Short Title:Management Accounting 1
Full Title:Management Accounting 1
Module Code:MACC H2003
 
Credits: 5
NFQ Level:6
Field of Study:Accounting and taxation
Module Delivered in 3 programme(s)
Reviewed By:MARTIN NOLAN
Module Author:Gail Sheppard
Module Description:This module aims to provide students with a comprehensive understanding of the role of the Management Accountant. The students should be able to apply management accounting techniques to cost products and services. This knowledge provides the student with techniques relevant to problem solving in a work situation.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Describe and explain the role of the Management Accountant in the modern business environment.
LO2 Describe the basic theory underlying the techniques used in the cost ascertainment of products and services.
LO3 Demonstrate the use of management accounting techniques to value inventory issues and closing inventory using FIFO, LIFO and Weighted Average.
LO4 Demonstrate the apportionment and allocation of overheads into products and services, and apply that information to cost jobs and services for customers.
LO5 Employ interlocked and integrated accounting techniques to cost jobs and services for customers.
LO6 Apportion and allocate costs to units of production using process costing for the purposes of inventory valuation and profit measurement.
LO7 Distinguish between payroll accounting and labour cost accounting. Demonstrate the use of labour incentive schemes.
Pre-requisite learning
Co-requisite Modules
No Co-requisite modules listed
 

Module Content & Assessment

Content (The percentage workload breakdown is inidcative and subject to change) %
The scope of Management Accounting
The history and development of management accounting; the function of management accounting; comparison of the relationship between management and financial accounting and the role of the management accountant in the changing competitive environment; compare and contrast management reports used in a commercial enterprise, a charity and the public sector.
10.00%
Cost and revenue classification
Classification of costs and revenues into direct and indirect, period and product, opportunity costs, avoidable and unavoidable, incremental, variable, fixed, semi-variable, stepped, decision making costs and non-manufacturing costs.
5.00%
Accounting for materials and labour
Components of product costing; materials controls procedure, pricing and valuation of inventories (FIFO, LIFO and Weighted Average); use of quantitative modules for planning and control of inventories (EOQ, MRP and JIT); accounting for payroll and labour; incentive schemes; remuneration methods; labour turnover ratio and labour efficiency ratio.
25.00%
Accounting for overheads
Traditional approach to overhead absorption; calculation of overhead absorption rates; pricing jobs and services for customers; profit calculation using mark-up and margin; plant-wide rates versus individual rates; calculation of under-absorbed and over-absorbed overheads; criticisms of the traditional overhead absorption approach; activity-based costing approach to overhead allocation.
35.00%
Accounting entries in a job costing system
Prepare ledger accounts in a job costing system using interlocking accounting, integrated accounting and contract costing.
5.00%
Process costing
Differences between job costing and process costing; calculation of the average cost per unit using a process costing system; ledger accounts showing the accounting treatment of normal losses, abnormal losses and abnormal gains; accounting for sale of scrap; calculation of the average cost per unit using the statement of equivalent units where there is closing work-in-progress; previous process costs; calculation of the average cost per unit using weighted average and FIFO where there is opening work-in-progress; accounting for joint products and by-products.
20.00%
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Continuous Assessment The continuous assessment will take the form of an individual assessment. This will be an in-class, time-constrained exam. 1,2,3,4 30.00 n/a
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4,5,6,7 70.00 End-of-Semester

IT Tallaght reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class-based instruction 3.00 Every Week 3.00
Independent Learning Study and question practice 6.00 Every Week 6.00
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 3.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class-based instruction 2.00 Every Week 2.00
Independent Learning Study and question practice 7.00 Every Week 7.00
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 2.00
 

Module Resources

Required Book Resources
  • Gail Sheppard 2011, Management Accounting A Practical Approach, Gill & Macmillan [ISBN: 9780717149964]
Recommended Book Resources
  • Colin Drury, 2011, Cost and Management Accounting, 7th Ed. [ISBN: 9781408032138]
  • Catherine Gowthorpe, 2008, Management Accounting, Cengage [ISBN: 9781844802043]
  • ACCA 2013, ACCA F2 Management Accounting Interactive Text, BPP Learning Media [ISBN: 9781445399676]
Recommended Article/Paper Resources
  • Accountancy UK Journal ICAEW n/a
  • Accountancy Ireland Journal ICAI n/a
  • Accountancy Age n/a
  • Accountancy Plus Journal ICPAI n/a
  • Business and Finance Journal n/a
  • Financial Times Newspaper n/a
  • Sunday Business Post Newspaper n/a
This module does not have any other resources
 

Module Delivered in

Programme Code Programme Semester Delivery
TA_BAACC_B Bachelor of Business (Honours) in Accounting & Finance 3 Mandatory
TA_BAACC_D Bachelor of Business in Accounting & Finance 3 Mandatory
TA_BACCT_C Higher Certificate in Business in Accounting 3 Mandatory