Using Managerial Accounting to Run a Business

Name: Using Managerial Accounting to Run a Business
Rating: 4.3 (12 reviews)

How managers and business owners use accounting to run more efficient organizations.

Created byVincent Turner

Last updated 10/2017

English

English [Auto],

What you'll learn

At the end of the course, students will have an understanding of basic issues addressed in the field of managerial accounting.
This course introduces you to the field of managerial accounting. This discipline is vast but in one hour you will get an insight into what this subject can do for your enterprise. You then might want to pursue more extensive classes.
Learn how to determine your break even point. This valuable concept will guide your organization on what it takes to begin enjoying a profit.
How do manufacturing enterprises determine how to distribute their overhead costs to the products they build? The POR (Predetermined Overhead Rate) will pave they way for knowing your product's cost.
Some costs vary and some remain fixed. Your budgeting will improve by understanding the behavior of costs.
And some costs are mixed - partly variable and partly fixed. Learn how to calculate which part varies and which part will remain fixed. This is a powerful budgeting tool.

Course content

3 sections • 10 lectures • 1h 4m total length

The First Lesson in Managerial Accounting: Breaking Even5:56
Learn to determine the break-even point using fixed costs, variable costs, and the contribution margin. The chicken dinner example shows how 75 sales cover a fixed cost and yield profit.
How to Break Even

How to Compute the Cost of the Stuff We Sell8:18
Explore how merchandising and manufacturing firms compute cost of goods sold. Understand beginning and ending inventories and how gross profit, period costs, and net operating profit are derived.
The cost of stuff we sell!
The Difference Between a Merchandiser and a Manufacturer6:56
Compare how merchandisers and manufacturers track costs from raw materials to finished goods, including direct material, direct labor, and overhead, to compute cost of goods sold.
The cost of things that manufacturers make
Inventories in a Manufacturing Business6:04
Inventories in a Manufacturing Business
The First Step in Preparing a Budget6:13
Learn how budgeting focuses on the future by creating a sales budget, predicting units sold, and forecasting cash receipts across quarters.
Budgeting
Budgeting an Inventory6:58
Link the sales budget to purchasing budget to determine tennis ball purchases in units. Use beginning and ending inventories, with ending inventory set at 20 percent of next quarter's sales.
Budgeting Your Inventory
Why is an Expense More Than You Planned!7:05
In this lecture you will explore variances. Variance means difference. If an expense if more than you bargained for, you can extrapolate what caused that situation. This is a valuable tool that can help you in your own business or organization.
Variances (A Fancy Word For Difference)
How to Forecast Expenses7:04
Apply the high-low method to separate fixed and variable costs from mixed costs. Use past quarters to estimate variable cost per pie and forecast cost for 10,000 pies at 3,000.
Forecasting Electrical Costs
Bonus Lecture: How to Increase Your Profit5:41
Four Ways to Increase Profit

Requirements

This is an introductory course. It has no prerequisites but you will benefit more if you have had exposure to a beginning financial accounting course.

Description

In an hour you can gain insight into how managerial accounting uses financial information to make a more profitable enterprise. You will also acquire useful skills that you can put to work immediately! And you will be more conversant with bankers, Chief Financial Officers, entrepreneurs and other financial experts.

You will explore key concepts such as How to Break Even, Budgeting, Forecasting Expenses and Increasing Your Profit. This is an ideal course for anyone studying business or managing an enterprise.

The course makes the material easy to understand. You will not have to bother with debits and credits. (And you will not be staring at Powerpoint Slides.)

Who this course is for:

Students, managers and entrepreneurs. Anyone who wants to know more about how accounting is used in decision making will appreciate this introductory course.

Using Managerial Accounting to Run a Business

What you'll learn

Explore related topics

Course content

Break Even1 lecture • 6min

Managerial Accounting versus Financial Accounting1 lecture • 4min

Let's Dig In!8 lectures • 54min

Requirements

Description

Who this course is for: