Management Accounting 1

Learning Outcomes

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• apply job costing and explain how it differs from process costing.
• apply standard costing techniques;
• apply the main schemes of cost classification, costing methods, contribution analysis and simple capital investment appraisal;
• evaluate the operation of a budgetary control process, and perform basic calculative analyses;
• analyse the problem-solving and short-term decision-making aspects of management accounting using cost- volume-profit;
• analyse simple cases where management accounting may contribute to making judgements and decisions;

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

• the basic management functions of planning, decision making and control and how these are related within a business activity;
• the role and limitations of management accounting practices in the context of other information and control systems;
• the benefits of budgeting.

Transferable and Generic Skills

Having successfully completed this module you will be able to:

• self-manage your time, communicate effectively, analyse and interpret numerical data.

• The nature and functions of management accounting.
• Classification of costs.
• Accounting for materials, labour, and overhead.
• Cost accumulation systems: Job costing
• Cost reporting under absorption and marginal costing,
• Standard costing and variance analysis (Direct material, direct labour and fixed overheads).
• Contribution and short-term decisions: CVP analysis
• Investment appraisal methods.
• Budgeting, budgetary control, cash budgets.

Lectures, classes, online self-test exercises, reading.

Formative

This is how we’ll give you feedback as you are learning. It is not a formal test or exam.

Class discussions

• Assessment Type: Formative
• Feedback: Formative feedback will be provided during the lecture and classes on your performance in problem solving exercises and multiple choice questions. You will also receive written feedback via email or during feedback advice and hours
• Final Assessment: No
• Group Work: No

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

Repeat

An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.