Course Objectives: |
The objective of the course is to acquaint each student with the basic elements of Cost & Managerial Accounting with a focus on relevant information for business decision making.
Cost accounting is a process of recording, analyzing and reporting all of a company’s both variable and fixed costs related to the production of a product. By having accurate and well-designed cost accounting standards the management of the companies would be able to take better and well-measured business decisions.
Management accounting refers to accounting information developed for managers within an organization. In other words, management accounting is the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information that helps managers fulfill organizational objectives. The management makes use of all related accounting information for decision making purposes. Decision making is the purposeful choice from among a set of alternative courses of action designed to achieve the objectives and is the core of the management process. This course is designed to clearly present the basic concepts and techniques of management accounting.
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Course Content: |
Preparing annual reports, accounting for merchandising and cost of goods sold, cost accounting systems, costing and the value chain, cost-volume-profit analysis, incremental analysis, responsibility accounting and transfer pricing, operational budgeting, standard cost systems, planning information systems and managerial control systems, using accounting information for decision making, techniques for estimating fixed and variable costs, budgeting process, bridging planning and control, cash budgeting, budgetary control and variance analysis. |
Week |
Subject |
Related Preparation |
1) |
Introduction to Managerial Accounting |
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2) |
Management Accounting: Cost objects, direct costs, indirect costs and product costs. Product and period costs in financial statements. |
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3) |
Job Costing: Accounting for manufacturing overhead, accounting for finished goods, sales and COGS. Allocation of manufacturing overhead. |
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4) |
Process Costing: Conversion costs and equivalent units. Process costing for a second department. FIFO, LIFO and weighted average methods. |
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5) |
Cost-Volume-Profit Analysis: Variable, fixed and mixed costs. Contribution margin income statement. Breakeven analysis. |
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6) |
The Master Budget: Preparing the master budget. |
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7) |
The Master Budget: Preparing the master budget – Cont’d |
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8) |
Flexible Budgets and Standard Costs: The flexible budget and variance analysis. Standard costing.
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9) |
Activity-Based Costing: Developing an activity-based costing system. Using activity-based costing for decision making. |
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10) |
National Holiday- 23 April National Sovereignty and Children's Day
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11) |
Activity-Based Costing – Cont’d |
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12) |
Capital Investment Decisions
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13) |
National Holiday -12-15 May Eid Ramadan
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14) |
National Holiday -19 May Commemoration of Atatürk, and Youth and Sports Day
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15) |
Fİnal |
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