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Course Details

Analyzing Cost Data for Management (Management / Cost Accounting) - 2016 (Course Id 1176)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 9.5
IRS Credits : 0
Price : $94.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 1176

Description :

Analyzing Cost Data for Management covers the managerial use of accounting, financial, and operating data for planning, control, and decision making. The course is designed for managers and entrepreneurs who need hand-on knowledge and tools in processing, developing, and analyzing financial, cost, and business data for managerial use. Topics include strategic cost management, analysis of costs; break-even and contribution analysis; cost behavior analysis; activity-based costing (ABC); responsibility accounting and corporate balanced scorecard (CBS); budget for profit planning; short-term decisions; capital budgeting.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : Basic Math and Accounting.
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 : 12-Jan-2017
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 - 1176

Keywords : Accounting, Analyzing, Cost, Data, Management, Management, /, Cost, Accounting, 2016, cpe, cpa, online course
Learning Objectives :

Chapter 1
Introduction to Management Accounting

After studying this chapter, you will be able to:
    Recognize the concerns of management accounting.
    Recognize the function of management in planning, controlling and decision making, and the role of the financial management.
    Identify the some popular certificates that recognize the expertise in the fields of cost/managerial accounting and internal auditing

Chapter 2
Cost Classifications and Profit Concepts

After studying this chapter, you will be able to:
    Identify examples of each of the basic cost elements involved in the manufacture of the product.
    Recognize various cost concepts, and differentiate between the traditional income statement and the contribution income statement.

Chapter 3
Accumulation of Costs - Job Order Costing

After studying this chapter, you will be able to:
    Recognize different approaches to costing such as job order costing and the objectives of a cost accounting system.
    Identify the benefits and disadvantages of different costing approaches.

Chapter 4
Activity-Based Costing and Activity-Based Management

After studying this chapter, you will be able to:
    Recognize cost components used for activity-based costing (ABC).
    Recognize attributes tracked to in a value chain analysis.

Chapter 5
Break-Even and Cost-Volume-Profit Analysis

After studying this chapter, you will be able to:
    Recognize various contribution margin concepts.
    Identify several factors used to compute a cost-volume-profit analysis.
    Calculate break-even points and recognize ways to the reduce break-even point.

Chapter 6
Analysis of Cost Behavior and Cost Estimation

After studying this chapter, you will be able to:
    Recognize the advantages and disadvantages of the classifying cost behaviors and types.
    Recognize methods for estimating the cost-volume formula.

Chapter 7
Budgeting for Profit Planning and Financial Modeling

After studying this chapter, you will be able to:
    Recognize major steps in the preparation of a budget.
    Recognize how a financial modeling approach may be used in the planning process.

Chapter 8
Responsibility Accounting and Cost Control through Standard Costs

After studying this chapter, you will be able to:
    Distinguish among three types of responsibility centers.
    Identify different types of variances for manufacturing costs and the managerial significance of these variances.
    Identify the different variance analysis techniques for factory overhead.

Chapter 9
Performance Evaluation, Transfer Pricing, and Decentralization

After studying this chapter, you will be able to:
    Identify the primary differences between centralized and decentralized in performance evaluation.
    Recognize how ROI, RI (residual income), and EVA (economic value added) measurements affect the division's investment decision.
    Recognize the basic features of the Corporate Balanced Scorecard.

Chapter 10
Relevant Costs and Short-Term Decisions

After studying this chapter, you will be able to:
    Identify the costs that are relevant for a particular decision.

Chapter 11
Long-Term Investment and Capital Budgeting Decisions

After studying this chapter, you will be able to:
    Recognize several concepts involved with the time value of money.
    Identify the types and special features of several capital budgeting techniques.
    Calculate internal rate of return.

Chapter 12
A Further Look at Capital Budgeting

After studying this chapter, you will be able to:
    Recognize how income tax factors affect investment decisions.
Course Contents :

Chapter 1:   Introduction to Management Accounting

Learning Objectives

Financial Accounting versus Management Accounting

The Work of Management

Cost Accounting versus Management Accounting

The Organizational Aspect of Management Function

Controllership

Cost Accounting Standards Board

Managerial Accounting in the New Production Environment

Total Quality Management and Quality Costs

Continuous Improvement (Ci) and Benchmarking

Business Process Reengineering (BPR)

Corporate Balanced Scorecard

Theory of Constraints (TOC) and Bottlenecks Management

The Certified Management Accountant (CMA)

The Certified Internal Auditor (CIA)

Chapter Summary

Chapter 1 Review Questions

Chapter 2:    Cost Classifications and Profit Concepts

Learning Objectives

Cost Classifications

Costs by Management Function

Product Costs and Period Costs

Direct Costs and Indirect Costs

Variable Costs, Fixed Costs, and Mixed Costs

Unit Costs and Total Costs

Costs for Planning, Control, and Decision Making

Merchandising versus Manufacturing Organizations

Income Statements and Balance Sheets for a Manufacturer

The Contribution Income Statement

Chapter Summary

Chapter 2 Review Questions

Chapter 3:    Accumulation of Costs - Job Order Costing

Learning Objectives

Job Order Costing and Process Costing Compared

Job Order Costing

Job Cost Records

Job Order Costing - Illustration

Factory Overhead Application

Predetermined Factory Overhead Rate

Disposition of Under- and Over-Applied Overhead

Plantwide versus Departmental Overhead Rates

Chapter Summary

Chapter 3 Review Questions

Chapter 4:    Activity-Based Costing and Activity-Based Management

Learning Objectives

Composition of Product Cost

Overhead Costing: A Single-Product Situation

Overhead Costing: A Multiple-Product Situation

Plant-Wide Overhead Rate

Departmental Rates

Plant-Wide Rate versus Departmental Rates

Problems with Costing Accuracy

Why Volume-Related Cost Drivers Fail

Activity-Based Product Costing

First-Stage Procedure

Second-Stage Procedure

Comparison of Product Costs

The Choice of Cost Drivers

Using Activity-Based Costing To Make Marketing Decisions

Activity-Based Management

Process value analysis

Understanding What Causes Costs

Value-Added and Nonvalue-Added Activities

Activity Drivers and Categories

The Value Chain of the Business Functions

Strategic Cost Analysis

Chapter Summary

Chapter 4 Review Questions

Chapter 5:    Break-Even and Cost-Volume-Profit Analysis

Learning Objectives

Questions Answered by CVP Analysis

Contribution Margin (CM)

Break-Even Analysis

Graphical Approach in a Spreadsheet Format

Determination of Target Income Volume

Impact of Income Taxes

Margin of Safety

Some Applications of CVP Analysis and What-If Analysis

Sales Mix Analysis

Assumptions Underlying Break-Even and CVP Analysis

Chapter Summary

Chapter 5 Review Questions

Chapter 6:    Analysis of Cost Behavior and Cost Estimation

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

Regression Analysis

Regression Statistics

Correlation coefficient (R) and coefficient of determination (R2)

Use of a Spreadsheet Program for Regression

Using Regression on Excel

Chapter Summary

Chapter 6 Review Questions

Chapter 7:    Budgeting for Profit Planning and Financial Modeling

Learning Objectives

Types of Budgets

Illustration

The Sales Budget

Monthly Cash Collections from Customers

The Production Budget

Inventory Purchases Merchandising Firm

The Direct Material Budget

The Direct Labor Budget

The Factory Overhead Budget

The Ending Finished Goods Inventory Budget

The Selling and Administrative Expense Budget

The Cash Budget

Cash Budget

The Budgeted Income Statement

The Budgeted Balance Sheet

Some Financial Calculations

Chapter Summary

Chapter 7 Review Questions

Chapter 8:    Responsibility Accounting and Cost Control through Standard Costs

Learning Objectives

Responsibility Accounting and Responsibility Center

Standard Costs and Variance Analysis

General Model for Variance Analysis

Materials Variances

Labor Variances

Variable Overhead Variances

Flexible Budgets and Performance Reports

Fixed Overhead Variances

Methods of Variance Analysis for Factory Overhead

Nonfinancial Performance Measures

Chapter Summary

Chapter 8 Review Questions

Chapter 9:    Performance Evaluation, Transfer Pricing, and Decentralization

Learning Objectives

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

Corporate Balanced Scorecard

Transfer Pricing

Market Price

Cost-Based Price: Variable or Full Absorption Cost

Negotiated Price

Chapter Summary

Chapter 9 Review Questions

Chapter 10:    Relevant Costs and Short-Term Decisions

Learning Objectives

Relevant Costs Defined

Pricing a Special Order

Bid Price

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

Chapter Summary

Chapter 10 Review Questions

Chapter 11:    Long-Term Investment and Capital Budgeting Decisions

Learning Objectives

What Are the Types of Investment Projects?

What Are the Features of Investment Projects?

Understanding the Concept of Time Value of Money

How Do You Calculate Future Values ‑ How Money Grows?

Future Value of an Annuity

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

Present Value of Mixed Streams of Cash Flows

Present Value of an Annuity

Use of Financial Calculators and Spreadsheet Programs

How Do You Measure Investment Worth?

Payback Period

Accounting Rate of Return

Internal Rate of Return

Net Present Value

Spreadsheet IRR and NPR Functions

Profitability Index

How to Select the Best Mix of Projects with a Limited Budget

Chapter Summary

Chapter 11 Review Questions

Chapter 12:    A Further Look at Capital Budgeting

Learning Objectives

How Do Income Taxes Affect Investment Decisions?

The Long and Short of After-Tax Cash Flows

Initial Investment - Incremental Investment

Tax Effects of Disposal

Out-of-pocket outlays:

Installed cost of machine

Increased taxes from sale of old machine (15,000-$10,000)(.4)

Increased investment in inventory

Total Outlays

Salvage value of old machine

Initial outlay

Terminal Cash Flow

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

How Does MACRS Affect Investment Decisions?

Chapter Summary

Chapter 12 Review Questions

Appendix - Financial Tables

Table 1  Future Value of $1

Table 2  Future Value of an Annuity of $1

Table 3 Present Value of $1

Table 4 Present Value of an Annuity of $1

Glossary

Accounting Course 1176 Home: https://www.cpethink.com/accounting-cpa-courses
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