Module ACCT1031: Introduction to Management Accounting

Department: Accounting

ACCT1031: Introduction to Management Accounting

Tied To

• N204: Accounting and Management with Placement Year
• N206: Accounting and Management with Study Abroad
• N302: Accounting and Finance with Placement Year
• N304: Accounting and Finance with Study Abroad
• N305: Finance
• N306: Finance with Placement Year
• N307: Finance with Study Abroad
• NN42: Accounting and Management
• NN43: Accounting and Finance

Pre-requisites

Corequisites

Excluded Combinations

Aims

• The aim of the module is to introduce the basic concepts of Management Accounting and to enable students to understand Management Accounting reports.

Content

• An introduction to Management Accounting. The role of the management accountant; corporate goals; objectives of management accounting in the organisational context.
• Classification of costs: Stock Valuation and Profit Measurement; Cost concepts; Traditional costing approaches; Quantitative costing techniques: cost estimation and prediction.
• Cost behaviour
• Material and Labour Costs
• Overhead Costs
• Absorption Costing and Variable Costing
• Job Costing
• Process costing
• Activity Based Costing (ABC)
• Short-term decision making including relevant costs
• Limiting factor analysis
• Pricing decisions
• Cost-volume-profit (CVP) analysis
• Information for Planning and Control: Budgetary control and planning; flexible budgets; standard costing and variance analysis; budgeting models; Master and functional budgets.

Learning Outcomes

• On completion of this module, students will be able to:
• understand the relevance of accounting information in business decisions.
• understand basic management accounting concepts.
• understand the different cost classifications.
• understand the different costing systems.
• demonstrate the usage of management accounting information in short-term and long-term decisions.

• On completion of this module, students will be able to:
• calculate full and variable costs.
• understand ways in which management accounting information may be used in decision making.
• calculate relevant costs for decision making.
• calculate product price under different pricing approaches.

• Written communication
• Planning, Organisation and Time Management
• Problem Solving and Analysis
• Initiative by gaining access to relevant sources
• Computer literacy
• Self-management and demonstration of ability to sustain effort over an extended period.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Learning takes place through attendance at, preparation for, and participation in workshops, directed study and independent study.
• Summative assessment is by means of a written examination of two hours duration.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment

Computer-based multiple choice questions.