ACCT 225 Fundamental of Cost & Management Accounting Assignment Sample UAEU, UAE

In this assignment sample, we will discuss the ACC 225 cost and management accounting fundamentals.

This course is an introductory guide to the discipline of Cost & Managerial Accounting. As a College requirement, it is conceptually oriented. The course focuses on the role of cost and managerial accounting as an information system. That is to help various management levels to perform their functions efficiently. It introduces that role to students with different specialization interests, not only accounting.

Generally, the course curriculum discusses the cost and managerial accounting concepts and application, the relationship of cost and volume with profit, decision-making differential analysis, flexible budgeting, and performance analysis and measurement. The prerequisite for this course is ACCT100 with a minimum grade of D.

 

 

ACCT 225 Fundamental of Cost & Management Accounting Course Learning Outcomes

At the end of the course, students will be able to learn the following things:

1.Compute Financial And Non-Financial Information Relating To The Cost Of Acquiring Or Consuming Resources By An Organization For Internal Reporting Purposes.

Potentially everything your business does has a financial impact. Lawyers’ fees for fighting a sexual harassment lawsuit will affect your bottom line, for example. If you have to settle or pay damages, the effect will be broader.

Even so, looking at examples of financial data and non-financial data show that there’s a difference. Financial data examples include advertising costs, sales revenue, employee compensation, and the value of assets. Examples of non-financial information include environmental impact, your relationship with your vendors, diversity in the workplace, and social responsibility. They may have financial consequences, but it’s impossible to quantify them purely by assigning them a dollar figure.

2.Demonstrate Comprehensive Understanding Of Basic Cost And Management Accounting Concepts

Cost management accounting is a form of accounting that aims to improve an organization’s profitability by managing, controlling, and eliminating expenses. Cost accounting helps businesses determine the costs of products, projects, and processes, which shows the company where earning and losing money and is an integral part of budget planning. Cost and management accounting provides data and analyses reports used by managers to make decisions that will lead to long-term profits and growth.

3.Demonstrate Teamwork Skills Through Case Studies

Teamwork relies upon individuals working together in a cooperative environment to achieve common team goals through sharing knowledge and skills. The literature consistently highlights that one of the essential elements of a team is its focus toward a common goal and a clear purpose. Successful attributes for effective teamwork are as follows: 

• Commitment to team success and shared goals – team members are committed to the success and shared goals for the project. Successful teams are motivated, engaged, and aim to achieve at the highest level.

• Interdependence – Team members need to create an environment where together they can contribute far more than as individuals. A positive interdependent team environment brings out the best in each person, enabling a team to achieve their goals at a far superior level. Individuals promote and encourage their fellow team members to accomplish, contribute, and learn.

• Interpersonal Skills incorporate the ability to discuss issues openly with team members, be honest, trustworthy, supportive, show respect and commitment to the team and its individuals. Fostering a caring work environment is essential, including the ability to work effectively with other team members.

• Open Communication and positive feedback – actively listening to the concerns and needs of team members and valuing their contribution, and expressing this helps to create an effective work environment. Team members should be willing to give and receive constructive criticism and provide authentic feedback. 

• Appropriate team composition is essential in the creation of a successful team. Team members need to be fully aware of their specific team role and understand what is expected of them to the team and the project. 

• Commitment to team processes, leadership & accountability – team members need to be accountable for their contribution to the team and the project. They need to be aware of team processes, best practices, and new ideas. Effective leadership is essential for a team’s success in shared problem-solving and decision-making.

 

 

4.Distinguish Between Relevant And Irrelevant Cost Data For Decision-Making Purposes.

Relevant costs are costs that will be affected by a managerial decision. Irrelevant costs are those that will not change in the future when you make one decision versus another. Examples of Irrelevant costs are sunk costs, committed costs, or unavoidable overheads.

5.Distinguish Between The Roles Of Managerial And Financial Accountants In An Organization

Managerial accountants focus on short-term growth strategies relating to financial maintenance. For example, managerial accountants can perform a make-or-buy analysis to determine the financial soundness of producing a part to help with manufacturing a product.

Financial accountants focus on long-term financial strategies relating to organizational growth. The financial reports that these accountants produce follow established formats and abide by Financial Accounting Standards Board (FASB) rules and regulations. The guidelines are outlined in the generally accepted accounting principles (GAAP), which all publicly traded companies in the UAE have adopted.

6.Illustrate How Costs Behave For Internal Management Purposes.

Cost behavior is an indicator of how a cost will change in total when there is a change in some activity. In cost accounting and managerial accounting, three types of cost behavior are usually discussed:

• Variable costs. The total amount of a variable cost increases in proportion to the increase in an activity. The total amount of a variable cost will also decrease in proportion to the decrease in an activity.
• Fixed costs. The total amount of a fixed cost will not change when an activity increases or decreases.
• Mixed or semi-variable costs. These costs are fixed and partially variable.

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