This course is an intended for business, engineering, or IT professionals who seek a fundamental understanding of managerial accounting, and how to make real-time business decisions. A general understanding of mathematics is required.
Managerial accounting is linked to cost accounting, cost management, activity management and investment management. Managerial accounting involves generating information for internal users including all levels of management and others within the organization. Some of the same information is reported that appears in the external financial statements, but frequently the information provided to internal users is in more detail, provided more often, and in many different forms depending on how the information is to be used.
Firm managers, often need information that is much more detailed than the data provided in financial reports. They use “managerial accounting” to make various decisions about their businesses. To avoid information overload, much of their data is tailored to the needs of a particular business unit instead of generally applicable to the firm as a whole.
Almost all management decisions deal with the same key issues: cost, price, and profit. The Managerial Accounting course will examine this sort of decision-making, identifying the tools and methods managers use to make the best-informed decisions possible.
The Managerial Accounting virtual classroom course teaches you how to extract and modify costs in order to make informed managerial decisions. Planning is covered by topics including activity-based costing, budgeting, flexible budgeting, cost-volume-profit analysis, cost estimating, and the costs of outsourcing. Control is covered by topics including standard costing, variance analysis, responsibility accounting, and performance evaluation. Emphasis is placed on cost terminology (the wide variety of costs), cost behavior, cost systems, and the limitations concerning the use of average costs.