ACC 241- Principles of Managerial Accounting
This course will introduce you to how managerial accounting information is used in making business decisions. The concepts covered, such as budgeting and cost control, will be useful to all future decision makers and managers.
As a result of successful completion of this course, you should be able to:
- Distinguish managerial from financial accounting, and explain the role of a management accountant in a business.
- Define the terms and classifications of costs in a manufacturing environment (product, period, fixed, variable, work in process, finished goods, materials, labor, overhead, overhead application, cost behavior, etc.).
- Compute and interpret product cost in a variety of environments (manufacturing, retail, service, not-for-profit, etc.)
- Define basic concepts of activity based costing and quality costs.
- Explain the purpose of, and compute, cost-volume-profit relationships.
- Explain the purpose of and use of budgets, including flexible budgets, and prepare and interpret a budget for a manufacturing environment.
- Define standard costs and explain their use. Compute and interpret cost variances.
- Determine relevant costs for decision-making, and use this information to make business decisions and evaluate performance.
The ACC 241 Honors Class will also include two projects to relate the business world to course materials. The first is finding and analyzing current news related to managerial accounting and the second is performing a financial ratio analysis of two companies' financial statements.