ACCT& 203 - Principles of Accounting III

Credits 5
Emphasis of this course is on using accounting information to support and assist decision making. Topics covered include cost-volume-profit analysis, budgeting, performance evaluation and special business decisions. Students also present their conclusions and analysis using a variety of methods such as written memoranda, budgeted financial statements and reports, and PowerPoint slide presentations.

Prerequisite(s): ACCT& 202 with a 2.0 or higher or placement into ACCT& 203.

Course Outcomes

Record a variety of transactions based on Job Order Costing. Prepare Financial statements and a Job Cost Sheet.
Apply overhead to multiple products using Activity Based Costing.
Prepare a Cost of Production report using the Weighted Average method of Process Costing.
Explain fixed, variable and semi variable cost behavior and determine fixed and variable components of mixed cost data using the High-Low method.
Apply Cost-Volume-Profit analysis to determine the breakeven point and the required number of units to be sold to earn a desired profit in accordance with generally accepted accounting principles.
Prepare an income statement using Absorption Costing and Variable Costing. Explain the difference in net income.
Apply cost analysis relating to a series of short term business decisions.
Apply capital budgeting models and present value techniques to business investment decisions.
Prepare a Master Budget and supporting schedules using excel.