ACG 2071 - Managerial Accounting

College of Business

Credit(s): 3
Contact Hours: 47
Effective Term Fall 2024 (640)

Requisites

Prerequisite ACG 2021 with a minimum grade of C

Course Description

Students will develop literacy and skills in the application of the basic principles of managerial accounting. Students will apply various costing methods, conduct cost-volume-profit analysis, participate in budgeting, engage in management decision-making, prepare statement of cash flows, and conduct financial statement analysis.

Learning Outcomes and Objectives

  1. The student will prepare the statement of cash flows, and will apply the information to business problems by:
    1. explaining the purpose of the statement of cash flows.
    2. explaining the operating, investing and financing activities of the statement of cash flows.
    3. using the indirect method.
  2. The student will analyze financial statements and will apply the information to business problems by:
    1. explaining the need for comparative financial statement analysis.
    2. performing horizontal analysis, including trend analysis.
    3. performing vertical analysis, including common-size financial statements.
    4. performing ratio analysis to evaluate a company's financial position.
  3. The student will explain the difference between managerial and financial accounting by:
    1. distinguishing the differences between merchandiser and manufacturer financial statements.
    2. defining the three manufacturing product costs, and the differences between product and period cost.
    3. preparing the cost of goods manufactured schedule and the manufacturing income statement.
  4. The student will enter transactions into the accounting system and create reports on product and service costs using various costing systems by:
    1. recording journal entries and preparing reports in a job order costing system.
    2. recording journal entries and preparing reports in a process costing system.
    3. using activity-based costing to make business decisions.
    4. recording journal entries in a just-in-time management system.
  5. The student will perform cost-volume-profit analysis and will apply it to business problems by:
    1. explaining variable, fixed and mixed cost.
    2. defining the contribution margin and explaining how it can be expressed.
    3. defining and calculating break-even point and target profit.
    4. defining and calculating the margin of safety.
    5. defining and applying the degree of operating leverage.
    6. calculating sales mix.
    7. preparing a contribution margin income statement.
    8. explaining the difference between absorption costing and variable costing.
  6. The student will prepare budgets and budget reports in accordance with responsibility accounting principles by:
    1. creating a master budget.
    2. defining flexible budgets and preparing flexible budget performance reports.
    3. explaining the concepts and components of responsibility accounting.
    4. explaining the advantages of a standard cost system.
    5. calculating cost and efficiency variances for the product cost.
    6. explaining how cost and efficiency variances are used in business decision making.
    7. applying incremental analysis to make business decisions.
  7. The student will create financial statements for a manufacturing company by:
    1. preparing a schedule of a cost of goods manufactured.
    2. preparing the income statement with the calculation of the cost of goods sold.
    3. preparing the balance sheet with three types of inventories.
  8. The student will perform incremental analysis, assessing pricing models, and evaluating capital investment opportunities by:
    1. calculating the payback method.
    2. calculating the accounting rate of return method.
    3. calculating the net present value method.
    4. calculating the internal rate of return method.
    5. applying the time value of money concept in decision making.

Criteria Performance Standard

Upon successful completion of this course, the student will, with minimum 70% accuracy, demonstrate mastery of each of the above stated objectives through classroom measures developed by the individual course instructors.

History of Changes

Revised 7/83 Revised 8/84 Reviewed C&I 10/23/90 SCN Change 9/11/92 3 YRC&I Review 8-94 C&I 4/30/96;DBT 5/21/96 Effective Session 19961 Online 20001 3 Yr Rev 2000. Name chg eff 20011. C&I 2/8/05, BOT 3/21/05, Effective 20043(0350). Effective 20082(0405) Adm Change to remove acg2011
C&I Approval: 02/17/2024, BOT Approval: 03/19/2024, Effective Term: Fall 2024 (640)

Related Programs

  1. Accounting Technology Operations (ACTAP-CT) (670) (Active)
  2. Business Administration (BUS-AS) (670) (Active)
  3. Business Administration (BUS-BS) (610) (Active)
  4. Business Administration (BUS-TR) (670) (Active)
  5. FAMU Accounting (FMACC-TR) (670) (Active)
  6. Florida Gulf Coast University Accounting (FGCUAC-TR) (670) (Active)
  7. Florida Gulf Coast University Analytics and Informatics (FGCUAN-TR) (670) (Active)
  8. Florida Gulf Coast University Finance (FGCUFIN-TR) (670) (Active)
  9. Florida Gulf Coast University Marketing (FGCUMKT-TR) (670) (Active)
  10. Florida Gulf Coast University Supply Chain Management (FGCUSCM-TR) (670) (Active)
  11. Management & Organizational Leadership (MGTORG-TR) (670) (Active)
  12. USF St. Petersburg - Accounting (FSPACC-TR) (670) (Active)
  13. USF St. Petersburg - Business Analytics and Information Systems (FSPISM-TR) (670) (Active)
  14. USF St. Petersburg - Finance (FSPFIN-TR) (670) (Active)
  15. USF St. Petersburg - Management (FSPMGT-TR) (670) (Active)
  16. USF St. Petersburg - Marketing (FSPMAR-TR) (670) (Active)
  17. USF St. Petersburg Supply Chain Management (FSPSCM-TR) (670) (Active)
  18. USF Tampa - Accounting (FTACC-TR) (670) (Active)
  19. USF Tampa - Business Analytics and Information Systems (FTISM-TR) (670) (Active)
  20. USF Tampa - Finance (FTFIN-TR) (670) (Active)
  21. USF Tampa - Management (FTMGT-TR) (670) (Active)
  22. USF Tampa - Marketing (FTMAR-TR) (670) (Active)
  23. USF Tampa - Supply Chain Management (FTSCM-TR) (670) (Active)