Accounting for Managers

Description

This course aims to provide students with an understanding of, and ability to produce and apply management accounting information that is used in planning and control of organizations. Particular emphasis is placed on understanding the importance of accurate costing and applying different costing techniques and systems. Furthermore, the course aims to develop skills to identify, evaluate, and utilize relevant management accounting information in making the various operational, investment, and pricing decisions. Objectives: Upon completion of this course, the students will be able to: Understand the role of accounting information in management decision-making; Understand the implication of different product cost terms, such as product vs. period costs, direct vs. indirect costs, and fixed vs. variable costs; Critically compare and evaluate the nature of costs, their classification, and their behavior; Utilize cost behavior for cost estimation and perform a cost-volume-profit analysis; Understand the basic cost flow model and be able to assign costs in a job /process/activity based systems; Prepare the costing systems’ (e.g., Job order and process costing systems) reports and analyze them; Explain how costs are being presented in financial statements; Apply profit planning by preparing budgets and understand the relationship between company strategy and budgets; Understand responsibility centers, performance systems and the Balanced Scorecard. ERS objectives: Upon completion of this course, a student can: Critically evaluate accounting information, recognize the underlying assumptions, and reflect on them in a well-reasoned manner; Identify the information needs of internal stakeholders and understand how accounting information addresses those needs; Handle uncertainty when making decisions.