2021-2022 Catalog

AC 501 Applied Management Accounting Concepts I

In AC 501, Applied Management Accounting Concepts I, emphasis is placed on financial reporting decisions, planning, budgeting and forecasting, performance management, cost management, and internal controls. Students will integrate and synthesize their knowledge of cost behaviors and communicate the results. AC 501 and AC 502 concentrate on topics routinely tested on the CMA and CGMA certification examinations and will help students prepare to sit for these exam

Credits

3

Prerequisite

Although a major in accounting or finance is not required to complete this course, students are assumed to have in depth knowledge in the preparation of financial statements, finance, business, economics, time-value of money concepts, statistics, and probability. With regard to U.S. Federal income taxation issues, students will be expected to understand the impact of income taxes in decision-making and when reporting and analyzing financial results.

Outcomes

  1. This course will prepare the students to:
  2. Appraise budgeting concepts and forecasting techniques that a company can use to execute its strategy.
  3. Compare and contrast operational efficiency methodologies.
  4. Critique actual financial performance against the budget and communicate the results.
  5. Differentiate various costing systems detailing the information each system provides to management.
  6. Discuss and evaluate external financial reporting decisions.
  7. Justify internal auditing activities by summarizing the added value and security of information.