{"id":1842,"date":"2021-05-19T15:08:00","date_gmt":"2021-05-19T15:08:00","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/?post_type=chapter&#038;p=1842"},"modified":"2021-06-16T16:18:05","modified_gmt":"2021-06-16T16:18:05","slug":"learning-outcomes","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/chapter\/learning-outcomes\/","title":{"raw":"Learning Outcomes","rendered":"Learning Outcomes"},"content":{"raw":"<img class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2025\/2017\/07\/01225024\/outcomes.jpg\" alt=\"icon of a magnifying glass over a list\" width=\"200\" height=\"201\" \/>\r\n\r\nThe content, assignments, and assessments for Managerial Accounting are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1VCCYPjeqGW1XK-SBuUtb7CUTlWF1z9LHsmxPhl1RpzQ\/edit?usp=sharing\" target=\"_blank\" rel=\"noopener\">Managerial Accounting Learning Outcomes<\/a>.\r\n<h2>Module 1: Understand the nature of managerial accounting<\/h2>\r\n<ul>\r\n \t<li>Define Managerial Accounting<\/li>\r\n \t<li>Assign costs to common cost categories<\/li>\r\n \t<li>Describe the flow of manufacturing costs<\/li>\r\n<\/ul>\r\n<h2>Module 2: Perform a cost-volume-profit analysis<\/h2>\r\n<ul>\r\n \t<li>Create a cost-volume-profit model<\/li>\r\n \t<li>Use the contribution margin model for cost-volume-profit analysis<\/li>\r\n \t<li>Distinguish between variable costing and full absorption costing<\/li>\r\n<\/ul>\r\n<h2>Module 3: Describe standard cost systems and compute variances<\/h2>\r\n<ul>\r\n \t<li>Identify the objectives of a standard cost system<\/li>\r\n \t<li>Identify Direct Cost Standards and Variances<\/li>\r\n \t<li>Identify Indirect Cost Standards and Variances<\/li>\r\n<\/ul>\r\n<h2>Module 4: Allocate manufacturing overhead to cost objects<\/h2>\r\n<div id=\"post-1677\" class=\"standard post-1677 chapter type-chapter status-publish hentry\">\r\n<div class=\"entry-content\">\r\n<ul>\r\n \t<li>Allocate manufacturing overhead using a single rate and a single base<\/li>\r\n \t<li>Allocate manufacturing overhead using multiple allocation bases and rates<\/li>\r\n \t<li>Allocate manufacturing overhead using Activity-Based Costing (ABC)<\/li>\r\n<\/ul>\r\n<h2>Module 5: Explain job order costing and allocate overhead using job order costing<\/h2>\r\n<ul>\r\n \t<li>Understand the characteristics of job order costing<\/li>\r\n \t<li>Assign costs to jobs<\/li>\r\n \t<li>Account for completed jobs<\/li>\r\n<\/ul>\r\n<h2>Module 6: Explain process costing and assign costs using process costing<\/h2>\r\n<ul>\r\n \t<li>Understand the characteristics of process costing<\/li>\r\n \t<li>Assign costs to various stages of production<\/li>\r\n \t<li>Account for costs assigned to each process<\/li>\r\n<\/ul>\r\n<\/div>\r\n<\/div>\r\n<section class=\"focusable focusable\" tabindex=\"-1\">\r\n<h2>Module 7: Describe and prepare budgets for operations<\/h2>\r\n<ul>\r\n \t<li>Identify objectives, procedures, and limitations of budgeting<\/li>\r\n \t<li>Prepare an operating budget<\/li>\r\n \t<li>Prepare a financial budget for a manufacturing company<\/li>\r\n \t<li>Prepare a flexible budget<\/li>\r\n<\/ul>\r\n<h2>Module 8: Describe factors that influence short-term decision making<\/h2>\r\n<ul>\r\n \t<li>Identify relevant information for short-term decision making<\/li>\r\n \t<li>Establish a price for products and services<\/li>\r\n \t<li>Decide which products to produce and sell<\/li>\r\n \t<li>Understand the cost and benefits of outsourcing<\/li>\r\n<\/ul>\r\n<h2>Module 9: Analyze capital investment alternatives<\/h2>\r\n<ul>\r\n \t<li class=\"chapter standard\">Describe the capital budgeting process<\/li>\r\n \t<li class=\"chapter standard\">Identify the essential elements of a capital budgeting decision<\/li>\r\n \t<li class=\"chapter standard\">Use basic capital budgeting tools to analyze investment options<\/li>\r\n \t<li class=\"chapter standard\">Use time value of money to analyze investment options<\/li>\r\n<\/ul>\r\n<h2>Module 10: Describe responsibility accounting<\/h2>\r\n<ul>\r\n \t<li class=\"li2\">Understand the issues involved in managing decentralized operations<\/li>\r\n \t<li>Compare and contrast cost, profit, revenue, and investment centers<\/li>\r\n \t<li>Understand how managers direct and control decentralized operations<\/li>\r\n<\/ul>\r\n<\/section>","rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2025\/2017\/07\/01225024\/outcomes.jpg\" alt=\"icon of a magnifying glass over a list\" width=\"200\" height=\"201\" \/><\/p>\n<p>The content, assignments, and assessments for Managerial Accounting are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1VCCYPjeqGW1XK-SBuUtb7CUTlWF1z9LHsmxPhl1RpzQ\/edit?usp=sharing\" target=\"_blank\" rel=\"noopener\">Managerial Accounting Learning Outcomes<\/a>.<\/p>\n<h2>Module 1: Understand the nature of managerial accounting<\/h2>\n<ul>\n<li>Define Managerial Accounting<\/li>\n<li>Assign costs to common cost categories<\/li>\n<li>Describe the flow of manufacturing costs<\/li>\n<\/ul>\n<h2>Module 2: Perform a cost-volume-profit analysis<\/h2>\n<ul>\n<li>Create a cost-volume-profit model<\/li>\n<li>Use the contribution margin model for cost-volume-profit analysis<\/li>\n<li>Distinguish between variable costing and full absorption costing<\/li>\n<\/ul>\n<h2>Module 3: Describe standard cost systems and compute variances<\/h2>\n<ul>\n<li>Identify the objectives of a standard cost system<\/li>\n<li>Identify Direct Cost Standards and Variances<\/li>\n<li>Identify Indirect Cost Standards and Variances<\/li>\n<\/ul>\n<h2>Module 4: Allocate manufacturing overhead to cost objects<\/h2>\n<div id=\"post-1677\" class=\"standard post-1677 chapter type-chapter status-publish hentry\">\n<div class=\"entry-content\">\n<ul>\n<li>Allocate manufacturing overhead using a single rate and a single base<\/li>\n<li>Allocate manufacturing overhead using multiple allocation bases and rates<\/li>\n<li>Allocate manufacturing overhead using Activity-Based Costing (ABC)<\/li>\n<\/ul>\n<h2>Module 5: Explain job order costing and allocate overhead using job order costing<\/h2>\n<ul>\n<li>Understand the characteristics of job order costing<\/li>\n<li>Assign costs to jobs<\/li>\n<li>Account for completed jobs<\/li>\n<\/ul>\n<h2>Module 6: Explain process costing and assign costs using process costing<\/h2>\n<ul>\n<li>Understand the characteristics of process costing<\/li>\n<li>Assign costs to various stages of production<\/li>\n<li>Account for costs assigned to each process<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<section class=\"focusable focusable\" tabindex=\"-1\">\n<h2>Module 7: Describe and prepare budgets for operations<\/h2>\n<ul>\n<li>Identify objectives, procedures, and limitations of budgeting<\/li>\n<li>Prepare an operating budget<\/li>\n<li>Prepare a financial budget for a manufacturing company<\/li>\n<li>Prepare a flexible budget<\/li>\n<\/ul>\n<h2>Module 8: Describe factors that influence short-term decision making<\/h2>\n<ul>\n<li>Identify relevant information for short-term decision making<\/li>\n<li>Establish a price for products and services<\/li>\n<li>Decide which products to produce and sell<\/li>\n<li>Understand the cost and benefits of outsourcing<\/li>\n<\/ul>\n<h2>Module 9: Analyze capital investment alternatives<\/h2>\n<ul>\n<li class=\"chapter standard\">Describe the capital budgeting process<\/li>\n<li class=\"chapter standard\">Identify the essential elements of a capital budgeting decision<\/li>\n<li class=\"chapter standard\">Use basic capital budgeting tools to analyze investment options<\/li>\n<li class=\"chapter standard\">Use time value of money to analyze investment options<\/li>\n<\/ul>\n<h2>Module 10: Describe responsibility accounting<\/h2>\n<ul>\n<li class=\"li2\">Understand the issues involved in managing decentralized operations<\/li>\n<li>Compare and contrast cost, profit, revenue, and investment centers<\/li>\n<li>Understand how managers direct and control decentralized operations<\/li>\n<\/ul>\n<\/section>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-1842\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Learning Outcomes. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Magnify. <strong>Authored by<\/strong>: Eucalyp. <strong>Provided by<\/strong>: Noun Project. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/thenounproject.com\/term\/magnify\/1276779\/\">https:\/\/thenounproject.com\/term\/magnify\/1276779\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":169134,"menu_order":4,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Magnify\",\"author\":\"Eucalyp\",\"organization\":\"Noun Project\",\"url\":\"https:\/\/thenounproject.com\/term\/magnify\/1276779\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Learning Outcomes\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-1842","chapter","type-chapter","status-publish","hentry"],"part":1836,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/pressbooks\/v2\/chapters\/1842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/wp\/v2\/users\/169134"}],"version-history":[{"count":6,"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/pressbooks\/v2\/chapters\/1842\/revisions"}],"predecessor-version":[{"id":2261,"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/pressbooks\/v2\/chapters\/1842\/revisions\/2261"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/pressbooks\/v2\/parts\/1836"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/pressbooks\/v2\/chapters\/1842\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/wp\/v2\/media?parent=1842"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/pressbooks\/v2\/chapter-type?post=1842"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/wp\/v2\/contributor?post=1842"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/wp-json\/wp\/v2\/license?post=1842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}