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- Concordia University's COMM 305: Managerial Accounting equips students with essential management techniques applicable across any business field. The course explores traditional cost accounting alongside its use in complex scenarios, incorporating recent advancements like activity-based costing. You'll delve into core managerial accounting concepts, cost behavior analysis, and various costing systems like job-order and process costing. Additionally, the course equips you with decision-making tools, explores pricing strategies, and teaches the budgeting process to empower informed business decisions.
✔ (Summary) Main Areas of Focus:
- Managerial Accounting: Managerial accounting plays a crucial role in business decision-making by emphasizing the importance of understanding accounting information for planning, decision-making, and control. It focuses on the role of accounting information in making informed decisions within an organization.
- Managerial Cost Concepts & Cost Behaviour Analysis: This part of of the course concentrates on various cost concepts, such as fixed and variable costs, and delves into analyzing cost behavior in different business situations. It covers the concept of cost behavior and explores the relationship between costs and the level of activity in an organization.
- Job-Order Costing: The course examines the job-order costing system, which accumulates and allocates costs for specific jobs or projects. This system is used for small batch sizes and when the products within each batch differ from those created in other batches.
- Process Costing: This part of the course explores the process costing system, which accumulates and allocates costs for mass-produced products. The process costing system is used when there is mass production of similar products, and the costs associated with individual units of output cannot be differentiated from each other.
- Activity-Based Costing: Introducing the concept of activity-based costing, this subject presents a more accurate method of allocating overhead costs to products or services based on the activities that drive those costs. Activity-based costing assigns overhead and indirect costs to related products and services, recognizing the relationship between costs, overhead activities, and manufactured products.
- Decision-Making: The course delves into various decision-making tools and techniques, such as incremental analysis and alternative inventory costing methods. These tools and techniques help individuals make informed decisions within an organization.
- Pricing & Budgeting: This part covers pricing strategies and the budgeting process, including the preparation of flexible budgets and variance analysis. It highlights the importance of understanding pricing strategies and the budgeting process in making informed decisions within an organization.
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