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Explain managerial accounting and identify manufacturing costs
Assessment Strategies
Exam
Criteria
identify types, users, purpose, and content of accounting reports
identify manufacturing costs and show how their accounting treatment differs from that of period costs
explain the difference between financial statements of manufacturers vs. those of merchandisers
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Determine job flows, costs, and pricing in a job order cost system
Assessment Strategies
Exam
Criteria
identify the cost flows in a job order cost accounting system
determine the cost of a job or product
demonstrate the calculation of a predetermined overhead rate and its application
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Explain process cost accounting
Assessment Strategies
Exam
Criteria
identify the proper application of process costing
compute equivalent units
explain the purpose and understand the information provided on a production cost report
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Utilize accounting-based costing and activity-based pricing to allocate costs and determine price
Assessment Strategies
Exam
Criteria
identify the proper application of activity-based costing by calculating costs for a variety of pools and allocating those costs to products
identify the cost pools and cost drivers used in activity-based costing
demonstrate the advantages of the activity-based costing approach and explain the differences in cost results when either traditional or activity-based costing is used
determine price based on activity-based pricing when indirect costs are charged to the customer
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Analyze cost-volume-profit relationships
Assessment Strategies
Exam
Criteria
identify variable and fixed costs based on context
identify the contribution margin and prepare a contribution margin income statement
calculate break even sales and impact on break even sales of changes in volume, costs, and cost structure
compute sales required to achieve a target net income
predict changes in net income from changes in sales and degree of operating leverage
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Prepare a budget and proforma financial statements from assumptions
Assessment Strategies
Exam, Project (Master Budget)
Criteria
use spreadsheet software
software reacts appropriately under various assumptions
identify the components of the master budget
budget is accurate according to specifications identified by the instructor
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Explain budgetary control and responsibility accounting
Assessment Strategies
Exam
Criteria
flexible budget is accurate according to specification identified by the instructor
identify the components of responsibility reports for cost centers and profit centers
calculate and explain return on investment and residual income
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Evaluate performance through variance analysis
Assessment Strategies
Exam
Criteria
explain the significance of standard costs
compute direct materials and direct labor variances
demonstrate the utility of a standard cost accounting system
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Perform incremental analysis
Assessment Strategies
Exam
Criteria
explain the concept of incremental analysis in decision making
identify relevant factors (both quantitative and qualitative) and make decisions regarding special orders, make-or-buy, sell, or process further, or continuance of an unprofitable segment
identify the significance of the sales mix in the decision-making process
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Explain capital budgeting
Assessment Strategies
Project (Excel worksheet), Exam
Criteria
use a financial calculator to determine net present value and internal rate of return
use Excel functions to determine net present value, internal rate of return and payback
identify the purposes of capital budgeting
compute the cash payback, the net present value, the profitability index, and the internal rate of return using a financial calculator and excel
explain the result of such calculation and its use in making capital budgeting decisions
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Analyze financial statements
Assessment Strategies
Written report
Criteria
identify the purposes of financial statement analysis and the need for comparative data and research
apply horizontal and vertical analysis
compute ratios and explain their significance
compare results to industry information (or that of a competitor)
report includes analysis and conclusion