Course Outlines

Managerial Accounting I — ACCT 2110

  1. Course Description
    • Credits: 4.00
    • Lecture Hours/Week: 4.00
    • Lab Hours/Week: 0.00
    • OJT Hours/Week: 0
    • Prerequisites: None
    • Corequisites: None
    • MnTC Goals: None
    This course covers accounting for materials, labor, and factory overhead for a manufacturing entity. Other topics include the job order cost system, the process cost system, and accounting for scrap, spoiled goods, by-products, and joint products. Prerequisites: ACCT1010
  2. Course Effective Dates: 8/21/17 – Present
  3. Outline of Major Content Areas
      As noted on course syllabus
  4. Learning Outcomes
    1. Apply factory overhead
    2. Calculate cost of goods manufactured
    3. Calculate cost per equivalent unit
    4. Calculate equivalent units
    5. Calculate over-applied or under-applied overhead
    6. Calculate prime costs
    7. Calculate rework costs
    8. Calculate total manufacturing costs
    9. Classify outputs of the joint process
    10. Compute cost of goods sold
    11. Compute direct labor costs
    12. Compute direct materials cost
    13. Compute factory overhead
    14. Compute finished goods inventory
    15. Compute job costs
    16. Compute work in process inventory
    17. Define benchmarking
    18. Define budget
    19. Define cost-benefit analysis
    20. Define direct costs
    21. Define equivalent units
    22. Define finished goods inventories
    23. Define fixed costs
    24. Define full absorption cost
    25. Define manufacturing overhead
    26. Define materials inventories
    27. Define relevant range
    28. Define semi variable costs
    29. Define variable costing
    30. Define variable costs
    31. Define work in process inventories
    32. Diagram costs flow
    33. Differentiate between financial, cost and management accounting
    34. Differentiate between normal and abnormal spoilage
    35. Differentiate over-applied versus under-applied overhead
    36. Differentiate service versus production departments
    37. Explain back flush costing
    38. Explain job cost record
    39. Explain job costing
    40. Explain just-in-time production
    41. Explain process costing
    42. Explain rework
    43. Explain theory of constraints
    44. Explain value chain
    45. Identify conversion costs
    46. Identify gross margin
    47. Identify prime costs
    48. Knowledge of ethical standards
    49. List non value-added activities
    50. List source documents
    51. List value-added activities
    52. Prepare cost of production report
    53. Prepare costs of goods sold statement
    54. Prepare organizational chart
    55. Prepare rework cost entries
    56. Use weighted-average costing
  5. Minnesota Transfer Curriculum Goal Area(s) and Competencies
  6. Learner Outcomes Assessment
      As noted on course syllabus
  7. Special Information
      None noted