ACCT 102H: Managerial Accounting - Honors

• Identify and illustrate the primary activities and information needs of managers and explain the role of the managerial accountant as a member of the management team; compare and contrast financial and managerial accounting.
• Compare and contrast absorption costing and variable costing, prepare income statements using both methods, and reconcile the resulting net incomes.
• Define relevant costs and benefits and prepare analyses related to special decisions.
• Explain the nature of capital expenditure decisions and apply and evaluate various methods used in making these decisions, including the time value of money.
• Identify the ethical implications inherent in managerial accounting and reporting and be able to apply strategies for addressing them.
• Define and illustrate various cost terms, concepts, and behaviors, and evaluate their relevancy for different decision-making purposes.
• Distinguish between product and period costs and prepare and evaluate a Schedule of Cost of Goods Manufactured, Schedule of Cost of Goods Sold, and Income Statement; Prepare traditional and contribution-margin income statements and define related terms.
• Explain cost-volume-profit analysis, degree of operating leverage, and safety margin and employ each as an analytical tool.
• Describe the traditional types of product costing systems (including job-order and process), illustrate the flow of costs in each, and prepare related accounting records and reports.
• Discuss the impact of technology on the business environment, its implications for product and service costs, and the development of activity-based costing and management.
• Explain the purposes of budgeting, prepare a master budget and its component schedules, and relate the budget to planning and control.
• Explain the development and use of standard costs and flexible budgets, prepare and interpret variance analysis reports and relate them to responsibility accounting and control.
• Explain the nature of and need for segment reporting and the relationship with cost, revenue, profit, and investment centers; prepare and analyze related segment reports.

Course Content: 

1. Managerial Accounting Concepts and Principles
2. Job Order Costing
3. Process Cost Systems
4. Cost Behavior and Cost-Volume-Profit Analysis
5. Absorption and Variable Costing for Management Analysis
6. Budgeting and profit planning
7. Performance Evaluation Using Variances from Standard Costs and flexible budgeting
8. Performance Evaluation for Decentralized Operations and responsibility accounting
9. Differential Analysis and Product Pricing
10. Capital Investment Analysis
11. Cost Allocation and Activity-based Costing
12. Cost Management for Just-in-time Environments
13. Ethical issues