This course introduces cost terminology and flows, standard cost systems, relevant costing, budgeting, inventory control, capital asset selection, responsibility accounting, and performance measurement.
This undergraduate course is 5 weeks.
This course has a prerequisite. Please see details in the Prerequisite section below.
Attendance and participation are mandatory in all university courses, and specific requirements may differ by course. If attendance requirements are not met, a student may be removed from the course. Please review the Course Attendance Policy in the Catalog for more information.
Topics and Objectives
Fundamentals of Managerial Accounting
- Identify key terminology and concepts of managerial accounting.
- Describe different methods of internal controls.
- Contrast managerial and financial accounting.
- Explain the Institute of Managerial Accountant’s standards of ethical practice and conflict resolution guidelines.
- Contrast job-order and process costing.
- Identify fixed, mixed, and variable costs.
- Determine the break-even point using aspects of CVP.
- Distinguish between variable and absorption costing.
- Evaluate two options using incremental analysis.
Activity-Based Costing Systems
- Contrast traditional and ABC costing. Identify activity cost pools and cost drivers for manufacturing and service industries. Calculate and assign overhead rates using cost drivers.
- Explain the benefits of budgeting.
- Identify the characteristics of flexible and planning budgets.
- Explain the benefits and behavioral issues that arise from responsibility accounting.
- Identify the benefits of a balanced scorecard.
- Calculate Return on Investment.
Variance and Performance Analysis
- Determine labor, materials, and overhead variances and their possible causes.
A prerequisite is required for this course. The purpose of a prerequisite is to ensure students have the knowledge and/or skills needed to be successful in the course. Students are required to provide proof of prerequisite during the enrollment/registration process. To meet to a course prerequisite requirement, a student must have successfully completed the prerequisite course at University of Phoenix, provide proof via transcript of completing a comparable course (at least 75% match) or higher level course with at least a grade of C at another institution or have a University of Phoenix approved Student Appeal on file with the University.
This course requires the prerequisite below. Click on the prerequisite course to review the course topics and objectives.
ACC/291 or ACC/291T – Principles of Accounting II or equivalent
During the checkout process you will be prompted to provide proof of the requirement(s). If you completed the prerequisite at another institution be prepared to upload an official/unofficial transcript. If you have questions about meeting the prerequisite requirements for this course please contact an enrollment representative at 866-354-1800.
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While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with an Enrollment Representative.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.
If you have a question contact us at 866-354-1800.