ACC 202 - Introduction to Managerial Accounting

Institution:

Kapiolani Community College

Subject:

Description:

3 hours lecture per week Prerequisite(s): ACC 20or both ACC 24 and ACC 25. Recommended Preparation: ICS 00 or ICS 0. ACC 202 introduces students to accounting for corporations and an introduction to methods for evaluating financial performance, including cost accounting, budgeting, break-even analysis, ratio analysis, and sources and uses of cash. Upon successful completion of ACC 202, the student should be able to: List, define, and indicate the application of basic accounting principles and concepts and their application to accounting procedures and financial reporting requirements. Recognize the differences in the nature of proprietorships, partnerships and corporations and relate such differences in the accounting for and reporting of owners' equities. List, define, and indicate the application of the flow of production costs and record rudimentary transactions involved in manufacturing operations. Prepare financial statements (basic and special) and use analytical techniques used in the analysis and interpretation of financial reports for decision-making purposes. Discuss principles of budgetary control and prepare special budget reports used in the administration of budget-based accounting systems. Utilize the Internet and email as research and communications tools. Effectively communicate accounting information and reports orally and in writing. Determine amounts and record transactions involving corporate organization, issuance, subscription and purchase of the various classes of capital stock, declaration and distributions of dividends, accumulation and restriction of retained earnings. Prepare the stockholders' equity section of the Balance Sheet, the Statement of Retained Earnings and the Income Statement, including presentation of extraordinary and unusual gains and losses, prior period adjustments, and earnings per share. Describe the nature of bonds and record transactions involving bonds including issuance, redemption, interest and amortization of discount and premium, bond sinking funds, and other long-term liabilities, and indicate their balance sheet presentation. Record transactions involving long and short-term investments and show their balance sheet presentation. Analyze cash flows at an introductory level and prepare a Statement of Cash Flows using the indirect method. Analyze and interpret information contained in corporate financial statements from the viewpoint of creditors and investors. List and define examples of production processes, types of and flow of manufacturing costs. Prepare journal entries to record manufacturing costs. Compute product costs and the value inventories for manufacturing operations under job order costing. Compute product costs and the value inventories for manufacturing operations under process costing. Discuss principles used in budgetary systems and prepare basic analytical reports used in administration of those systems. List, define, and indicate the application of the use of standard costing in budgets as instruments of planning and control. Compute basic material and labor cost variances in a standard cost accounting system. Compute basic overhead cost variances in a standard cost accounting system. Discuss capital budgeting techniques, such as cash payback period, discounted cash flow, net present value, and internal rate of return, and indicate their usefulness in managerial decision-making. Discuss other aids in the managerial decision-making process, including incremental cost-benefit analysis.

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

kapiolani.hawaii.edu/page/home

Phone Number:

(808) 734-9000

Regional Accreditation:

Western Association of Schools and Colleges

Calendar System:

Semester

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