Accounting for Managerial Decisions Final Assessment: Outline and Rubric Competency Name: Accounting for Managerial Decisions Competency Statement: Demonstrate knowledge and application of managerial accounting tools and techniques used in making decisions. Final Assessment Title: Accounting for Managerial Decisions Problems Competency Objectives: 1. Understand what managerial accounting is and understand the purpose of job and process costing 2. Use Activity Based Management, which is a method to identify and evaluate business activities using activity based costing (i.e., to carry out a value chain analysis or reengineering project) in order to reduce costs or improve customer value (e.g., quality) 3. Understand cost behavior and cost-volume profit analysis (including break-even analysis) 4. Use the total cost of ownership methodology to analyze relevant, incremental quantitative and qualitative costs of an acquisition, project, investment, or relationship (e.g., customer) to make decisions (e.g., lease/purchase and make/buy). Program Learning Outcome(s): N/A Institutional Learning Outcome(s): N/A Purpose of this Assessment The final assessment for this competency is to complete a series of comprehensive management accounting problems that address cost-volume profit analysis, break-even analysis, total cost in ownership, and activity-based management. Items Required for Submission 1. A comprehensive solution set to a selection of managerial accounting problems that address the following areas: o An Overview of Managerial Accounting o Job Costing o Process Costing o Cost Behavior Analysis o Cost Profit Volume Analysis o The use of Relevant Revenue and Costs to Make Decisions o Activity Based Costing Step ONE: Preparation In order to prepare for this assignment, it is important to carefully review each problem found in Appendix A. When reviewing each problem, the following questions should be considered: 1. What possible tasks are required? 2. What you will need to complete the problem? 3. What formulas will you need? 4. What resources from this competency might you reference to complete this problem successfully? 5. Think about possible plans of action for the steps you will take—what strategies will you use to tackle each problem? 1 Final Assessment: Outline and Rubric Accounting for Managerial Decisions Final Assessment: Outline and Rubric Step TWO: Perform Calculations & Explain Methods For each problem (found in Appendix A): 1. Use your plan of action to solve each problem found in Appendix A, clearly outlining the procedures used, providing a concise explanation of each step, labeling relevant formulas, and showing worked out calculations and complete solutions. You may use a calculator or Excel spreadsheet to help perform the necessary calculations, but all corresponding work must be shown completely. 2. Answer all questions posed in the problem; if applicable, analyze and evaluate your results and provide a contextual explanation of the solutions you obtained. 3. Review your calculations and solutions and make sure that an external viewer would be able to follow your methodology and make sense of your calculations and corresponding explanations. Make certain that you have completed all steps of each problem. Step THREE: Complete Checklist for Submission Before you submit your work, check to see if you have met the criteria noted below. Did you: Answer all parts of each question completely and accurately? Provide clear and accurate steps, calculations, and solutions? Include an insightful analysis and evaluation of results where relevant? Step FOUR: Submit Your Work [Leave this as the last step of the instructions. No changes are necessary to the text below; just delete these instructions.] ● Your completed files should be submitted through the Final Assessment page of your competency. 2 Final Assessment: Outline and Rubric
