Regardless of your current position or title, at some point in your career you’ll be involved with helping your organization make decisions about…
Regardless of your current position or title, at some point in your career you’ll be involved with helping your organization make decisions about their future. In this course, we’ll explore the foundations of managerial accounting and how managers use this information to make informed business decisions to meet their organization’s objectives. This information can help you make better management decisions by understanding and applying accounting principles.
This course will also teach you the role that managerial accounting plays in making decisions based on evaluating data, cost-volume-profit analysis, margins, margin variance, and breaking even. Additionally, the course describes cost allocation and explains the different types of costs, cost variance, materials and labor, activity-based costing, and opportunity costs.
Learning Objectives
- Know the role of managerial accounting in business
- Learn how to conduct a break-even analysis
- Learn the role of sales mix and pricing
- Learn key concepts and terms, such as cost-Volume-Profit analysis, cost allocation, organizational budgeting, capital budgeting, and Net Present Value method
Skills you’ll gain
AccountingAccounting ManagementManagement AccountingManagerial EconomicsManagerial FinanceCertified Management AccountantWhat You'll Learn
- Understand the role of managerial accounting in business decision-making
- Conduct a break-even analysis and apply cost-volume-profit (CVP) analysis
- Calculate margins, contribution margin ratio, and margin variance
- Allocate costs and distinguish types of cost, including overhead, materials and labor, activity-based costing, and opportunity costs
- Apply organizational budgeting, capital budgeting, and the Net Present Value method
- Evaluate relevant costs and benefits to make make-or-buy and other management decisions
Key Takeaways
- Managerial accounting provides information managers use to make informed business decisions that meet their organization's objectives.
- Understanding and applying accounting principles can help you make better management decisions.
- Cost-volume-profit analysis, margins, margin variance, and breaking even are central tools for evaluating business data.
- Cost allocation covers different types of costs, including cost variance, materials and labor, activity-based costing, and opportunity costs.
- Sales mix and pricing play a role in managerial accounting decisions alongside budgeting concepts such as capital budgeting and the Net Present Value method.
Frequently Asked Questions
Who is this course for?
It is for anyone who, regardless of their current position or title, will at some point be involved in helping their organization make decisions about its future.
What topics does the course cover?
It covers the foundations of managerial accounting, evaluating data, cost-volume-profit analysis, margins, margin variance, breaking even, cost allocation, types of costs, cost variance, materials and labor, activity-based costing, opportunity costs, organizational budgeting, capital budgeting, and the Net Present Value method.
What skills will I gain?
The course develops skills in accounting, accounting management, management accounting, managerial economics, and managerial finance, and is relevant to the Certified Management Accountant area.
What key concepts and terms does the course teach?
It teaches key concepts and terms such as cost-volume-profit analysis, cost allocation, organizational budgeting, capital budgeting, and the Net Present Value method.
Does the course cover budgeting?
Yes. It includes lessons on organizational budgeting, costs and benefits, cash flow, and budget and cost analysis, as well as capital budgeting and the Net Present Value method.
Transcript
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Welcome to KnowledgeCity's course, Managerial Accounting. In this course, we'll explore the basics of managerial accounting and how managers use this information to make informed business decisions and meet their organization's objectives. This information can help you make better management decisions by understanding and applying accounting principles. This course will also teach you the role that managerial accounting plays in making decisions based on evaluating data, cost volume profit analysis, margins, margin variance, and breaking even. Additionally, the course describes cost allocation and explains the different types of costs to include, cost of variance, materials and labor, activity-based costing and opportunity costs. You'll also see how managerial accounting and cost accounting relate to one another. This course will introduce you to the organizational budgeting process where you'll learn about cashflow, cost and benefits, capital budgeting and using the net present value method. Let's get started.
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