Managerial Accounting 3 Credit Equivalent

Identify and utilize relevant accounting and financial information for managerial decisions.

Projects

Number Title Description Credit Equivalent
MACT 200 Cost Accounting Fundamentals and Applications

The overall purpose of this project is for students to demonstrate their understanding and working knowledge of cost accounting fundamentals including cost classification, overhead rate development and application, and various costing methods.  Students will classify cost components into appropriate categories (direct versus indirect costs; product versus period costs; direct materials versus direct labor versus manufacturing overhead, etc.), journalize various transactions, post to appropriate accounts, determine and apply appropriate overhead rates, use and apply various costing methods (job order, process, absorption, variable, and activity-based accounting) and create income statements.  Students will understand when to use which method and the limitations of each.  In addition, they will evaluate the effect product costing methods have on inventory valuation, product pricing, and profit measurement.

Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

Prerequisites:

  • FACT 205: Financial Accounting: Ethics and Internal Controls

    FACT 205: Financial Accounting: Ethics and Internal Controls

    In a perfect world there would be no need for accounting internal controls or discussions about ethics.  With the state of the world today these are very important topics that all business students need to understand.  Failures of internal controls and unethical behavior are frequently stories in the business news.  In this project, you will learn how these tragic situations might have been avoided.  Internal controls have two primary purposes.  They should help ensure that accounting systems operate as they are designed to operate.  This means that established procedures are followed and any exceptions are noted and properly authorized.  Following standardized procedures results in efficient operations and accurate accounting information. The second purpose is to safeguard assets from misappropriation by theft or fraud.  A strong system of internal controls denies the opportunity to steal from an organization.  You will learn how to review an organization’s system of internal controls, identify shortcomings and recommend improvements. In this project, you are going to learn about ethics in business and specifically in accounting.  You will develop a framework for analyzing ethical dilemmas as you work through several scenarios.

    Required text: Wild, John J. Financial Accounting: Information for Decisions, 5th Edition. ISBN: 978-0073527017

1
MACT 205 Master Budget and Variance Analysis

In this project, students will prepare a master budget, including sales budget, schedule of cash collections, production budget, direct materials budget, schedule of cash disbursements, direct labor budget, manufacturing overhead budget, finished goods inventory budget, selling and administrative expenses budget, cash budget, and budgeted financial statements. They will also prepare a flexible budget that adjusts for levels of activity that differ from planned activity. Students will compare the planning budget to the flexible budget and the flexible budget to actual results. Students will compute activity variances and revenue and spending variances and then analyze them as a part of evaluating performance. Other components of this project offering include capital budgeting, performance evaluation, and the balanced scorecard. Students will analyze capital budgeting project using various techniques. They will evaluate the performance using financial and nonfinancial performance measures. They will describe the balanced scorecard and identify common performance measures in the balanced scorecard.

Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

Prerequisites:

  • MACT 200: Cost Accounting Fundamentals and Applications

    MACT 200: Cost Accounting Fundamentals and Applications

    The overall purpose of this project is for students to demonstrate their understanding and working knowledge of cost accounting fundamentals including cost classification, overhead rate development and application, and various costing methods.  Students will classify cost components into appropriate categories (direct versus indirect costs; product versus period costs; direct materials versus direct labor versus manufacturing overhead, etc.), journalize various transactions, post to appropriate accounts, determine and apply appropriate overhead rates, use and apply various costing methods (job order, process, absorption, variable, and activity-based accounting) and create income statements.  Students will understand when to use which method and the limitations of each.  In addition, they will evaluate the effect product costing methods have on inventory valuation, product pricing, and profit measurement.

    Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

1
MACT 210 Using Managerial Accounting Information for Decision Making

The overall purpose of this project offering is for students to be able to determine what accounting information is relevant when making decisions in a business and then be able to use this information to perform various calculations to be able to make recommendations for those decisions.  Students will explore the relationships of cost, volume, and profit and complete calculations related to contribution margin, target profit, break-even analysis, margin of safety, and operating levels.  They will further look at how changes in costs, selling prices, and sales volumes effects overall profitability.  Students will also be doing calculations to recommend make versus buy decisions, special order decisions, and joint cost decisions.

Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

Prerequisites:

  • MACT 200: Cost Accounting Fundamentals and Applications

    MACT 200: Cost Accounting Fundamentals and Applications

    The overall purpose of this project is for students to demonstrate their understanding and working knowledge of cost accounting fundamentals including cost classification, overhead rate development and application, and various costing methods.  Students will classify cost components into appropriate categories (direct versus indirect costs; product versus period costs; direct materials versus direct labor versus manufacturing overhead, etc.), journalize various transactions, post to appropriate accounts, determine and apply appropriate overhead rates, use and apply various costing methods (job order, process, absorption, variable, and activity-based accounting) and create income statements.  Students will understand when to use which method and the limitations of each.  In addition, they will evaluate the effect product costing methods have on inventory valuation, product pricing, and profit measurement.

    Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

1
Number
MACT 200
Title
Cost Accounting Fundamentals and Applications
Description

The overall purpose of this project is for students to demonstrate their understanding and working knowledge of cost accounting fundamentals including cost classification, overhead rate development and application, and various costing methods.  Students will classify cost components into appropriate categories (direct versus indirect costs; product versus period costs; direct materials versus direct labor versus manufacturing overhead, etc.), journalize various transactions, post to appropriate accounts, determine and apply appropriate overhead rates, use and apply various costing methods (job order, process, absorption, variable, and activity-based accounting) and create income statements.  Students will understand when to use which method and the limitations of each.  In addition, they will evaluate the effect product costing methods have on inventory valuation, product pricing, and profit measurement.

Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

Prerequisites:

  • FACT 205: Financial Accounting: Ethics and Internal Controls

    FACT 205: Financial Accounting: Ethics and Internal Controls

    In a perfect world there would be no need for accounting internal controls or discussions about ethics.  With the state of the world today these are very important topics that all business students need to understand.  Failures of internal controls and unethical behavior are frequently stories in the business news.  In this project, you will learn how these tragic situations might have been avoided.  Internal controls have two primary purposes.  They should help ensure that accounting systems operate as they are designed to operate.  This means that established procedures are followed and any exceptions are noted and properly authorized.  Following standardized procedures results in efficient operations and accurate accounting information. The second purpose is to safeguard assets from misappropriation by theft or fraud.  A strong system of internal controls denies the opportunity to steal from an organization.  You will learn how to review an organization’s system of internal controls, identify shortcomings and recommend improvements. In this project, you are going to learn about ethics in business and specifically in accounting.  You will develop a framework for analyzing ethical dilemmas as you work through several scenarios.

    Required text: Wild, John J. Financial Accounting: Information for Decisions, 5th Edition. ISBN: 978-0073527017

Credit Equivalent
1
Number
MACT 205
Title
Master Budget and Variance Analysis
Description

In this project, students will prepare a master budget, including sales budget, schedule of cash collections, production budget, direct materials budget, schedule of cash disbursements, direct labor budget, manufacturing overhead budget, finished goods inventory budget, selling and administrative expenses budget, cash budget, and budgeted financial statements. They will also prepare a flexible budget that adjusts for levels of activity that differ from planned activity. Students will compare the planning budget to the flexible budget and the flexible budget to actual results. Students will compute activity variances and revenue and spending variances and then analyze them as a part of evaluating performance. Other components of this project offering include capital budgeting, performance evaluation, and the balanced scorecard. Students will analyze capital budgeting project using various techniques. They will evaluate the performance using financial and nonfinancial performance measures. They will describe the balanced scorecard and identify common performance measures in the balanced scorecard.

Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

Prerequisites:

  • MACT 200: Cost Accounting Fundamentals and Applications

    MACT 200: Cost Accounting Fundamentals and Applications

    The overall purpose of this project is for students to demonstrate their understanding and working knowledge of cost accounting fundamentals including cost classification, overhead rate development and application, and various costing methods.  Students will classify cost components into appropriate categories (direct versus indirect costs; product versus period costs; direct materials versus direct labor versus manufacturing overhead, etc.), journalize various transactions, post to appropriate accounts, determine and apply appropriate overhead rates, use and apply various costing methods (job order, process, absorption, variable, and activity-based accounting) and create income statements.  Students will understand when to use which method and the limitations of each.  In addition, they will evaluate the effect product costing methods have on inventory valuation, product pricing, and profit measurement.

    Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

Credit Equivalent
1
Number
MACT 210
Title
Using Managerial Accounting Information for Decision Making
Description

The overall purpose of this project offering is for students to be able to determine what accounting information is relevant when making decisions in a business and then be able to use this information to perform various calculations to be able to make recommendations for those decisions.  Students will explore the relationships of cost, volume, and profit and complete calculations related to contribution margin, target profit, break-even analysis, margin of safety, and operating levels.  They will further look at how changes in costs, selling prices, and sales volumes effects overall profitability.  Students will also be doing calculations to recommend make versus buy decisions, special order decisions, and joint cost decisions.

Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

Prerequisites:

  • MACT 200: Cost Accounting Fundamentals and Applications

    MACT 200: Cost Accounting Fundamentals and Applications

    The overall purpose of this project is for students to demonstrate their understanding and working knowledge of cost accounting fundamentals including cost classification, overhead rate development and application, and various costing methods.  Students will classify cost components into appropriate categories (direct versus indirect costs; product versus period costs; direct materials versus direct labor versus manufacturing overhead, etc.), journalize various transactions, post to appropriate accounts, determine and apply appropriate overhead rates, use and apply various costing methods (job order, process, absorption, variable, and activity-based accounting) and create income statements.  Students will understand when to use which method and the limitations of each.  In addition, they will evaluate the effect product costing methods have on inventory valuation, product pricing, and profit measurement.

    Required text: Garrison, Ray H., Eric W. Noreen, and Peter C. Brewer. Managerial Accounting, 14th Edition. ISBN: 978-0078111006

Credit Equivalent
1