FIN3020 Management Accounting
Advanced · 1 credit · BIT - Business, Admin, Finance and IT
- Description
- Students examine and explain management accounting, which involves optimizing capital assets for maximum return on investments. Students also examine various internal systems used to safeguard business assets.
- Prerequisite
- FIN2030: Retail Accounting 2
- Parameters
- Access to an appropriate computer work station, the Internet and appropriate software.
Outcomes The student will:
1 assess return on investments, by analyzing the price/cost and break-even points
1.1 describe management accounting
1.2 differentiate between the fields of managerial accounting and financial accounting
1.3 define and explain cost and differentiate between fixed and variable costs
1.4 describe the factors to consider when establishing selling prices
1.5 define and calculate break-even points
1.6 analyze the effect on net income when changes in volume costs, unit prices or sales mix occur
2 examine internal controls used to safeguard organizational assets
2.1 define an internal control system
2.2 describe internal auditing procedures appropriate to a business
2.3 describe specific controls; e.g., over cash, inventory
2.4 compare items from the records of a business to a statement from the bank to:
2.4.1 explain the differences
2.4.2 describe methods used to reconcile the differences
2.4.3 prepare bank reconciliations showing a number of differences
2.4.4 prepare the general journal entries resulting from the corrected bank reconciliation statement
2.5 analyze the financial implications of maintaining an inventory
2.6 identify optimal inventory levels
2.7 describe procedures used to count and record a physical inventory
2.8 calculate the value of inventory using a variety of methods and making adjustments for obsolete inventory
3 demonstrate basic competencies
3.1 demonstrate fundamental skills to:
3.1.1 communicate
3.1.2 manage information
3.1.3 use numbers
3.1.4 think and solve problems
3.2 demonstrate personal management skills to:
3.2.1 demonstrate positive attitudes and behaviours
3.2.2 be responsible
3.2.3 be adaptable
3.2.4 learn continuously
3.2.5 work safely
3.3 demonstrate teamwork skills to:
3.3.1 work with others
3.3.2 participate in projects and tasks
4 create a transitional strategy to accommodate personal changes and build personal values
4.1 identify short-term and long-term goals
4.2 identify steps to achieve goals
Program of Studies 2009. Source document, © Alberta Education.