ACC533 - Managerial Accounting

Outline info
Semester
School
Last revision date 2017-05-29 00:29:57.176
Last review date 2017-07-17 00:15:25.803


Subject Title
Managerial Accounting

Subject Description
Accounting 533 continues the study of cost classification and cost behaviour and the use of standards for costing, managerial evaluation and financial planning. Final objectives are to provide management with relevant information for decision making. Its objectives are to analyse cost-volume-profit relationships, to determine income using segmented reporting and contribution margin, to prepare master budgets and evaluate divisional performance of various responsibility centres.

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see https://www.gocpaontario.ca/Content/Attachments/Seneca%20College.pdf

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Describe the usefulness and purpose for which Managers need accounting information.

2. Prepare a master budget including all supporting schedules, comprising sales, production, material purchases, labour, and manufacturing overhead, budgeted income statement, cash flow and budgeted balance sheet.

3. Demonstrate the use of standard cost and prepare standard cost variances analysis for materials, labour and manufacturing overheads. Understand the journalisation of all standard cost transactions.

4. Prepare flexible overhead budgets and explain their use in controlling department performance.

5. Allocate service department costs to segments of the organization, and compute the segment margin.

6. Compute internal transfer prices under conditions of full and idle capacity.

7. Prepare analyses of relevant costs of dropping of a product line, make or buy decisions, equipment replacements and the further processing of joint products.

8. Determine target prices for products and services under various market conditions by the use of cost-plus pricing under either absorption or contribution approach.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
ACC431 - Cost Accounting

Topic Outline

  •     Cost Behaviour Analysis
  •     Cost -Volume - Profit Analysis
  •     Absorption and Variable Costing
  •     Allocation of Service Department Costs
  •     Master Budget, Profit Planning
  •     Profitability Analysis & Decentralization
  •     Product & Service Pricing
  •     Relevant Costing

Mode of Instruction
In-Class

A combination of teaching methods will be utilized which may include lectures, case studies, discussions, group and individual work.

Online

This subject is delivered online. This may involve the use of digital materials and/or a text, group discussions, interaction with your instructor and online activities.

Prescribed Texts
In-class

Title: Managerial Accounting
Edition: 10th
Author: Garrison, Libby, Web
Publisher: McGraw-Hill Ryerson
ISBN: 9781259103278



Online:

Title: Managerial Accounting
Edition: 10th Canadian
Author: Garrison, Chesley, Carroll and Webb
Publisher: McGraw-Hill Ryerson
ISBN: 9781259024900
Special Note: The text includes a connect card and an e-text

Required Supplies
None

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.


Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks from the due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.

Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines:

http:/senecacollege.ca/library

Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the event of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency

The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this subject in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme: 

In-class:

Term Test #1 20 %
Term Test # 2 20 %
Spreadsheet Project                        10 %
Final Examination  50 %

Online:
ASSIGNMENTS 40 %
TERM TEST 20%
FINAL EXAMINATION *                     40 %

* Final Exams: The final exam for online subjects must be written at the Test Centre of the College at which you registered. If you are unable to do so, please make alternative arrangements through the College at which you registered. All the academic policies of the College at which you registered apply. This includes, but is not limited to policies related to grading, supplemental exams, deferred exams and accommodations.

Please retain this course outline document for future educational and/or employment use.

Program Coordinator
Cynthia Duncan

Approved by: Susan Savoie, Jeff McCarthy