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Managerial Accounting
ACC150 | 3 Credits
Managerial Accounting focuses on identifying and interpreting information for the planning and evaluation of a business' financial performance. You’ll also cover how to measure the costs of goods or services and analyze business expenses.
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About Managerial Accounting
What You’ll Learn
The Managerial Accounting online course focuses on the identification, gathering, and interpretation of information for planning, controlling, and evaluating the performance of a business.
- Compare and contrast managerial accounting and financial accounting, and assess how managerial accounting affects various management functions.
- Discuss ethical standards in an organization and assess their role in the field of managerial accounting.
- Define cost and distinguish between product costs and period costs.
- Analyze the fundamental manufacturing cost categories and diagram the flow of product costs in a manufacturing operation.
- Describe the job-order costing system and evaluate its suitability in manufacturing and non-manufacturing firms.
- Describe process costing and evaluate the suitability of process costing in manufacturing and non-manufacturing firms.
- Compare and contrast the traditional volume-based costing system and the activity-based costing system.
- Interpret cost behavior patterns to estimate costs and assess the need for a contribution approach to income statements.
- Graph CVP relationships and compute the break-even point using the contribution-margin and equation approach.
- Determine the criteria that decide the relevance of a cost or a benefit, and explain the concepts of sunk costs, opportunity costs, and unit costs.
- Describe the key decision areas in capital budgeting and explain the concept of time value of money.
- Describe the elements of a budgeting framework and assess the need for a budgeting framework in an organization.
- Describe the various ways to set performance standards and assess the role of performance standards in cost management.
- Explain the role of responsibility accounting in achieving set goals and list the responsibility centers.
- Determine the criteria that are used in determining and making pricing decisions.
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WANT US TO CHECK?Course Details
You’ll study concepts like how to measure the costs of producing goods or services and how to analyze and control these costs. Our Managerial Accounting course also analyzes managerial accounting principles and systems through process and job order costing.
ACE-Recommended
ACE Code:
OOSL-0033
Flexible Schedule
25-day Average Course Completion
Humanities Courses Have Transferred Over 24,900 Times
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Prerequisites
There are no prerequisites for this course, although it is suggested that students complete Accounting I and II (ACC101 and ACC102) prior to enrolling in this course.
Course Text
The required eTextbook for this course is included with your course purchase at no additional cost.
- Wild, John J., and Ken W. Shaw. Managerial Accounting. 8th ed., McGraw Hill Education, 2022.
Course Checkpoints
Managerial Accounting and the Business Environment
- What Is Managerial Accounting?
- Managerial Accountants in an Organization
- Ethics in Managerial Accounting
- Changing Role of Managerial Accounting
Concepts of Cost Management Accounting for Custom Operations
- Cost Concepts: An Overview
- General Cost Classifications
- Cost Classifications on Financial Statements
- Cost Classifications for Different Purposes
Product Costing and Cost Accumulation in the Production Environment
- Product and Service Costing
- Flow of Costs in Manufacturing Firms
- Types of Product-Costing Systems
- Job-Order Cost Accumulation
- Overhead Application
- Extended Illustration of Job-Order Costing: Calculations and Journal Entries
- Financial Schedules
- Further Aspects of Overhead Application
Product and Hybrid Product Costing Systems
- Comparison of Job-Order Costing and Process Costing
- Purpose of product-costing systems
- Differences in manufacturing environments
- Differences in cost accumulation
- Similarities in cost flows
- Equivalent Units in Process-Costing Systems
- Stage of completion of the work-inprocess ending inventory
- Equivalent-unit calculations
- Illustration of Reporting in a Process-Cost System
- The departmental production report
- Weighted-average method
- Steps in preparing the departmental production report
- Other Issues in Process Costing
- Actual versus normal costing
- Using a cost driver other than direct labor
- A Hybrid Product-Costing System: Operation Costing for Batch Manufacturing
Activity Based Costing and Management
- Traditional Cost Management
- ABC Management
- Activity-Based Costing and Traditional Costing
- Activity-Based Costing: Key Issues
Analysis of Activity, Cost Behavior and Cost Estimation
- Cost Behavior Patterns
- Analyzing Mixed Costs
- Applying Cost Behavior
Cost-VolumeProfit (CVP) Analysis
- Approaches to CVP Analysis
- Cost-Volume-Profit (CVP) Relationship
- CVP Analysis and Cost Management
- CVP Analysis and Cost Structure
Absorption and Variable Costing
- Product Cost and Fixed Manufacturing Overhead
- Absorption-costing income statements
- Variable-costing income statements
- Reconciliation of Absorption- and Variable-Costing Income
- No change in inventory levels
- Increase in inventory levels
- Decrease in inventory levels
- Overall Evaluation of Absorption and Variable Costing
- Throughput Costing
Profit Planning and Activity-Based Budgeting
- Framework of Budgeting
- Budgets as a Planning Tool
- Preparing the Master Budget
- Activity-Based Budgeting
Operational Performance Measures: Standard Costing and Balanced Scorecard
- Setting Performance Measures
- Cost Variance Analysis
- Using Standard Costs for Evaluation
- The Balanced Scorecard
Flexible Budgeting: Managing Overhead and Support Activity Costs
- Flexible Budgets: An Overview
- Overhead Variance
- Overhead Analysis
- Activity-Based Flexible Budgets
Responsibility Accounting: Quality and Environmental Cost Control
- Responsibility Accounting: An Overview
- Segment Reporting
- Decentralization Segment
- Performance Evaluation
Investment Centers and Transfer Pricing
- Capital Budgeting Decisions: An Overview
- Screening Decisions: Net Present Value Method
- Screening Decisions: Internal Rate of Return Method
- Ranking Decisions
- Screening Decisions: Economic Value Added (EVA)
Allocation of Support and Joint Costs
- Service Department Cost Allocation: A General Overview
- Methods of Service Department Cost Allocation
- Direct method
- Step-down method
- Reciprocal-services method (appendix)
- Dual-Cost Allocation
- Today's Advanced Manufacturing Environment
- Joint Product Cost Allocation
Decision Making: Relevant Costs and Benefits
- The Decision-Making Model
- Identifying Relevant Costs and Benefits
- Aspects of Decision Making
- Activity-Based Costing and Relevant Costs
Assignments & Grading
Your score provides a percentage score and letter grade for each course. A passing percentage is 70% or higher.
Assignments for this course include:
- 4 Graded Exams
- 1 Graded Midterm
- 1 Graded Final
This course has an open-book Final Benchmark. Scientific calculators are allowed throughout the course.
What You’ll Need
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- Scientific calculator
- Any required course materials
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Managerial Accounting & Your Business Career
Managerial Accounting will teach you the skills to turn financial information into decisions. From budgeting and cost analysis to resource allocation, this course helps you understand the financial side of managing teams and organizations. These skills will be valuable whether you’re heading a business or a public service project.
Why it matters:
- Business and financial jobs are quickly growing — projected to add 1.7 million new jobs between 2023-2033.
- Business is a great career choice for those driven by growth and innovation.
How this course sets you up for success:
Accountant, Financial Analyst, Budget Analyst, Cost Analyst, Business Operations Manager, Project Manager, Controller, Management Consultant, and Entrepreneur
How this course sets you up for success:
Understanding managerial accounting gives you the practical tools to make informed business decisions, even if your career isn’t in finance. Start building skills today that will help you lead teams and get ahead in your business career.
3 Credits
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