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Nov 22, 2024
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College Catalog 2020-2021 [ARCHIVED CATALOG]
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ACCT& 203 - Principles of Accounting III
5 Credits
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): Completion of 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.
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