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1C DescriptionAccounting is too important to managers, organizations, and societies to be left to accountants alone. Accounting information is often a basis for decisions. Accounting reports are often the basis on which the effectiveness of stewardship decisions, and actions are evaluated.
This introductory managerial accounting expands to cost management concepts and techniques dealing with the operational/behavioral aspects of accounting. The course presents the theory, procedures & practice relating to product costs, including job order, process & standard cost systems. It also includes analytical skills used to interpret accounting data used by management in planning and controlling business activities.
The ultimate goalof cost and managerial accounting is to help organizations provide a quality product at a reasonable cost and on a timely basis. Good management accounting information must also provide decision relevant information that enhances process understanding (its technical property), encourages the right behaviors (its behavioral property), and creates or reinforces the right symbols, beliefs and values (its cultural property). Therefore, the purpose of managerial accounting is to show what kind of information is needed, where this information can be obtained, and how this information can be used by managers as they carry out their planning, controlling, and decision-making responsibilities. These three essential functions show that today’s management accountant is not just a number cruncher or “corporate cop,” but rather a key specialist in supporting the decision-making process.
Management accountants are now partners with other departments within an organization and engage in a wide variety of activities. These tasks range from traditional accounting work (such as financial reporting or resource management) to new types of work (such as internal consulting and process improvement). The Institute of Management Accountants (IMA) has identified the knowledge, skills, and abilities most important for entry-level accountants to have in order to perform these tasks. These skills are based on the accounting fundamentals (such as cost flows; accruals and deferrals; measurement, valuation, and presentation of revenue and expenses; and measurement, valuation, and presentation of assets and equities). Managerial Accounting emphasizes these accounting fundamentals in their relation to the decision-making process. Students gain an understanding of technical information and learn how to apply that information in appropriate situations.
This course will be a combination of lecture, discussion, group work and projects.
In order to be successful in this course you must be able to read well for content and interpretation and apply basic concepts to different situations. Part of the intent of this course is to help you improve your skills in these areas.
Course Materials:
- Required Textbook: Accounting, 20th Edition, Warren, Reeve, & Fess, Southwestern.
- Other supplemental materials, such as Personal WebTutor, Personal Trainer, Study Guide or Working Papers can be helpful depending on individual learning style or preference.
Recommended Reading:
Wall Street Journal, Business Week, or other business journals/papers
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