||This course focuses on strategic decision making related to cost analysis and cost management.
|| ACCT2212 AND ACCT2211
- Understand the differences between managerial and financial accounting.
- Understand the different elements of cost in business organizations: cost behavior; inventory cost flow including cost of goods manufactured and cost of goods sold; and how costs are used in planning, control and decision making.
- Apply traditional and contribution-margin income statements, and analyze cost-volume-profit relationships to support managerial planning and control.
- Analyze costing systems including job-order costing, activity-based costing and process costing.
- Understand the purposes of budgeting and the master budget, prepare component budget schedules, and relate the budget to planning and control to support management decision making.
- Understand the development and use of standard costs and variance analysis reports, and analyze them in support of responsibility accounting and cost management.
- Analyze various special decisions using relevant costs and benefits analysis to support decision making and analyze short-term and long-term implications.
- Apply management performance evaluation tools such as the balanced scorecard, operational performance measures and quality measures.
- Understand management's decision-making process as it relates to product pricing.
- Apply the concepts of responsibility accounting and decentralization.
- Apply the concepts of capital budgeting and the concepts underlying strategic capital investment decisions.
|MnTC goal areas:
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