identify the data needed to support a make or buy decision, Identify the data needed to support a special order decision, Described a constrained resource in retail business, Explain the process of differential analysis, Analyze qualitative factors that can also affect managerial decisions, Create a report outlining the data to support a customer elimination decision, Create a report outlining the data to support an add or drop decision, Create a report outlining the data to support a make or buy decision, Create a report outlining the data to support a sell or process further decision, Create a report outlining the data to support a special order decision, Create a report outlining the data to support a cost-plus pricing or target costing decision, Explain the nature of non-cash activities, Identify cash flows that result from operating activities, Identify cash flows that result from investing activites, Identify cash flows that result from financing activities, Calculate cash flows from operating activities by the indirect method, Calculate cash flows from operating activities by the direct method, Differentiate between net and gross cash flows, Prepare a statement of cash flow using that indirect method, Describe how cash flow factors can be used to improve or evaluate a business, Discuss non-financial components of the balanced scorecard, Perform a trend analysis on a financial statement, Perform a common-size analysis on a financial statement, Perform a ratio analysis on a financial statement, Evaluate a for-profit organization’s performance using financial and non-financial data, Evaluate a non-profit organization’s performance using financial and non-financial data, Discuss the steps in the capital budgeting process, Identify situations that require capital budgeting decision making, Describe the internal rate of return method, Describe the simple rate of return method, Evaluate a party’s risk aversion when proposing investment opportunities, Analyze a possible replacement projects to determine if it should be implemented, Conduct a postaudit on an example case to determine if the expected results were achieved. BAA2533 MANAGEMENT ACCOUNTING ACC2223 QUESTION 5 Course Learning Outcome (CLO) 5: Apply management tools and techniques such as balance scorecard, operational measurement measures, quality and environmental cost management. Discover the types of managerial accounting and its applications, from lean accounting to lifecycle costing. 1. Well, it's a very difficult concept to summarize in a single sentence. Managerial accounts provide this service because it helps the managers make business decisions that will be better … In this course, you will learn how to use accounting to facilitate and align decisions made by owners, managers, and employees. This course studies basic concepts of financial and managerial reporting. Topics: the role of accountants in internal decision-making; tools used to design and develop costing systems; preparation of budgets and their role as a planning and control tool; other decision-making tools including CVP … Objectives: Given a set of exam questions, the student will be able to: Describe the role of management accountants in an organization. Introduction Welcome to the Managerial Accounting Course in the Master of Science in Business Administration Program. Accountants communicate financial information to managers so that they can make critical business decisions, plan for the future, and analyze past performance. In the United States, there is the Securities and Exchange Commission who is responsible for insuring that the information provided by the organization is a fair representation of the firm and its financial position. Course Overview and Introduction to Managerial Accounting. Compare and contrast financial accounting and managerial accounting ... Well, if you remember from the first modules in this course, financial accounting focuses on recording transactions as they occur. Course Description A study of the fundamentals of managerial accounting with an emphasis on financial statement analysis, cost accounting measurement systems, cost-volume-profit analysis, managerial decision-making concepts, operational budgeting, standard cost systems and capital budgeting. This course provides a basic introduction to aspiring managerial accountants. As we work through these slides, we'll delve into the certain -- the specific concepts that are embedded inside this definition. Then, you will be introduced to Managerial Accounting and Costing Concepts. Explain the role of managerial accounting in a business. This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. Other industries involve other regulatory agencies. 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