Managerial Accounting

Catalog description

3 cr. hrs.; 3 lecture hours; 0 lab hours per week. Prerequisite(s): ACCT 101 or ACCT 170 and ACCT 180 "C" or better; ACCT 104 with a "C" or better or concurrent enrollment in ACCT 104. The study of managerial accounting principles that presents managerial accounting as an information system used by managers for planning, controlling and directing business operations in domestic and international manufacturing and service environments. Emphasis is on understanding and applying common managerial accounting practices and decision-making techniques that support the achievement of an organization's financial goals and objectives. Topics covered include the role of managerial accounting in domestic and international settings, classification and analysis of costs (product, period, variable, fixed, mixed, opportunity, sunk and differential), costing systems (job-order, process, activity-based, variable, absorption, standard, just-in-time), cost-volume-profit relationships, break-even analysis, preparation and analysis of budgets (master budget with supporting schedules, flexible budget), standard costs and variance analysis, preparation and analysis of financial statements (pro forma Income Statement, pro forma Balance Sheet, and Statement of Cash Flows). IAI: BUS 904