Managerial Accounting: Information For Planning, Decision Making And Control

Managerial accounting is an activity that provides financial and nonfinancial information to business managers and other internal decision-makers of an organization. This course examines how managerial accounting information is gathered, and how it is used by business professionals to make effective plans & decisions. Lessons such as fundamentals of managerial accounting cost accounting concepts, and managerial accounting approaches will provide you with the concepts, procedures, and analytical skills you'll need to make informed decisions in today's challenging business world. Managerial accounting is not as widely used as other forms of accounting, nor is it as known. While companies concern themselves with financial accounting methods like audits, budgets, and financial statements, they often completely ignore the forward-thinking methods of managerial accounting. Key points include: Managerial vs. financial accounting Cost-Volume-Profit analysis for decision making Make vs. buy decisions for planning Fixed vs. variable vs. mixed costs for control Capital budgeting that makes a difference

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Day 1: Managerial Accounting: a perspective The role of Managerial Accounting Financial vs. Managerial Accounting Cost Accounting vs. Managerial Accounting The work of management The Organization aspects of Managerial Accounting Using Managerial Accounting for planning, decision-making & control Day 2: Cost Concepts, Terms & Classifications Diff cost s 4 diff purposes Cost classifications Cost by function Product vs. period costs FC, VC & Mixed costs Costs for planning, control & decision making Day 3: Cost Behavior Patterns Analysis of cost behavior Fixed Costs-committed vs. discretionary Variable costs Semi-variable costs The Contribution Margin approach Comparing Gross Profit to The Contribution Margin Day 4: Cost-Volume-Profit & Break Even Cost-Volume-Profit & Break-Even defined Cost-Volume-Profit analysis Target income calculations The margin of safety calculations Sales mix analysis Break-Even analysis Day 5: Standard Costs Responsibility accounting defined Responsibility centers Standard costs & Variance Analysis Fixed overhead variances VA for factory overhead Absorption vs. direct costing