Managerial Accounting Course Outline
This cheat sheet outlines a 7-week course on Managerial Accounting, covering core concepts from introductory principles to decision-making and costing methods, culminating in a mid-term assessment.
Core Principles
- Managerial Accounting focuses on providing financial information for internal decision-making.
- Cost behavior and analysis are crucial for understanding profitability and making informed choices.
- Costing methods like Job Order and Process Costing are used to track expenses for different production types.
Action Steps
- Week 1: Grasp the Introduction to Managerial Accounting.
- Week 2: Understand Cost Behavior and Cost Volume Profit Analysis.
- Week 3: Learn Marginal Costing for Decision Making & Limiting Factor Analysis.
- Week 4: Identify Relevant Information for decision making.
- Week 5: Study Full Costing under Job Order and Process Costing.
- Week 6: Review Full Costing concepts and engage in Revision (Part 1).
- Week 7: Complete Revision (Part 2) and take the A1: Proctored In-class Assessment (Mid-term).
Key Terms
- Managerial Accounting: The process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organization's goals.
- Cost Behavior: How costs change in response to changes in the level of activity.
- Cost Volume Profit (CVP) Analysis: A method of analysis that shows the effects of changes in costs and volume on a company's profits.
- Marginal Costing: A costing technique where variable costs are charged against profits on the basis of each unit sold.
- Limiting Factor Analysis: A technique used to determine the optimal production mix when a company faces a constraint on one or more resources.
- Job Order Costing: A costing system that assigns costs to specific jobs or batches of products.
- Process Costing: A costing system used when a company produces large quantities of identical or similar products through a series of uniform production steps.
Timeline
- Week 1: Introduction to Managerial Accounting
- Week 2: Cost Behavior and Cost Volume Profit Analysis
- Week 3: Marginal Costing for Decision Making & Limiting Factor Analysis
- Week 4: Relevant information for decision making
- Week 5: Full Costing under Job Order and Process Costing
- Week 6: Full Costing Re-cap & Revision (Part 1)
- Week 7: Revision (Part 2) and A1: Proctored In-class Assessment (Mid-term)
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