ACCT 2251 - Management Accounting

Course Description

Students develop the ability to collect, analyze, and communicate quantitative and non-quantitative information to assist management in making more effective planning and control decisions. Topics include the changing role of management accounting and basic concepts; product costing and cost accumulation; process costing and hybrid product costing systems; activity-based costing and activity-based management; activity analysis, cost behaviour and cost estimation; cost-volume profit analysis; absorption and variable costing; profit planning and activity-based budgets; standard costing and flexible budgeting; cost management tools; and decision making.

Learning outcomes

• Apply managerial accounting and its objectives in a way that demonstrates a clear understanding of ethical responsibilities.
• Prepare various costing schedules where an analysis of cost classification, behaviour, and type is completed.
• Apply and analyze different types of activity-based management tools through the preparation of estimates.
• Analyze cost-volume-profit techniques to determine optimal managerial decisions.
• Prepare a master budget and demonstrate an understanding of the relationship between the components.
• Perform cost variance analysis and demonstrate the use of standard costs in flexible budgeting.
• Outline and apply management tools and techniques such as the balanced scorecard, operational performance measures, quality, and environmental cost management.
• Prepare analyses of various special decisions, using relevant costing and benefits.

Course topics

• Module 1: The Changing Role of Managerial Accounting
• Module 2: Job-Order Versus Process Cost Accounting
• Module 3: Activity Based Costing (ABC)
• Module 4: Incremental Analysis & Alternative Inventory Costing Methods
• Module 5: Pricing and Budgetary Planning
• Module 6: Budgetary Control and Responsibility Accounting, & Standard Costs and Balanced Scorecard

Required text and materials

Students are responsible for purchasing the required materials on their own:

• Weygandt, J.J., Kimmel, P.D., Kieso, D.E., and Aly, I.M. (2021). Managerial accounting: Tools for business decision-making (6th Canadian ed.). Toronto, ON: Wiley.
  Type: Loose-Leaf Textbook: ISBN: 978-1-119-73181-8

Note: A print or fixed-layout version, or e-textbook via the publisher, is strongly recommended to ensure alignment with the course materials.This item can be purchased directly from the publisher's website.

Assessments

To successfully complete this course, students must achieve a passing grade of 50% or higher on the overall course, and 50% or higher on the final mandatory exam.

Recommended requisite(s)

ACCT 1211: Accounting 1

and

ACCT 1221

and

ACCT 1221

or

ACCT 2211

ENGL 1101

MIST 2611

Exclusions

ACCT 1010

ACCT 2250

BBUS 2540

BBUS 2451