Managerial Accounting & Legal Aspects Of Business – acc543 (3 credits)
In this course, students examine managerial accounting as part of the business’s accounting information system and legal aspects of the business enterprise. Topics include managerial accounting and capital budgeting, cost analysis; management planning and control, negotiable instruments, secured transactions, debtor/creditor relationships, property and insurance, and legal aspects of employment and environment.
Legal Aspects of Employment and Environment
- Explain the significant laws protecting employees from discrimination.
- Explain the liability of accountants to third parties.
- Identify the significant employment regulations affecting business.
- Analyze the formation, rights, authority, and termination of agency relationships.
Management Planning and Control
- Construct elements of a master budget.
- Explain budget variances.
- Analyze financial ratios to measure business performance.
- Analyze nonfinancial measures to measure business performance.
Managerial Accounting and Capital Budgeting
- Determine the present value of future cash flows from an investment.
- Differentiate among various capital budget evaluation techniques.
- Evaluate relevant financial information involved in a capital budgeting decision.
Negotiable Instruments, Secured Transactions, and Debtor/Creditor Relationships
- Determine the rights and responsibilities of parties involved with a negotiable instrument.
- Determine the primary and secondary liabilities of parties to negotiable instruments.
- Idenfity the necessary components of secured transactions.
- Identify the rights and responsibilities of debtors and creditors.
Property and Insurance
- Evaluate the legal aspects of acquiring, holding, and disposing of real property.
- Evaluate the legal aspects of acquiring, holding, and disposing of personal property.
- Analyze the business use of insurance for various risks.
- Identify environmental regulations to a business situation.
- Apply the concepts of cost estimation, cost driver, and cost allocation to a business situation.
- Use the techniques of job order and process costing to determine product cost.
- Integrate cost behavior concepts with cost-volume-profit (CVP) analysis.
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