MANAGERIAL ACCOUNTING

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1 LITHUANIAN UNIVERSITY OF AGRICULTURE FACULTY OF ECONOMICS AND MANAGEMENT Department of Accounting and Finance STUDY SUBJECT DESCRIPTION MANAGERIAL ACCOUNTING Study level: MSc Number of ECTS credit points: 6,0 Teaching methods: Lectures, supported by PowerPoint presentation and slides, discussions, case studies. Prerequisities: Basic knowledge of mathematics, microeconomics, business management, accounting principles. Examination method: Oral examination and case study presentation. Registration for course: Two months before the beginning of the course. Registration for examination: Personally with lecturer. Remarks: This lecture is suitable for students of microeconomics and business management branches. INTRODUCTION After completing this course students should know: cost classification as basis for choosing of managerial accouting system; the role of managerial accounting in system of social research as well as managerial accounting links with management; managerial accounting theories and use them in practice; classic accounting systems, their advantages and disatvantages; how to use managerial accounting systems for production cost calculation; theory and practice of Cost-Volume-Profit (CVP) analysis;

2 modern managerial accounting systems and their particularities; how to identificate managerial accounting problems and to point out solutions of them. Syllabus Theory (42 hours): Introduction to management accounting. Cost terms, concepts and classification. Traditional cost accounting systems. Cost-volume-profit (CVP) analysis. Activity-based costing (ABC). Budgeting. Standard costing and variance analysis. Practice classes (42 hours) 1. Cost classification practice (20 %) 2. Absorption costing (25 %) 3. Cost - volume profit (CVP) analysis (25 %) 4. Standard costing and variance analysis (15 %) 5. Budgeting (15 %) Independent work (126 hours) 1. Individual home work 40 hours 2. Auditorial works 44 hours 4. Examination 42 hours LITERATURE MAIN LIST 1. Garrison R., Noreen E., Brewer P. Managerial accounting. McGraw-Hill Irwin, Drury C. Management accounting for business. - London: Thomson Learning, Drury C. Management and Cost Accounting. - London: Thomson Learning, Upchurch A. Management Accounting: principles and practice. - London: Financial Times, Horngren Ch., Bhimani A., Foster G., Datar S. Management and Cost Accounting. - London: Prentice Hall Europe,

3 ADDITIONAL LIST 1. Emmanuel C. Accounting for management control. - London: Thomson Learning, Arnold J., Turley S. Accounting for Management Decisions. - London: Prentice Hall, Wright D. Management Accounting. - London: Longman, Needles B., Anderson H., Caldwell J., Mills S. Principles of Accounting (6 th edition). Houghton Mifflin Company, p Study programme prepared by assoc. prof. dr. Neringa Stonèiuvienë Signature:. Department of Accounting and Finance, Faculty of Economics and Management, Lithuanian University of Agriculture Universiteto 10, Akademija, LT Kaunas, Lithuania Phone: Fax.:

4 ANNEX CONTENT OF STUDY PROGRAMME LESSONS (42 hours) 1. Introduction to management accounting (10 %) The users of managerial accounting information. Comparision of financial and management accounting. The decision making process and management accounting. Functions of management accounting. A brief historical review of management accounting. International convergence of management accounting practices. Professional ethics of management accountants. 2. Cost terms, concepts and classification (20 %) Cost objects General cost classifications: Manufacturing (product) costs: Direct costs; Indirect costs; Nonmanufacturing (period) costs. Cost classification on financial statements Cost classification for decision making: Variable costs; Fixed costs. Cost classification for control 3. Traditional cost accounting systems (15 %) Job-order costing: Measuring of direct materials cost; Measuring of direct labour cost; 4

5 Application of manufacturing overhead: Overhead application rate; Choosing of an allocation base; Underapplied and overapplied overhead. Cost of goods manufacturing. Cost of goods sold. Process costing: The flow of materials, labour and overhead costs Equivalent units of production: Weighted average method; FIFO method. Similarities and differences between job-order and process-order costing 4. Cost-volume-profit (CVP) analysis (15 %) The economist's model. The accountant's model. A mathematical approach to cost volume profit analysis. Margin of safety. Constructing the break-even chart. Alternative presentation of cost volume profit analysis. The concept of sales mix. Sales mix and cost volume profit analysis. 5. Activity-based costing (ABC) (10 %) The role of a cost accumulation system in generating information for decisionmaking. A comparison of traditional and ABC systems The emergence of ABC systems Volume-based and non-volume-based cost drivers Designing ABC systems Activity hierarchies 5

6 6. Budgeting (15 %) Stages in the planning process The budget period Administration of the budgeting process Stages in the budgeting process: Sales budget Production budget and budgeted stock levels Direct materials usage budget Direct materials purchase budget Direct labour budget Factory overhead budget Selling and administration budget Cash budgets Departmental budgets Master budget Activity-based budgeting Zero-based budgeting 7. Standard costing and variance analysis (15 %) Types of cost standards Establishing cost standards. Variance analysis: Material variances: Material price variances; Material usage variances; Total material variances. Labour variances. Wage rate variance: Labour efficiency variance; Total labour variance. Variable overhead variances: Variable overhead expenditure variance; Variable overhead efficiency variance. Similarities between materials, labour and overhead variances. 6

7 Fixed overhead expenditure or spending variance. Sales variances: Total sales margin variances. Sales margin price variance. Sales margin volume variance. Difficulties in interpreting sales margin variances. Reconciling budgeted profit and actual profit. 1. Cost classification practice (20 %) PRACTICE CLASSES (42 hours) Production (manufacturing) and period (nonmanufacturing) costs. Variable and fixed costs. Direct and indirect costs. Costs classification on financial statements. Cost classification for decision making. 2. Absorption costing (25 %) Job order costing and process costing: similarities and differences. Equivalent units of production. FIFO method. Weighted average method. 1. Cost - volume profit (CVP) analysis (25 %) Marginal costing. Contribution margin. The CVP equation. The CVP graphic form. Margin of safety. 2. Standard costing and variance analysis (15 %) Classification of standards. Setting standard costs. A general model for variance analysis. Price and quantity variances. 3. Budgeting (15 %) Static budgets and flexible budgets. Preparation of budgets and budgeting control. 7

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