If you do well in this course, you will be able to:

• 1.1 Distinguish managerial accounting from financial accounting
• 1.2 Describe the various cost classifications.
• 1.3 Explain manufacturing in JIT environment.
• 2.1 Explain manufacturing costs.
• 2.2 Record the flow of manufacturing costs in job order and process cost accounting systems.
• 2.3 Calculate pre-determined overhead rates and over and under applied overhead.
• 3.1 Assign costs to cost pools
• 3.2 Calculate activity rates for cost pools.
• 3.3 Assign overhead to cost objects using activity rates
• 4.1 Estimate fixed and variable costs using appropriate methods.
• 4.2 Compute unit cost under both absorption and variable costing.
• 4.3 Reconcile income between variable and absorption costing methods.
• 4.4 Perform cost-volume-profit analysis.
• 4.5 Explain the significance of Operating Leverage
• 5.1 Prepare departmental and segmented income statement
• 5.2 Evaluate investment center performance.
• 5.3 Describe the balanced scorecard approach.
• 6.1 Describe the budgeting process and the benefits it provides.
• 6.2 Prepare a master budget.
• 6.3 Prepare a flexible budget
• 7.1 Explain the use and development of standard costs.
• 7.2 Calculate direct material, direct labor and manufacturing overhead variances
• 8.1 Describe relevant costs that are helpful in decision-making.
• 8.2 Prepare analyses of manufacturing decisions such as make or buy, special orders, sell or process further, retain or eliminate a product or service.
• 8.3 Explain the Theory of Constraints in relationship to limited resources.
• 9.1 Evaluate capital investment proposals by using accounting rate of return, payback method, net present value, internal rate of return and profitability index.