Introduction to Managerial Accounting
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Introduction to Managerial Accounting Course
Introduction:
Managerial accounting is the tool that managers utilize to evaluate the success or failure of a business and its ability to achieve its objectives. It provides managers with insights into the performance of their departments or projects and helps them determine if they are meeting expectations. These goals may involve aspects such as cost reduction or increasing production output.
Managerial Accounting specifically focuses on the accounting elements that are essential for effective business management. Therefore, it is of utmost importance for students pursuing Business degrees, employees aiming to enhance their skill set, and business owners seeking to maximize profits.
The Introduction to Managerial Accounting training course is designed to provide a comprehensive understanding of the fundamental principles of managerial accounting. It equips participants with the knowledge and skills required to navigate financial information, enabling them to make informed decisions. The course covers topics such as cost behavior, cost allocation systems, cost-volume-profit analysis, and the evaluation of cost and benefit relevance in decision-making processes.
Course Objectives:
By the end of the Introduction to Managerial Accounting training course, you will be able to:
- Understand what managerial accounting is and why it is important.
- Describe fundamental concepts of managerial accounting.
- Apply the financial perspective of accounting for costs.
- Describe different types of costs and how they are represented graphically
- Conduct cost-volume-profit analyses to answer questions around breaking even and generating profit
- Calculate and allocate overhead rates within both traditional and activity-based cost allocation systems
- Distinguish costs and benefits that are relevant from those that are irrelevant for a given management decision
- Determine a reasonable course of action, given the financial impact, for a given management decision
Who Should Attend?
Introduction to Managerial Accounting training course is ideal for:
- Anyone interested in taking up on a managerial role
- Non-financial managers,
- Anyone in a middle or senior managerial or leadership position,
- Those aspiring to move into such a role.
- Those working in finance to refresh their knowledge
Course Outlines:
Introduction to Managerial Accounting
- Managerial Accounting and Cost Terms
- Cost Behavior and Cost-Volume-Profit Analysis
- Job Order Cost Accounting
- Performance management
Process Cost Accounting
- Cost-Volume-Profit Analysis
- Master Budgets and Planning
- Cost management
Internal controls
- Standard Costs and Flexible Budgets
- Capital Budgeting Fundamentals
- Relevant Costs and Decision Making
Cost behavior
- Fixed VS. Variable Costs
- Mixed Costs
- High-Low Method
- Absorption VS. Variable Costing
- Variable Costing (Problem Solving)
Professional ethics for management accounting professionals
- Financial statement analysis
- Corporate finance
- Decision analysis and risk management
- Investment decision