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Lake Washington Institute of Technology    
  Feb 25, 2018
Catalog 2016-2017 [ARCHIVED CATALOG]

ACCT& 203 Principles of Accounting III

5 credits

The third course in the accounting transfer sequence. Students learn presentation and interpretation of financial data for managerial use. Applications of accounting output to managerial control and planning are emphasized.

Prerequisites: ACCT& 202  or instructor permission.

Quarters Offered: Winter, Spring

Student Outcomes/Competencies:
Upon successful completion of this course students will be able to:

  • Calculate and explain the costs and benefits of simple financial choices encountered in financial planning and strategic decision making
  • Describe how accounting is used to develop an information system for use by management in the process of making decisions
  • Define different types of costs and explain the flow of costs from the point of their incurrence to the sale of completed products
  • Describe the similarities and the differences between job-order and process costing, and develop schedules to report manufacturing costs to management
  • Describe the benefits and limitations of activity-based costing, and identify types of quality costs
  • Identify variable, fixed and mixed costs, and explain cost-volume-profit relationships
  • Define and describe the budgeting process, and prepare budgets for a manufacturer
  • Develop standard costing systems, and compute price and quantity variances for materials, labor and overhead costs
  • Perform short-term decision and capital investment analysis