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Dec 13, 2024
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ACCT& 203 - Principles of Accounting III
5.0 Credits Introduction to managerial and cost accounting concepts applicable to all forms of businesses. Topics include cost systems, cost behavior, cost-volume-profit analysis, budgeting and control, and developing information for decision-making. Prerequisite Grade of 2.0 or higher in ACCT& 201. Course-level Learning Objectives (CLOs) Upon successful completion of this course, students will be able to:- Calculate and explain the costs and benefits of financial choices encountered in financial planning and strategic decision making.
- Describe how accounting is used to develop an information system for use by management in the process of making decisions.
- Define different types of costs and explain the flow of costs from the point of their incurrence to the sale of completed products.
- Describe the similarities and the differences between job-order and process costing, and develop schedules to report manufacturing costs to management.
- Describe the benefits and limitations of activity-based costing, and identify types of quality costs.
- Identify variable, fixed, and mixed costs, and explain cost-volume-profit relationships.
- Define and describe the budgeting process and prepare budgets for a manufacturer.
- Develop standard costing systems and compute price and quantity variances for materials, labor, and overhead costs.
- Perform short-term decision and capital investment analysis.
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