ACC561 Accounting
Course Description
This course applies accounting tools to make management decisions. Students learn to evaluate organizational performance from accounting information. Other topics include financial statements, cost behavior, cost allocation, budgets, and control systems.
Topics and Objectives
Decision Making
- Explain the role of budgets and performance reports in the management decision-making process.
- Evaluate the role of ethics in accounting decision making.
- Evaluate relevant accounting information for business decision making.
Financial Statements
- Apply the concepts, techniques, and conventions of basic financial accounting.
- Identify how measurement conventions affect financial reporting.
- Determine the relationships between the elements of the four financial statements.
Cost Behavior
- Evaluate how cost behavior affects selection of cost drivers and management decisions.
- Analyze the cost-volume-profit relationships to predict effects of changes in sales or costs, including the break-even sales volume.
- Compare and contrast the different methods of measuring cost functions.
- Explain how cost accounting systems are used to determine the cost of a product, service, customer, or other cost objective.
Budgets
- Explain the major components, advantages, and disadvantages of a master budget.
- Assess the risks associated with sales forecasting.
- Construct an activity-based flexible budget.
Cost Allocation
- Explain the methods of cost allocation.
- Analyze how factory overhead is applied to products.
- Compare and contrast uses of variable and absorption costing.
Performance Management
- Evaluate how managers use control systems to achieve organizational goals.
- Compute return on investment, residual income, and economic value added.
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