Learning Outcomes
- Page ID
- 45744
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)The content, assignments, and assessments for Accounting for Managers are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: Accounting For Managers
Module 1: Manipulate numerical expressions involving fractions, decimals, and percents
Make calculations with whole numbers of varying magnitude
- Make calculations with whole numbers of varying magnitude
- Round whole numbers to a determined place value
Make calculations with proper fractions, improper fractions, and mixed numbers
- Identify different types of fractions and convert between them
- Use addition and subtraction when evaluating with fractions
- Use multiplication and division when evaluating expressions with fractions
Make calculations with decimals of varying magnitude
- Use place value to define all digits of a decimal number
- Use addition and subtraction when evaluating expressions with decimals
- Use multiplication and division when evaluating expressions with decimals
- Convert decimals to fractions and fractions to decimals
Make calculations using percents or finding percents
- Use ratios to solve simple word problems
- Use percent to represent a given fraction or decimal
- Evaluate expressions and word problems involving percents
- Solve problems involving percent increase and decrease
Module 2: Apply math skills to solve problems with a variable of unknown value
Solve single and multi-step equations for a given variable
- Define and identify variables
- Use the addition, subtraction, multiplication, and division properties to solve single-step equations
- Solving multi-step equations with variables on both sides
Write and solve equations from word problems
- Translating simple word phases into math notation
- Use a problem solving strategy to set up and solve word problems
Solve equations for word problems that contain fractions, decimals, and percents
- Use mathematical questions to solve mark-up problems
- Use mathematical questions to solve discount problems
- Calculate simple and compound interest
- Solve any given formula for a specific variable
Use tables and graphs to visually represent numerical data
- Graph points on a coordinate plane
- Recognize the trend of a graph
- Calculate the rate of change using data points and graphical presentation
- Compare and contrast graphical data to decipher information and make decisions
Module 3: Identify the Major Principles of Accounting
Describe the place of finance and accounting within a business
- Discuss the roles of finance and accounting in a business
- Summarize the background and sources of financial accounting standards
- Demonstrate how ethics applies to the field of accounting
Discuss the financial consequences of various organizational structures
- Outline the variety of accounting roles internal and external to a business
- Differentiate between functional and divisional organization
- Describe the legal implications of a business’ organization on its accounting
- Summarize the information provided in a corporation’s annual report
Explore the fundamentals of accounting
- Define the accounting entity and discuss the going concern concept
- Identify the major underlying accounting principles of consistency, full disclosure, materiality, verifiability and conservatism
- Explain the accounting concept
Module 4: Describe the different types of business organizations and the financial statements they rely on
Examine the elements of common financial statements
- Define transactions
- Solving the accounting equation
- Identify general categories of accounts
- Describe the double entry bookkeeping system
- Explain how key financial statements are structured
Discuss the bookkeeping process and the overall effects of transactions
- Illustrate the expanded accounting equation
- Define common bookkeeping terms and phrases
- Construct bookkeeping journal entries based on given parameters
- Analyze the relationships between key financial statements
- Identify important information found on key financial statements
Analyze data from financial statements
- Describe how inventories are reported on balance sheets and income statements
- Demonstrate how current assets are reported on the balance sheet
- Show how noncurent assets are reported on the balance sheet
- Describe the presentation of stockholder’s equity on the balance sheet and statement of owners’ equity
- Discuss how expenses are reported on the income statement
- Explain how expenses are reported on the income statement
Explore how other financial components are accounted for and presented
- Compute core financial ratios that communicate essential information
- Calculate return on investment
- Calculating return on equity
- Analyze other key ratios to interpret financial statement data
- Discuss the limitations of financial statements
Module 5: Define managerial accounting, its key elements, and its role in a business
Describe the difference between financial and managerial accounting
- Compare and contrast financial and managerial accounting
- Explain the key components of managerial accounting
- Analyze the relationship between financial and managerial accounting and how they are compartmentalized within modern businesses
Examine the various managerial accounting perspectives throughout an organization
- Identify the roles/people in a business who take on managerial accounting decisions
- Explain how accounting affects strategy development
- Explain how accounting is tied to risk management planning
- Explain how accounting decisions are influenced by both employee and leadership beliefs and needs
Module 6: Predict fixed, mixed, and variable cost behaviors
Classify costs to better understand the business expenses
- Differentiate between product costs and period costs
- Classify a variety of manufacturing costs
- Define and give examples of fixed and variable costs
- Describe the relevant range and its use in managerial accouning
Summarize the key elements of mixed cost analysis
- Define and outline examples of mixed costs in retail and manufacturing businesses
- Define dependent variable and independent variable
- Analyze mixed costs using the high-low method
- Use the least-squares regression method to create a regression line on a graph of cost data
Module 7: Compare and contrast job costing, process costing, activity costing for tracking business costs
Discuss the importance of cost management
- Describe the relationship between cost management and managerial accounting relating to the value chain
- Differentiate between direct and indirect costs
Examine the job order cost accounting system
- Describe a situation in which job order costing is used
- Calculate an overhead rate, manufacturing overhead, and unit costs
- Explain the flow of costs in a job order costing system
- Prepare a sample journal entry that records job order costs
Examine the process cost accounting system
- Compare and contrast job order and process costing
- Explain the flow of costs in a process costing system
- Calculate equivalent units of production and costs per equivalent unit using the weighted average and FIFO method
- Prepare sample cost reconciliation journals for both the weighted average and FIFO methods
- Discuss how to allocate service costs as operations costs using the direct and step-down methods
Examine the benefits and limitations of both cost accounting methods
- Describe situations in which activity-based absorption costing is used
- Illustrate the difference between tradition costing and activity-based absorption costing
Module 8: Use cost-volume-profit relationships to predict the effects of possible changes to those varriables
Describe the key elements of cost-volume-profit analysis
- List the factors associated with cost-volume-profit analysis
- Outline the contribution margin model
- Calculate net operating income using the profit equation
- Compute the contribution margin ratio
Illustrate the application of cost-volume-profit concepts
- Explain why changes to key cost-volume-profit factors can significantly affect planning and decision making
- Prepare a statement that shows a charge in fixed cost and sales volume
- Prepare a statement that shows a charge in variable costs and sales volume
- Prepare a statement that shows a change in fixed cost, selling price and sales volume
- Prepare a statement that shows change in variable cost, fixed cost and sales volume
Examine various methods of break-even analysis
- Define the break-even point
- Determine the break-even point using the equation method, the formula method, and in dollar sales and sales units
- Define target profit analysis and use it to make sales volume calculations
- Compute margin of safety
- Analyze the break-even point data for a company that wants to adjust its sales mix
Identify cost-volume-profit considerations for choosing a cost structure
- Compare and contrast sample cost structures for company strengths and weakness
- Describe operating leverage and use it to evaluate sample cost structures
Module 9: Interpret all aspects of an operating budget
Discuss the purpose of an master budget
- Describe the advantages of budgeting to a business
- Define responsibility accounting
- Differentiate between alternative budget periods
- Identify the benefits of self-imposed and participatory budgeting
Illustrate the use of accounting data in a prepared master budget
- Summarize the impact of the sales forecast on the master budget
- Outline the sequence of components of the master budget
- Create a production budget
- Create a direct materials budget
- Create a direct labor budget
- Create a manufacturing overhead budget
- Create an ending inventory budget
- Create a selling and administrative budget
- Create a cash budget
- Create a budgeted income statement
- Create a budgeted balance sheet
Outline the effects of flexible budgeting on budgetary control
- Describe the shortcomings of a statistic budget
- Create a flexible budget report that shows sales, activity, labor, or cost variances
- Create a flexible budget report that shows multiple cost drivers
Module 10: Identify problems using cost variance analysis
Discuss the basic principles of cost variance analysis
- Identify the four steps of simple cost variance analysis
- Differentiate between favorable and unfavorable variances
- Determine if a variance is significant
Discuss different types of material variances
- Analyze the variance between expected material cost and actual material costs
- Analyze the variance between standard unit price and actual price of materials purchased
- Analyze the variance between expected amount of materials purchased and the actual amount of materials purchased
- Discuss strategies to limit and reduce material variances
Discuss different types of labor variances
- Estimate expected labor costs
- Analyze the variance between expected labor cost and actual labor costs
- Discuss strategies to limit and reduce labor variances
Discuss the variable manufacturing overhead variances
- Analyze the variance between expected variable manufacturing overhead cost and actual variable manufacturing overly costs
- Analyze the variance between expected variable manufacturing overhead efficiency and actual variable manufacturing overhead efficiency
- Discuss strategies to limit and reduce variable manufacturing overhead variances
Module 11: Determine relevant revenues and costs for both short and long-term decision making
Explore cost types that affect decision making
- Define differential cost
- Describe avoidable costs
- Recognize sunk costs
- Identify opportunity costs
- Summarize the concept of different costs analyzed for different purposes
Recognize relevant costs for common business decisions
- Identify the data needed to support an add or drop decision
- Identify the data needed to support a make or buy decision
- Identify the data needed to support a special order decision
Determine the profitability of making changes to a constrained resource
- Described a constrained resource in retail business
Module 12: Present a variety of managerial decisions based on differential analysis
Discuss the process of managerial decision-making and the factors involved
- Explain the process of differential analysis
- Analyze qualitative factors that can also affect managerial decisions
Analyze data to create reports and make business decisions
- Create a report outlining the data to support a customer elimination decision
- Create a report outlining the data to support an add or drop decision
- Create a report outlining the data to support a make or buy decision
- Create a report outlining the data to support a sell or process further decision
- Create a report outlining the data to support a special order decision
- Create a report outlining the data to support a cost-plus pricing or target costing decision
Module 13: Analyze a statement of cash flows
Discuss key financial principles needed to produce and analyze a statement of cashflows
- Explain the nature of non-cash activities
- Identify cash flows that result from operating activities
- Identify cash flows that result from investing activites
- Identify cash flows that result from financing activities
Distinguish between the Direct and Indirect methods of preparing a statement of cash flow
- Calculate cash flows from operating activities by the indirect method
- Calculate cash flows from operating activities by the direct method
Prepare a statement of cash flow and describe how it can be used to evaluate a business
- Differentiate between net and gross cash flows
- Prepare a statement of cash flow using that indirect method
- Describe how cash flow factors can be used to improve or evaluate a business
Module 14: Describe the financial and non-financial data that managers use to measure performance
Identify common non-financial measures of performance and discuss their impact on an organization
- Discuss non-financial components of the balanced scorecard
- Describe what a performance report is
Analyze an organization’s financial performance
- Perform a trend analysis on a financial statement
- Perform a common-size analysis on a financial statement
- Perform a ratio analysis on a financial statement
Evaluate an organization’s performance using financial and non-financial data
- Evaluate a for-profit organization’s performance using financial and non-financial data
- Evaluate a non-profit organization’s performance using financial and non-financial data
Module 15: Explain how capital budgeting is used in decision making
Discuss capital budgeting
- Discuss the steps in the capital budgeting process
- Identify situations that require capital budgeting decision making
- Discuss the time value of money
Differentiate between the different capital budget methods
- Describe the pay-back method
- Describe the internal rate of return method
- Describe the net present value method
- Describe the simple rate of return method
Describe different ways to identify and measure potential risk of investments
- Evaluate a party’s risk aversion when proposing investment opportunities
Discuss different influences on making capital budgeting decisions
- Analyze a possible replacement projects to determine if it should be implemented
- Conduct a postaudit on an example case to determine if the expected results were achieved