COURSE NAME: ACC215 Management Accounting II Credit Value: 4 Total Course Hours: 56 Prerequisite Course(s): ACC190 (C Grade) Corequisite Course(s): ACC190 (C Grade) COURSE DESCRIPTION The work of management is to plan, direct and control a department or an organization. This course lays the foundation and provides tools to assist managers in their duties. While the focus is management the same tools are used by public accountants and consultants to better understand their client s business. PLAR INFORMATION This course is eligible for Prior Learning Assessment and Recognition. Students are advised to discuss options with their program coordinator. COURSE LEARNING OUTCOMES Upon completion of this course, the student will have reliably demonstrated the ability to: 1.0 Explain the basic need for Managerial Accounting. 1.1 Describe the four functions performed by managers. 1.2 Identify the major differences and similarities between financial and managerial accounting. 1.3 Explain the nature and importance of ethics for accountants. 1.4 Identify ethical issues in a variety of situations. 2.0 Categorize cost terms, concepts and classifications. 2.1 Identify and give examples of each of the three basic manufacturing cost categories. 2.2 Distinguish between product costs and period costs and give examples of each. 2.3 Identify the three inventory costs common to manufacturing concerns. 2.4 Identify the differences between direct and indirect costs. 3.0 Record costs in a job-order costing system. 3.1 Distinguish between process costing and job-order costing, and identify the types of companies that would use each costing 3.2 Identify the documents used in a job-order costing system. 3.3 Compute predetermined overhead rates using company wide and departmental rates. 3.4 Explain the need for multiple overhead rates. 3.5 Prepare the journal entries that reflect the flow of costs in a job-order costing system. 3.6 Calculate the overhead cost that should be charged to work in process using a predetermined overhead rate. 3.7 Compute the balance of under- or over applied overhead cost for a period. 3.8 Prepare the journal entry needed to close the balance in manufacturing overhead into the appropriate accounts. 3.9 Prepare schedule of cost of goods manufactured. 3.10 Prepare schedule of cost of goods sold. 4.0 Record costs in a process costing system. 4.1 Prepare the journals entries that reflect the flow of costs in a process costing system. 4.2 Compute the equivalent units of production using the weighted-average 4.3 Compute the cost per equivalent unit using the weighted-average 4.4 Calculate the value of the units transferred out of the department using the weightedaverage ACC215 2016-2017 Page 1
4.5 Calculate the value of the ending work-inprocess inventory using the weighted-average 4.6 Prepare a production report, including a cost reconciliation using the weighted-average 4.7 Compute the cost per equivalent unit using the FIFO 4.8 Calculate the value of the units transferred out of the department using the FIFO 4.9 Calculate the value of the ending work-inprocess inventory using the FIFO 4.10 Prepare a production report, including a cost reconciliation using the FIFO 5.0 Allocate overhead costs from service departments to operating departments. 5.1 Calculate the overhead costs to be allocated from a service department to an operating department using the direct 5.2 Calculate the overhead costs to be allocated from a service department to an operating department using the step-down 5.3 Identify the differences between the reciprocal allocation method and the direct and step-down methods. 6.0 Calculate the cost of a cost object using activity-based 6.1 Explain the activity based costing model and explain how it differs from a traditional costing system. 6.2 Assign costs to cost pools and compute activity rates. 6.3 Assign costs to cost objects using the activity rates. 6.4 Prepare management report that shows product and customer margin using activitybased 7.0 Prepare an income statement using the contribution approach. 7.1 Describe how fixed costs behave in total and on a per unit basis. 7.2 Describe how variable costs behave in total and on a per unit basis. 7.3 Analyze mixed costs using the high-low method to determine the variable and fixed elements. 7.4 Create a scatter-graph in Excel to chart a mixed cost. 7.5 Use regression analysis in Excel to determine the variable and fixed elements of a mixed cost. 7.6 Prepare an income statement using the contribution format. 8.0 Use a variety of cost-volume-profit techniques in decision making. 8.1 Calculate the contribution margin ratio. 8.2 Use the contribution margin ratio to compute changes in net income resulting from changes in sales volume. 8.3 Calculate changes in net income as a result of changes in fixed and or variable costs. 8.4 Calculate the break-even point in sales dollars or units sold. 8.5 Calculate sales volume required to reach a target profit before or after tax. 8.6 Compute and define the margin of safety in dollars and as a percentage. 8.7 Calculate the degree of operating leverage. 8.8 Calculate the change in net operating income give a change in sales using the degree of operating leverage. 8.9 Compute the break-even point in a multiproduct company. 9.0 Reconcile variable costing and absorption costing operating incomes. 9.1 Compute unit product cost using absorption 9.2 Compute unit product cost using variable 9.3 Prepare income statements using both variable and absorption 9.4 Reconcile variable costing and absorption costing GENERAL EDUCATION ACC215 2016-2017 Page 2
This is not a General Education course. ESSENTIAL EMPLOYABILITY SKILLS OUTCOMES This course contributes to the following Ministry of Training, Colleges and Universities approved essential employability skills (EES) outcomes: 1. Communicate clearly, concisely, and correctly in the written, spoken, and visual form that fulfils the purpose and meets the needs of the audience. 2. Respond to written, spoken, or visual messages in a manner that ensures effective communication 3. Execute mathematical operations accurately 4. Apply a systematic approach to solve problems 5. Use a variety of thinking skills to anticipate and solve problems 6. Locate, select, organize, and document information using appropriate technology and information systems. 7. Analyse, evaluate, and apply relevant information from a variety of sources. 10. Manage the use of time and other resources to complete projects. 11. Take responsibility for one s own actions, decisions, and consequences. EXTERNAL COURSE ACCREDITATIONS AND CONDITIONS A grade of B or better in each of ACC215 and ACC295 provides an exemption for MA1 in the Certified General Accountants program of professional studies. As well, it is one of eleven courses that combined with a diploma provide an exemption from the Business Case Study (BC1) in the CGA program. COURSE EVALUATION Assignments 30% Mid-term 30% Final comprehensive exam (on all material) 40% PROGRAM SPECIFIC GRADING Per College Grading System GRADING SYSTEM A+: 90-100% B+: 77-79% C+: 65-69% D: 50-54% S - Satisfactory A: 85-89% B: 73-76% C: 60-64% F: 0-49% I - Incomplete A-: 80-84% B-: 70-72% D+: 55-59% F - Repeat course *For a complete detailed description please refer to the College website. LEARNING RESOURCES Required text: ACC215 2016-2017 Page 3
Garrison, Chesely, Carroll, Webb, Libby. Managerial Accounting, Current Canadian Edition Resources listed on the course outline support the achievement of learning outcomes, and may be used throughout the course to varying degrees depending on the instructor s teaching methodology and the nature of the resource. LEARNING ACTIVITIES Problems and exercises, case studies, discussion forums, etc. DELIVERY MODE In class / Online ACADEMIC POLICIES Academic Integrity Academic Appeal Academic Attendance Grading and Assessment For academic policies please see: http://www.canadorecollege.ca/about-us/corporate-policy-manual. COLLEGE POLICIES Protecting human rights in support of a respectful college community For college policies please see: http://www.canadorecollege.ca/about-us/college-policies. STUDENT SUCCESS SERVICES YOUR SUCCESS MATTERS! We offer comprehensive, student-focused services designed to help you succeed. Canadore is committed to Student Success and offers CONFIDENTIAL services to help you in your studies. We offer: Study skills workshops Peer tutoring Career guidance Mental health and wellness tips and strategies Resource centre Assistive devices ACC215 2016-2017 Page 4
The ultimate goal of Student Success Services is to support students so they can achieve success academically, in their career aspirations, and in their personal lives. Please don t hesitate to drop by C262 or to book an appointment please call 1-705-474-7600 ext. 5205. FIRST PEOPLES' CENTRE: We offer a culturally safe environment where our student focused services provide you with the following CONFIDENTIAL services: One on one counselling Elder in residence Peer tutoring Peer mentorship Lunch & learn workshops on study skills, self-care, life skills Resource Centre Drop by our offices at C254 College Drive, E101 Commerce Court or call 705 474 7600 Ext. 5961 College Drive / 5647 Commerce Court. WAIVER OF RESPONSIBILITY Every attempt is made to ensure the accuracy of this information as of the date of publication. The college reserves the right to modify, change, add, or delete content. HISTORICAL COURSE OUTLINES Students use course outlines to support their learning. Students are responsible for retaining course outlines for future use in applications for transfer of credit to other educational institutions. ACC215 2016-2017 Page 5