Managerial Accounting Fundamentals

Managerial Accounting Fundamentals

Instructor: Luann J. Lynch

What you'll learn

Different types of costs and how they are represented graphically
Cost-volume-profit analyses to answer questions around breaking even and generating profit
How to calculate and allocate overhead rates within both traditional and activity-based cost allocation systems
How to distinguish costs and benefits that are relevant from those that are irrelevant for a given management decision

Skills you'll gain

Details to know

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Assessments

12 assignments

Taught in English

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There are 4 modules in this course

This course, developed at the Darden School of Business at the University of Virginia and taught by top-ranked faculty, will teach you the fundamentals of managerial accounting including how to navigate the financial and related information managers need to help them make decisions. You'll learn about cost behavior and cost allocation systems, how to conduct cost-volume-profit analysis, and how to determine if costs and benefits are relevant to your decisions.

By the end of this course, you will be able to: - Describe different types of costs and how they are represented graphically - Conduct cost-volume-profit analyses to answer questions around breaking even and generating profit - Calculate and allocate overhead rates within both traditional and activity-based cost allocation systems - Distinguish costs and benefits that are relevant from those that are irrelevant for a given management decision - Determine a reasonable course of action, given the financial impact, for a given management decision

Welcome to the course -- we're glad you're here! During this first week, we'll distinguish managerial from financial accounting, including the financial and related information managers need to help them make decisions. We'll then move on to cost behavior including different types of costs, their classifications, and how these classifications help with decision-making. From there, we'll show how to use a scatterplot and the high-low method to estimate cost functions. Let's get started!

What's included

16 videos2 readings3 assignments

16 videosTotal 71 minutes

Welcome and Course Overview0 minutesPreview module
What Is Managerial Accounting?1 minute
Three Sets of Books3 minutes
Financial Versus Managerial Accounting2 minutes
Different Costs for Different Purposes2 minutes
Different Costs in More Detail7 minutes
Cost Behavior3 minutes
Using a Line to Represent Cost Behavior2 minutes
Estimating Cost Functions Using Scatter Plots5 minutes
Your Turn: Estimating Cost Functions Using Scatter Plots Problem 15 minutes
Your Turn: Estimating Cost Functions Using Scatter Plots Problem 24 minutes
Estimating Cost Functions Using the High-Low Method5 minutes
Your Turn: Estimating Cost Functions Using the High-Low Method Problem 17 minutes
Your Turn: Estimating Cost Functions Using the High Low Method Problem 25 minutes
Important Caveats10 minutes
JW Sports Supplies Case Introduction1 minute

2 readingsTotal 20 minutes

Course Overview10 minutes
Welcome to Honors!10 minutes

3 assignmentsTotal 90 minutes

Week 1 Practice Quiz30 minutes
Week 1 Graded Quiz30 minutes
Week 1 Honors Graded Quiz30 minutes

Now that we've learned the fundamentals of cost behavior, we're ready to move on to discussing the relationships between cost structure, volume, price, and profit. We'll then see why these relationships matter as we conduct cost-volume-profit analyses to answer questions around breaking even and generating profit.

What's included

15 videos4 assignments1 peer review

15 videosTotal 49 minutes

Week 2 Overview0 minutesPreview module
What Is CVP Analysis?2 minutes
Functional Versus Contribution Margin Income Statements4 minutes
Breakeven Analysis4 minutes
Your Turn: Breakeven Analysis Company A2 minutes
Your Turn: Breakeven Analysis Company B1 minute
Your Turn: Breakeven Analysis Company C2 minutes
Your Turn: Breakeven Analysis Company D3 minutes
Interested in Doing More than Breakeven?3 minutes
Your Turn: Doing More than Breakeven Company A3 minutes
Your Turn: Doing More than Breakeven Company B3 minutes
Your Turn: Doing More than Breakeven Company C2 minutes
Your Turn: Doing More than Breakeven Company D2 minutes
CVP Analysis with Multiple Products5 minutes
Your Turn: CVP Analysis with Multiple Products6 minutes

4 assignmentsTotal 120 minutes

Week 2 Practice Quiz30 minutes
Week 2 Graded Quiz30 minutes
Week 2 Honors Graded Quiz 130 minutes
Week 2 Honors Graded Quiz 230 minutes

1 peer reviewTotal 120 minutes

Preparing Functional and Contribution Margin Income Statements120 minutes

After learning how to conduct cost-volume-profit analyses, we're ready to discuss cost allocation and the different types of systems we can use: traditional and activity-based. From there, we'll learn how to calculate overhead rates and allocate overhead within both types of systems.

What's included

14 videos1 reading3 assignments

14 videosTotal 74 minutes

Week 3 Overview0 minutesPreview module
The Flow of Costs4 minutes
The Flow of Costs in More Detail4 minutes
Cost Systems5 minutes
Allocating Overhead Costs5 minutes
Designing Cost Allocation Systems2 minutes
Your Turn: Allocating Overhead Costs Problem 15 minutes
Your Turn: Allocating Overhead Costs Problem 24 minutes
Traditional Cost Allocation Systems4 minutes
Activity-Based Costing12 minutes
Beyond Manufacturing Costs6 minutes
Your Turn: Activity-Based Costing Problem 18 minutes
Your Turn: Activity-Based Costing Problem 28 minutes
To Use Activity-Based Costing or Not?0 minutes

1 readingTotal 10 minutes

JW Sports Supplies Case (Part B)10 minutes

3 assignmentsTotal 90 minutes

Week 3 Practice Quiz30 minutes
Week 3 Graded Quiz30 minutes
Week 3 Honors Graded Quiz30 minutes

In our final week, we'll discuss costs and benefits, and gain an understanding of those that are relevant for a given decision. We'll evaluate the financial impact of a given decision, then determine a reasonable course of action.

What's included

14 videos2 assignments

14 videosTotal 63 minutes

Week 4 Overview1 minutePreview module
Relevant Costs and Benefits3 minutes
Important Terms2 minutes
Relevant Costs in an Example4 minutes
Your Turn: Relevant Costs and Benefits4 minutes
Special Order Decision7 minutes
Your Turn: Special Order Decision3 minutes
Make or Buy Decision5 minutes
Your Turn: Make or Buy Decision4 minutes
Keep or Drop a Product Line Decision5 minutes
Your Turn: Keep or Drop a Product Line Decision4 minutes
Product Mix Decisions10 minutes
Your Turn: Product Mix Decisions4 minutes
Course Conclusion1 minute

2 assignmentsTotal 60 minutes

Week 4 Practice Quiz30 minutes
Week 4 Graded Quiz30 minutes

Instructor

Instructor ratings

4.9 (236 ratings)

Luann J. Lynch

University of Virginia

2 Courses224,881 learners

Offered by

University of Virginia

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Reviewed on May 22, 2020

Luan lynch is the liveliest professor i have studied under. Concepts are clear and practise tests are effective.

Reviewed on Jul 6, 2020

this course very convenient for mangers . Mrs Luann J. Lynch is great instructor , i really love the way she taught us. thanks to her for making Managerial Accounting so easy .

Reviewed on Sep 5, 2020

Excellent course, this should be a must for all project managers in order to properly communicate with CEO and CFO!

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