Management accounting – Fundamentals
For professional accountants who have not dealt with management accounting issues in some time (maybe since university), this course will help them apply management accounting concepts and learn to generate new ideas for problem solving such as:
- how to identify and classify costs for internal decision-making;
- how to use cost behaviour to help with budgeting and forecasting;
- how to more effectively communicate with non-financial managers (e.g. sales, human resources);
- how to create incentives to align organizational strategy and employee motivations.
Common associations with management accounting include cost accounting, break-even analysis and variance analysis. However, management accounting concepts include so much more such as organizational behaviour and employee motivation. It is exciting to learn that the world of management accounting includes, for example, research on workplace altruism by renowned Wharton School Professor Adam Grant. At the centre of all these concepts in management accounting is their application to creative problem solving.
By the end of this course, participants will be able to:
- recall management accounting topics and terminology;
- classify different organizational costs by cost behaviour and cost function;
- arrange and evaluate cost volume profit (CVP) and relevant costing problems;
- design approaches to relevant costing problems that align with the knowledge of key users;
- identify different types of performance measurement and budgeting tools;
- evaluate organizational strategy and key performance indicators (KPIs);
- interpret management accounting decisions for non-financial managers;
- identify key trends in management accounting.
This course will benefit professional accountants who are transitioning into a managerial accounting role (or responsibilities) and require a refresher of key concepts. The course has been designed to provide an overview of selected key topics in management accounting.