Credit Points: 15
Prerequisite: BB104 Introductory Accounting
Workload: 36 contact hours
Campus: Melbourne, Sydney
Aims & Objectives
This is a first‐year core unit offered in the Bachelor of Business program. The unit provides a pathway for students to continue on with a major in Accounting, Marketing or Management.
This unit provides students with tools to aid decision making by managers and marketers. Its aim is to provide students with knowledge about some of the processes and technologies that enable the effective and efficient use of organisational resources by management to enhance the value of the organisation to shareholders and other stakeholders such as government. Management accounting is concerned with the future, operates under varying time frames and has no set of rules. Global competition, advances in information and other technology and changes in the economic environment leaves managers needing management accounting information to contribute to strategic decision making of business and government. The overall objective of this unit is to give students an understanding of the role of management accounting information in planning, decision making and monitoring the organisation. This unit considers fundamental concepts and tools used by accountants to provide information for planning and control. There is an emphasis to make the student capable of applying management accounting information in decision making.
Unit topics include:
- Introduction to Management Accounting
- Basic Managerial Accounting Concepts
- Cost Behaviour
- Job‐order Costing
- Process Costing
- Activity Based Costing
- Standard Costing
- Cost‐volume Profit Analysis
At the completion of this unit students should be able to:
- Describe and discuss the function and role of management accounting in the contemporary business environment.
- Demonstrate broad knowledge of management accounting and explain appropriate approaches to generate cost information.
- Produce business reports which present analyses of financial solutions to management issues in writing.
- Apply knowledge to generate adaptable and flexible approaches to problem solving and decision making.
- Apply management accounting practices and theories to analyse and solve business and management problems.
Tutorial/Workshop: 1 hour
Learning Outcomes Assessed
|Contribution in class||a-e*||10%|
Class Test – 1
Class Test – 2
|a, c, d*||10%|
Group Assignment (Written Report)
|Final Exam (3 Hours)||a-f*||50%|
*refer to learning outcomes above.
Note: Students are required to purchase the prescribed text book and have it available each week in class.
Prescribed Text Book:
Adopted Reference Style: APA can be found in MIT library referencing
MIT is committed to ensure the course is current, practical and relevant so that graduates are “work ready” and equipped for life-long learning. In order to accomplish this, the MIT Graduate Attributes identify the required knowledge, skills and attributes that prepare students for the industry.
The level to which Graduate Attributes covered in this unit are as follows:
|Ability to communicate||Independent and Lifelong Learning||Ethics||Analytical and Problem Solving||Cultural and Global Awareness||Team work||Specialist knowledge of a field of study|
|The standard is covered by theory and practice, and addressed by assessed activities in which the students always play an active role, e.g. workshops, lab submissions, assignments, demonstrations, tests, examinations|
|The standard is covered by theory or practice, and addressed by assessed activities in which the students mostly play an active role, e.g. discussions, reading, intepreting documents, tests, examinations|
|The standard is discussed in theory or practice; it is addressed by assessed activities in which the students may play an active role, e.g. lectures and discussions, reading, interpretation, workshops, presentations|
|The standard is presented as a side issue in theory or practice; it is not specifically assessed, but it is addressed by activities such as lectures or tutorials|
The standard is not considered, there is no theory or practice or activities associated with this standard