Fundamentals of Managerial Accounting & Cost Accounting 101
What you'll learn
- Demonstrate an understanding of the fundamental principles and concepts in managerial accounting.
- Define and apply key cost-related terms and concepts in the context of managerial accounting.
- Analyze and apply job order costing methods to allocate costs in a manufacturing environment.
- Explain the principles and methodologies of process costing in the context of continuous production processes.
- Apply activity-based costing techniques to allocate costs based on various activities in an organization.
- Utilize cost-volume-profit analysis to assess the impact of volume changes on profitability and decision-making.
- Develop budgets and perform variance analysis to assess and control organizational performance.
- Evaluate performance using the balanced scorecard framework and various performance measurement tools.
- Apply capital budgeting techniques to make informed financial decisions and assess long-term investments.
Requirements
- Basic Ideas and Skills of Finance & Accounting !
Description
Mastering the Basics: A Fundamental Course in Managerial Accounting and Cost Accounting 101
Introduction: In the dynamic landscape of business, understanding and managing financial information is crucial for effective decision-making. One key aspect of this is managerial accounting, which provides valuable insights into an organization's internal operations and helps in optimizing performance. In this 101 course, we will delve into the fundamental concepts of Managerial Accounting and its integral component, Cost Accounting 101.
Managerial Accounting: Managerial accounting, also known as management accounting, is the process of identifying, measuring, analyzing, interpreting, and communicating financial information to aid internal decision-making within an organization. Unlike financial accounting, which is focused on external reporting to stakeholders, managerial accounting is primarily concerned with providing information for internal use by managers.
Key Concepts in Managerial Accounting:
1. Cost Behavior: Understanding how costs behave is fundamental in managerial accounting. Costs can be classified as fixed, variable, or mixed. Fixed costs remain constant regardless of production levels, while variable costs fluctuate with production. Mixed costs have elements of both fixed and variable costs.
2. Cost-Volume-Profit (CVP) Analysis: CVP analysis helps managers understand the relationship between costs, sales volume, and profit. It is a vital tool for decision-making, pricing strategies, and assessing the impact of various business scenarios on profitability.
3. Budgeting: Budgets are essential in planning and controlling an organization's activities. Managers use budgets to set goals, allocate resources, and monitor performance. Variance analysis, comparing actual results to budgeted figures, helps identify areas that need attention.
4. Decision-Making Techniques: Managerial accountants employ various decision-making techniques, such as incremental analysis and relevant costing, to aid in choosing the most profitable and feasible options among alternatives.
Cost Accounting 101: Cost accounting is a subset of managerial accounting that specifically focuses on tracking, recording, and analyzing costs associated with the production of goods and services. It provides detailed information about costs to help management make informed decisions.
Key Concepts in Cost Accounting:
1. Job Order Costing: This method assigns costs to specific products or jobs. It is suitable for industries that produce customized, unique products or services, such as construction and printing.
2. Process Costing: Process costing is used in industries with continuous production processes, such as chemical manufacturing or food processing. Costs are averaged over the total units produced during a specific period.
3. Activity-Based Costing (ABC): ABC assigns costs based on the activities that drive them, providing a more accurate picture of the resources consumed by different processes or products.
4. Standard Costing: Standard costing involves setting predetermined costs for direct materials, direct labor, and overhead. Deviations from these standards are analyzed to identify areas for improvement.
A solid grasp of managerial accounting and cost accounting is indispensable for anyone navigating the complex world of business. The fundamental principles discussed in this course provide a strong foundation for making informed decisions, optimizing resources, and ultimately contributing to the overall success of an organization. As you embark on this journey of understanding managerial and cost accounting, remember that these tools are not just about numbers; they are about empowering managers to lead their organizations with insight and foresight.
I am going to teach 9 major topics !
1. Understand the Basics of Managerial Accounting:
2. Cost Concepts and Terminology:
3. Job Order Costing:
4. Process Costing:
5. Activity-Based Costing (ABC):
6. Cost-Volume-Profit (CVP) Analysis:
7. Budgeting and Variance Analysis:
8. Performance Measurement and Balanced Scorecard:
9. Capital Budgeting and Decision Making:
Enroll now and learn today !
Who this course is for:
- All UG and PG Business, Finance Students and other management students
- Interested learners to learn about the concepts of Managerial Accounting & Cost Accounting
Instructor
- 4.3 Instructor Rating
- 59,991 Reviews
- 617,858 Students
- 340 Courses
Achievements on Udemy : (UDEMY TOP BUSINESS BEST SELLER & FULL TIME UDEMY INSTRUCTOR)
[1] Enrolled over 615,000 students from 214 countries & 48+ Udemy Business (UFB) Courses for Business Subscription.
[2] Delivered a staggering 4.14 million course enrollments, with 12,430,007 minutes taught Including UFB Courses (Upto May' 2025).
[3] Offered a diverse array of 340 courses, covering Business, General Management, Leadership, IT, Software and Systems, Psychology, Education, and Media Studies.
Credentials and Qualifications of Dr. José:
Dr. José's extensive qualifications showcase his dedication to various fields:
[1] Earned a Ph.D. in Entrepreneurship & Business Management in 2019, contributing to the understanding of business dynamics.
[2] Holds an M.Phil. in Business & General Management, establishing a solid foundation in comprehensive management knowledge.
[3] Completed a Masters in Financial Markets in 2015, demonstrating expertise in financial systems.
[4] Acquired a Masters in Information Technology in 2013, equipping him with technological proficiency.
[5] Achieved a Masters in Human Resource Management (MBA) in 2011, highlighting organizational skills.
[6] Secured a Bachelors in Mathematics in 2009, emphasizing analytical and statistics prowess.
[7] Earned a Diploma in Teacher Education in 2006, showing dedication to education.
This diverse academic background positions Dr. José as a well-rounded and versatile professional.
Teaching Experience:
Dr. José is an accomplished expert with a wealth of teaching and industry experience:
[1] Currently he is working as a Researcher and Professor of Florida Christian University (FCU Online), Orlando, FL.
[2] Serves as a Senior Researcher, Professor, and Subject Matter Expert at UTEL University, Universidad Centro Panamericano de Estudios Superiores - México, IBS-BFSU (International Business School - Beijing Foreign Studies University) China.
[2] Holds the title of Honorary and Visiting Professor at NGCEF Australia, ISCIP Canada, and Judge of the Research center for the Internationalization of companies from emerging economies (I-CEE) & Global Forum on Business Case Study.
[3] Dr. José, Specializes in digital transformation teaching, innovative teaching, and project based strategies for startup teaching in digital platform ecosystems.
Instructional Design and Curriculum Development Experience:
Dr. José's instructional design and curriculum development contributions are noteworthy:
[1] Designed and developed more than 5 specialized Post Graduate Master Degree courses for International Business School - Beijing Foreign Studies University (IBS-BFSU).
[2] Expertise in corporate entrepreneurship, organizational innovation, and learning.
[3] Over 15 years of experience as a business and IT consultant for over 20 successful startup businesses.
[4] Designed, developed, and hosted over 200 corporate business websites since 2007, receiving over 10 awards for graphic and web design.
Interests of Teaching Topics:
Dr. José's teaching interests span a wide range of subjects:
[1] Conducted, supervised, and handled more than 10,000 UG, PG students since 2007.
[2] Led training sessions for undergraduate and postgraduate Master Degree graduates in areas such as Entrepreneurship Development, Business Management, Human Resource Management and Development, Marketing, Digital Marketing, Finance and Financial Markets, Economics, Statistics, Education, Psychology, Leadership and Personal Development, Multimedia, Information Technology, IEEE Domains, and Software Certification Courses.
[3] Regular Keynote Speaker at AEIC China and Whither Our Economies (WoE) Lithuania.
[4] Currently guiding 5 Ph.D. Scholars in Business Administration, Computer Science, and IT Domains.
Certifications, Research and Publications:
Dr. José boasts an impressive list of certifications, research, and publications:
[1] Completed more than 30+ Software, IT, and Business Certifications.
[2] Serves as an Editor of Science Direct PLAS Journal, Ai Scholar China and certified reviewer for several renowned publishers from Springer Nature, Online Wiley, Emerald & SAGE.
[3] Published over 50 research and review articles, 8-12 solo-authored full case studies, 4 book chapters, and numerous book reviews and some listed in WoS & Scopus Listings.
[4] Google Scholar Citation 100+ and Research Gate Score is 270.90 with 54+ Citations, 59,299+ reads, and 27 Research Recommendations.
[5] European Alliance for Innovation (EAI) Score is 16.
Honors and Awards:
Dr. José's accomplishments are celebrated with various honors and awards:
[1] Top Funding Project Writer.
[2] Top Researcher Award 2019-2024.
[3] Best Ph.D. Thesis Award 2018.
[4] Distinguished Young Scientist 2017.
[5] University Topper (2011-2012).
[6] Seven-time recipient of the FCB - Faculty Competency Building Award (2011-2018).
[7] Mr. Perfect Award in 2008.
International Memberships and Activities:
[1] Holds memberships in 35+ International academic and professional bodies, including IEEE (ID : 96447154), Oulu Entrepreneurship Society - Finland, AfSAE (ID: 256521), ISPIM (ID: 1374), ITPA (ID: 29660) and many more.
[2] Volunteers for Scopus, Web of Science, and ABDC Indexed journals.
[3] Serves as an editorial and reviewer board member for over 30+ journals and has reviewed 200+ articles since 2019.