Discussion Post
Course Description: A study of accounting systems as effective tools for coordinating and organizing management activities including activity based accounting, life cycle accounting, just- in-time (JIT) accounting and inventory systems, variance analysis, and capital investment decisions.
Upon completion of the course, students should be able to:
• Understand the role of cost accounting in information for managerial decision making.
• Understand fundamental concepts and techniques of cost/managerial accounting.
• Understand the general concepts of cost estimation.
• Understand costing and control of materials, labor, and factory overhead.
• Learn objectives of cost accumulation system and be able to distinguish between "periodic versus perpetual" and "actual and versus standard." Understand job order, process, and activity-based cost systems.
• Learn accounting for joint product and by-product costing.
• Understand and interpret variances.
• Become familiar the budgeting process.
• Understand the different types of budgets: operating, flexible, and capital budgets.
• Learn the standard cost system.
• Learn the general analysis of cost and profit
• Use computer applications in solving cost accounting problems
• Apply concepts to produce management reports using problem solving skill, writing and oral presentation, managerial decision making, and computer application.
Write a critical evaluation of your learning outcome. In your response, consider:
• Your managerial accounting skills/knowledge prior to taking this class
• Base on the course content, discuss the new skills you acquired from this class? How relevant are the new skills in your profession?
• How would you apply your new knowledge?
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.