course_outline2007_aw2

course_outline2007_aw2 - University of Waterloo School of...

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1 University of Waterloo School of Accountancy AFM 102: Introduction to Managerial Accounting Winter Term 2007: Sections 3 and 4 Instructor: Alan Webb Office: BFG 2120 A Phone: 888-4567 ext. 36548 Email: a2webb@uwaterloo.ca Class location: DC 1351 Class times: Section 4: MWF 8:30 am – 9:20 am Section 3: MWF 9:30 am - 10:20 am Office Hours: appointment Course Web Page: https://uwangel.uwaterloo.ca/uwangel/frameIndex.htm COURSE OBJECTIVES Management accounting involves identifying, measuring, analyzing, interpreting and communicating information within an organization to ensure the activities necessary to achieve its goals and objectives are properly planned, directed and controlled . To achieve the organization’s goals and objectives managers make numerous planning decisions involving products and services, physical plant and equipment and personnel. Decisions are required regarding the products to sell, the markets to sell them in, how and where to produce them, and so on. Managers must also direct activities on a day-to-day basis to implement and execute the organization’s plans. These activities are typically routine in nature such as ordering raw materials, scheduling production runs, inspecting finished good, etc. Finally, control processes must be in place to motivate employees throughout the organization to “do the right things well.” Examples of controls include regular performance reviews (individuals, departments, divisions, etc.) and investigations of activities that are not performing well. The management accounting information used to accomplish these planning, directing and controlling objectives is extensive and cannot all be covered in a single course. Our focus will be on several fundamental management accounting topics including: basic concepts and terminology; product or service costing models; cost-volume-profit relationships; operating budgets; standard costs and variance analysis; relevant cost analysis; product or service pricing models; and capital budgeting decisions. In each of these topic areas the approach will be to: (a) identify the organizational goals being addressed; (b) determine the information required; (c) calculate or measure the required information or identify where it might be obtained (e.g., customer surveys); (d) analyze and interpret the information. Each time I’ve taught this course, I have had some students tell me that they have a difficult time understanding the “big picture” in management accounting, especially compared to financial accounting. They say management accounting seems like a series of unrelated topics that have no unifying theme. Often, these students use introductory financial accounting as a reference point where the “big picture” objective is fairly obvious: learn how to prepare, report and use financial accounting information. Management accounting’s big picture is to facilitate and
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2 influence managers’ key responsibilities for planning, directing and controlling the activities of
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course_outline2007_aw2 - University of Waterloo School of...

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