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Course Details

Accounting for Management: Concepts and Tools - 2015 (Course Id 907)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 7.5
IRS Credits : 0
Price : $74.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 907

Description :

A primer on the basic theoretical concepts and the practical procedures of financial record keeping and reporting, and the use of financial and cost data in managerial decision making. It provides an understanding and working knowledge of the fundamentals of financial and managerial accounting that can be put to practical application in day-to-day jobs of managers. It also concentrates on providing a working vocabulary for communication. Topics include accounting principles and reporting trends, accounting conventions and systems, interpretation and analysis of financial statements; cast flow statement; break-even analysis; activity-based costing (ABC); responsibility accounting; budget for profit planning; short-term and long-term investment decision making. A list of computer software for accounting, ABC, and budgeting is presented.

Usage Rank : 0
Release : 2015
Version : 1.0
Prerequisites : None
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE)
Revision Date : 09-Dec-2015
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 907

Keywords : Accounting, Accounting, Management, Concepts, Tools, 2015, cpe, cpa, online course
Learning Objectives :

Chapter 1
Introduction to Accounting

After completing this section, you should be able to:
    • Recognize the primary statements used and the key areas of accounting.
    • Recognize major accounting rule-making organizations.
    • Identify the global focus in financial reporting.
    • Identify the basic accounting principles.
    • Identify the different types of business entities.

Chapter 2
Understanding the Financial Statements

After completing this section, you should be able to:
    • Recognize the primary purpose and use of different accounting financial statements.
    • Identify the format of the income statement.

Chapter 3
Recording Financial Information and Accounting Conventions

After completing this section, you should be able to:
    • Recognize the double entry system and the accounting equation.
    • Recognize the system of debits and credits.
    • Identify different depreciation methods and calculate depreciation rates.

Chapter 4
Analysis of the Financial Statements

After completing this section, you should be able to:
    • Recognize the benefits of financial statement analysis, and how key ratios are applied.
    • Distinguish among trend analysis, vertical analysis, and horizontal analysis.
    • Recognize various ratios used in financial analysis.

Chapter 5
What Is Management Accounting?

After completing this section, you should be able to:
    • Recognize the benefits of and applications of management accounting and different management systems.
    • Identify how to classify different costs in management accounting.

Chapter 6
Product Costing Methods: Job Order Costing, Process Costing, And Activity-Based Costing

After completing this section, you should be able to:
    • Recognize basic assumptions and uses of different cost systems.

Chapter 7
Cost Behavior and Cost-Volume-Profit Analysis

After completing this section, you should be able to:
    • Identify the benefits of developing a cost-volume profit analysis.
    • Compute the sales necessary to break even or to achieve a target income.
    • Perform a variety of "what-if" analyses using the contribution approach.

Chapter 8
Budgeting and Standard Cost Systems

After completing this section, you should be able to:
    • Identify the different budgets used in an organization and their purpose.
    • Recognize characteristics of a standard costing system and different cost variances.

Chapter 9
Responsibility Accounting

After completing this section, you should be able to:
    • Identify uses and attributes of a contribution margin approach.
    • Recognize and compute return on investment (ROI) by means of the Du Pont formula.
    • Identify how ROI and Residual Income (RI) measures affect the division's investment decision.

Chapter 10
Relevant Costs and Short-Term Decisions

After completing this section, you should be able to:
    • Identify the costs that are relevant for different financial decisions.
    • Recognize factors used in making a short-term profit maximization decision.

Chapter 11
Capital Budgeting Decisions

After completing this section, you should be able to:
    • Identify different attributes and ratios used in capital budgeting decisions.
    • Calculate payback period for capital expenditures.
Course Contents :

Chapter 1:    Introduction to Accounting

Learning Objectives:

Nature and Scope of Accounting

Accounting: The Basis for Decision Making

The Major Areas of Accounting

Private Accounting

Public Accounting

Governmental Accounting

Major Accounting Rule-Making Organizations

American Institute of CPAs

Financial Accounting Standards Board (FASB)

Securities and Exchange Commission (SEC)

The International Accounting Standards Board (IASB)

Public Company Accounting Oversight Board (PCAOB)

Governmental Accounting Standards Board (GASB)

Other Organizations

The Global Trends and Developments in Financial Reporting

The Basic Accounting Principles

Historical Cost

Conservatism

Consistency

Comparability

Going Concern

Matching

Realization

Accrual

Materiality

Disclosure

Objectivity

Timeliness

Relevant

Stable Dollar

Accounting Period

Entity

The Concept of the Business Entity

Sole Proprietorship

Partnership

Corporation

Presenting Accounting Information through Financial Statements

Balance Sheet

Owners’ Equity

Income Statement

Statement of Cash Flows

Chapter 1 Review Questions

Chapter 2:    Understanding the Financial Statements

Learning Objectives:

The Income Statement and Balance Sheet

Revenue

Expenses

Net Income (Loss)

Assets

Liabilities

Equity

The Statement of Cash Flows

FASB Requirements

Accrual Basis of Accounting

Operating Activities

Investing Activities

Financing Activities

Notes to Financial Statements

Summary

Chapter 2 Review Questions

Chapter 3:    Recording Financial Information and Accounting Conventions

Learning Objectives:

Double Entry and the Accounting Equation

The Accounting Equation

The Account

Ledger

A Chart of Accounts

The System of Debits and Credits

The "How and Why" of Debits and Credits

Journals

Types of Depreciation Methods

Straight-Line Method

Sum-of-the-Years'-Digits (SYD) Method

Double-Declining-Balance (DDB) Method

Units of Production Method

Which Method to Use

Summary

Chapter 3 Review Questions

Chapter 4:    Analysis of the Financial Statements

Learning Objectives:

Who Uses Financial Analysis?

Internal Managers

External Users

Horizontal and Vertical Analysis

Financial Statement Analysis

Trend Analysis

Ratio Analysis

Liquidity Analysis

Working Capital

Accounts-Receivable Ratios

Inventory Ratios

Interrelationship of Liquidity and Activity to Earnings

Measuring a Company’s Ability to Pay Its Long-Term Debt

Profitability Ratios

Earnings per Share

Evaluating Stock as an Investment

Book Value and Market Value for Selected Companies

Limitations of Ratio Analysis

Summary

Chapter 4 Review Questions

Chapter 5:    What Is Management Accounting?

Learning Objectives:

Financial Accounting versus Management Accounting

The Work of Management

Cost Accounting versus Management Accounting

Controllership

Managerial Accounting in the New Production Environment

Total Quality Management and Quality Costs

Continuous Improvement (Ci) and Benchmarking

Business Process Reengineering (BPR)

Just-in-Time and Lean production

Theory of Constraints (TOC) and Bottlenecks Management

Cost Classifications and Profit Concepts

Costs by Management Function

Product Costs and Period Costs

Direct Costs and Indirect Costs

Direct Costs of Nonmanufacturing Firms

Variable Costs, Fixed Costs, and Mixed Costs

Unit Costs and Total Costs

Unit

Costs for Planning, Control, and Decision Making

Merchandising vs Manufacturing Organizations

Income Statements and Balance Sheets - Manufacturer

The Contribution Income Statement

Chapter 5 Review Questions

Chapter 6:    Product Costing Methods:   Job Order Costing, Process Costing, And Activity-Based Costing

Learning Objectives:

Job Order Costing and Process Costing Compared

DIFFERENCES BETWEEN JOB ORDER COSTING AND PROCESS COSTING

Job Order Costing

Job Cost Records

Factory Overhead Application

Predetermined Factory Overhead Rate

Disposition of Under- and Over-Applied Overhead

Plantwide versus Departmental Overhead Rates

TOTAL PRODUCT COSTS AND PROFITS

Activity-Based Costing

Composition of Product Cost

First-Stage Procedure

Second-Stage Procedure

Using Activity-Based Costing To Make Marketing Decisions

A List of Activity-Based Costing (ABC) Software

Chapter 6 Review Questions

Chapter 7:    Cost Behavior and Cost-Volume-Profit Analysis

Learning Objectives:

A Further Look at Costs by Behavior

Types of Fixed Costs ‑ Committed or Discretionary

Analysis of Mixed (Semi-variable) Costs

Relevant Range

Engineering Analysis

Account Analysis

The High-Low Method

Questions Answered by CVP Analysis

Contribution Margin (CM)

Break‑Even Analysis

Graphical Approach

Determination of Target Income Volume

Impact of Income Taxes

Margin of Safety

Present

Proposed

Difference

Sales Mix Analysis

Deluxe

Standard

Chapter 7 Review Questions

Chapter 8:    Budgeting and Standard Cost Systems

Learning Objectives:

Types of Budgets

The Sales Budget

Monthly Cash Collections from Customers

The Production Budget

Inventory Purchases – Merchandising Firm

The Cash Budget

The Budgeted Income Statement

The Budgeted Balance Sheet

Financial Modeling:  Computer-Based and Spreadsheet Models for Budgeting

Standard Costs and Variance Analysis

General Model for Variance Analysis

Materials Variances

Labor Variances

Variable Overhead Variances

Nonfinancial Performance Measures

Budgeting and Planning Software

Chapter 8 Review Questions

Chapter 9:    Responsibility Accounting

Learning Objectives:

Responsibility Accounting and Responsibility Center

Control of Profit Centers

Segmental Reporting for Profit Centers

Control of Investment Centers

Rate of Return on Investment (ROI)

Operating assets

The Breakdown of ROI -- Du Pont Formula

ROI and Profit Planning

Residual Income (RI)

Residual Income and Economic Value Added

Investment Decisions under ROI and RI

Chapter 9 Review Questions

Chapter 10:    Relevant Costs and Short-Term Decisions

Learning Objectives:

Relevant Costs Defined

Pricing a Special Order

Outsourcing: The Make or Buy Decision

The Sell-or-Process-Further Decision

Keeping or Dropping a Product Line

Product Mix Decisions in the Presence of Limited Resources

Theory of Constraints

You Should Remember

Chapter 10 Review Questions

Chapter 11:    Capital Budgeting Decisions

Learning Objectives:

What Are the Features of Investment Projects?

Understanding the Concept of Time Value of Money

What Is Present Value ‑ How Much Money Is Worth Now?

Present Value of Mixed Streams of Cash Flows

Present Value of an Annuity

How Do You Measure Investment Worth?

Payback Period

Accounting Rate of Return

Internal Rate of Return

Net Present Value

NPV versus IRR: Mutually Exclusive Projects

Chapter 11 Review Questions

Appendix

Glossary

Accounting Course 907 Home: https://www.cpethink.com/accounting-cpa-courses
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