|Author :||Jae K. Shim, Ph.D., CPA|
|CPE Credits :||7.5|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Accounting - Accounting for Course Id 907
This online CPE accounting class provides 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. This Accounting for Management CPE course 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|
|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 :||
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.
Identify the format of the income statement.
Recognize the system of debits and credits.
Identify different depreciation methods and calculate depreciation rates.
Distinguish among trend analysis, vertical analysis, and horizontal analysis.
Recognize various ratios used in financial analysis.
Identify how to classify different costs in management accounting.
Compute the sales necessary to break even or to achieve a target income.
Perform a variety of "what-if" analyses using the contribution approach.
Recognize characteristics of a standard costing system and different cost variances.
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.
Recognize factors used in making a short-term profit maximization decision.
Calculate payback period for capital expenditures.
|Course Contents :||
Chapter 1: Introduction to Accounting
Nature and Scope of Accounting
Accounting: The Basis for Decision Making
The Major Areas of 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)
The Global Trends and Developments in Financial Reporting
The Basic Accounting Principles
The Concept of the Business Entity
Presenting Accounting Information through Financial Statements
Statement of Cash Flows
Chapter 1 Review Questions
Chapter 2: Understanding the Financial Statements
The Income Statement and Balance Sheet
Net Income (Loss)
The Statement of Cash Flows
Accrual Basis of Accounting
Notes to Financial Statements
Chapter 2 Review Questions
Chapter 3: Recording Financial Information and Accounting Conventions
Double Entry and the Accounting Equation
The Accounting Equation
A Chart of Accounts
The System of Debits and Credits
The "How and Why" of Debits and Credits
Types of Depreciation Methods
Sum-of-the-Years'-Digits (SYD) Method
Double-Declining-Balance (DDB) Method
Units of Production Method
Which Method to Use
Chapter 3 Review Questions
Chapter 4: Analysis of the Financial Statements
Who Uses Financial Analysis?
Horizontal and Vertical Analysis
Financial Statement Analysis
Interrelationship of Liquidity and Activity to Earnings
Measuring a Companys Ability to Pay Its Long-Term Debt
Earnings per Share
Evaluating Stock as an Investment
Book Value and Market Value for Selected Companies
Limitations of Ratio Analysis
Chapter 4 Review Questions
Chapter 5: What Is Management Accounting?
Financial Accounting versus Management Accounting
The Work of Management
Cost Accounting versus Management Accounting
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
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
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
Composition of Product Cost
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
A Further Look at Costs by Behavior
Types of Fixed Costs ‑ Committed or Discretionary
Analysis of Mixed (Semi-variable) Costs
The High-Low Method
Questions Answered by CVP Analysis
Contribution Margin (CM)
Determination of Target Income Volume
Impact of Income Taxes
Margin of Safety
Sales Mix Analysis
Chapter 7 Review Questions
Chapter 8: Budgeting and Standard Cost Systems
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
Variable Overhead Variances
Nonfinancial Performance Measures
Budgeting and Planning Software
Chapter 8 Review Questions
Chapter 9: Responsibility Accounting
Responsibility Accounting and Responsibility Center
Control of Profit Centers
Segmental Reporting for Profit Centers
Control of Investment Centers
Rate of Return on Investment (ROI)
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
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
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?
Accounting Rate of Return
Internal Rate of Return
Net Present Value
NPV versus IRR: Mutually Exclusive Projects
Chapter 11 Review Questions