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Luann J. Lynch
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.
Read more
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.
Read more
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
Register for this course and see more details by visiting:
OpenCourser.com/course/938elr/managerial
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What's inside
Syllabus
MANAGERIAL ACCOUNTING AND COST BEHAVIOR
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!
Read more
Syllabus
MANAGERIAL ACCOUNTING AND COST BEHAVIOR
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!
Read more
COST-VOLUME-PROFIT ANALYSIS
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.
COST ALLOCATION
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.
RELEVANT COSTS AND BENEFITS
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.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Explores different types of costs, classifications, and relationships that may assist decision-making
Provides the opportunity to conduct cost-volume-profit analyses which can answer relevant questions regarding breaking even and profit generation
Involves the intriguing process of calculating and allocating overhead rates within both traditional and activity-based cost allocation systems
Teaches learners to differentiate between relevant and irrelevant costs and benefits for specific management decisions
Offers the opportunity to determine an appropriate course of action based on financial impact for given management decisions
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Save Managerial Accounting Fundamentals to your list so you can find it easily later:
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Reviews summary
Managerial accounting refresher
Learners say this course is well received by students who want to refresh their managerial accounting skills or students with a non-traditional background. The course's lectures, examples, and assignments are highly praised. Students appreciate that learning is made easier by the instructor's use of a light board and real-world examples. This course will also provide essential foundational knowledge for project managers and those in similar roles.
Many examples and practice problems are provided.
"Its a five star course.It has much rigor and gives a run for your time and money.I enjoyed my time here."
"A very nice course with lots of opportunities to practice and hone our skills in managerial accounting as well as financial accounting."
"Coming from a nontraditional background, the information was well explained and ample examples and showing of calculations were provided."
Concepts are clearly and thoroughly explained.
"it was very excellent, knowledge gaining"
"I have learnt so much in the past few weeks got a lot of clarity and i also had fun while doing it."
"Great and recommended course, thank you"
The instructor is engaging and makes the material interesting.
"Mrs. Lynch is a great teacher, the way she explained is fun and understandable."
"Wonderful course and the great professor, She goes down to the basics and teach how the costs vary with respect to the allocation systems."
"I loved the courser but there are still some mistakes in the course, the most critical part is that there are mistakes in the exams (well I found 1 in Week 3)."
Some students report that the tests are difficult to understand.
"The course was easy and fun at first but it got tougher as Lynn went forward."
"There were a lot of good example problems that were very beneficial to understanding the concepts, however some of the exam questions were difficult to go back and completely understand."
"I struggled in two specific areas. After watching and re-watching the lectures, I was still struggling and was not getting helpful feedback."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Managerial Accounting Fundamentals with these
activities:
Read 'Managerial Accounting' by Garrison and Noreen
Show steps
Gain a deeper understanding of the fundamental concepts of managerial accounting by reading this foundational text.
View
Introduction to Managerial Accounting: 2024...
on Amazon
Show steps
-
Read each chapter and take notes.
-
Complete the end-of-chapter exercises to test your comprehension.
-
Attend the class review session for the corresponding chapters.
Review Intermediate Algebra
Show steps
Refresh your understanding of algebra to ensure a strong foundation for success in this course.
Browse courses on
Algebra
Show steps
-
Review linear equations and inequalities.
-
Practice solving systems of equations.
-
Work through problems involving polynomials and factoring.
-
Revisit exponential and logarithmic functions.
-
Take a practice test to assess your readiness.
Organize and Review Course Materials
Show steps
Maximize your learning by organizing and reviewing your lecture notes, assignments, and readings throughout the course.
Show steps
-
Create a dedicated folder or notebook for course materials.
-
Regularly review and summarize lecture notes.
-
Complete assigned readings and take notes on key points.
-
Organize completed assignments by topic or week.
-
Review organized materials periodically to reinforce learning.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Discussion on Cost Accounting Challenges
Show steps
Engage with peers to discuss common challenges and innovative solutions in the field of cost accounting.
Show steps
-
Join a study group or online forum dedicated to cost accounting.
-
Identify specific challenges or topics for discussion.
-
Share your insights, ask questions, and engage in constructive dialogue.
-
Reflect on the discussion and apply the learnings to your own understanding.
Solve Cost-Volume-Profit Problems
Show steps
Sharpen your skills in solving cost-volume-profit problems to make informed business decisions.
Show steps
-
Identify the fixed and variable costs for a given business.
-
Calculate the contribution margin and break-even point.
-
Analyze the impact of changes in sales volume on profitability.
-
Use CVP analysis to optimize pricing and cost structure.
Follow Tutorials on Relevant Cost Analysis
Show steps
Enhance your decision-making skills by learning how to identify and analyze relevant costs.
Show steps
-
Search for online tutorials on relevant cost analysis.
-
Follow the steps and examples provided in the tutorials.
-
Practice identifying relevant and irrelevant costs in different scenarios.
-
Apply your understanding in case studies or real-world situations.
Create a Visual Guide to Cost Behavior
Show steps
Solidify your understanding of cost behavior by creating a visual representation of key concepts.
Show steps
-
Identify the different types of cost behavior (e.g., fixed, variable, semi-variable).
-
Choose a visual format (e.g., flowchart, diagram, infographic).
-
Map out the relationships between cost behavior and relevant factors (e.g., volume, activity).
-
Explain the implications of cost behavior for decision-making.
-
Share your visual guide with peers or mentors for feedback.
Develop a Cost Allocation Plan
Show steps
Apply your understanding of cost allocation methods to develop a plan for a real-world business.
Show steps
-
Identify the overhead costs and activities to be allocated.
-
Select appropriate cost allocation methods for each activity.
-
Calculate the overhead rates and allocate the costs.
-
Evaluate the accuracy and reasonableness of the allocation.
-
Present the plan to stakeholders and explain the rationale.
Read 'Managerial Accounting' by Garrison and Noreen
Show steps
Gain a deeper understanding of the fundamental concepts of managerial accounting by reading this foundational text.
View
Introduction to Managerial Accounting: 2024...
on Amazon
Show steps
Show steps
Show steps
- Read each chapter and take notes.
- Complete the end-of-chapter exercises to test your comprehension.
- Attend the class review session for the corresponding chapters.
Review Intermediate Algebra
Show steps
Refresh your understanding of algebra to ensure a strong foundation for success in this course.
Browse courses on
Algebra
Show steps
Show steps
Show steps
- Review linear equations and inequalities.
- Practice solving systems of equations.
- Work through problems involving polynomials and factoring.
- Revisit exponential and logarithmic functions.
- Take a practice test to assess your readiness.
Organize and Review Course Materials
Show steps
Maximize your learning by organizing and reviewing your lecture notes, assignments, and readings throughout the course.
Show steps
Show steps
Show steps
- Create a dedicated folder or notebook for course materials.
- Regularly review and summarize lecture notes.
- Complete assigned readings and take notes on key points.
- Organize completed assignments by topic or week.
- Review organized materials periodically to reinforce learning.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Discussion on Cost Accounting Challenges
Show steps
Engage with peers to discuss common challenges and innovative solutions in the field of cost accounting.
Show steps
Show steps
Show steps
- Join a study group or online forum dedicated to cost accounting.
- Identify specific challenges or topics for discussion.
- Share your insights, ask questions, and engage in constructive dialogue.
- Reflect on the discussion and apply the learnings to your own understanding.
Solve Cost-Volume-Profit Problems
Show steps
Sharpen your skills in solving cost-volume-profit problems to make informed business decisions.
Show steps
Show steps
Show steps
- Identify the fixed and variable costs for a given business.
- Calculate the contribution margin and break-even point.
- Analyze the impact of changes in sales volume on profitability.
- Use CVP analysis to optimize pricing and cost structure.
Follow Tutorials on Relevant Cost Analysis
Show steps
Enhance your decision-making skills by learning how to identify and analyze relevant costs.
Show steps
Show steps
Show steps
- Search for online tutorials on relevant cost analysis.
- Follow the steps and examples provided in the tutorials.
- Practice identifying relevant and irrelevant costs in different scenarios.
- Apply your understanding in case studies or real-world situations.
Create a Visual Guide to Cost Behavior
Show steps
Solidify your understanding of cost behavior by creating a visual representation of key concepts.
Show steps
Show steps
Show steps
- Identify the different types of cost behavior (e.g., fixed, variable, semi-variable).
- Choose a visual format (e.g., flowchart, diagram, infographic).
- Map out the relationships between cost behavior and relevant factors (e.g., volume, activity).
- Explain the implications of cost behavior for decision-making.
- Share your visual guide with peers or mentors for feedback.
Develop a Cost Allocation Plan
Show steps
Apply your understanding of cost allocation methods to develop a plan for a real-world business.
Show steps
Show steps
Show steps
- Identify the overhead costs and activities to be allocated.
- Select appropriate cost allocation methods for each activity.
- Calculate the overhead rates and allocate the costs.
- Evaluate the accuracy and reasonableness of the allocation.
- Present the plan to stakeholders and explain the rationale.
Career center
Learners who complete Managerial Accounting Fundamentals will develop knowledge and skills
that may be useful to these careers:
Management Accountant
Management Accountant
A Management Accountant provides financial information and analysis to support decision-making within an organization. This course is highly relevant to this role, as it covers core managerial accounting concepts such as cost behavior, cost allocation, and cost-volume-profit analysis.
Cost Accountant
Cost Accountant
A Cost Accountant analyzes and reports on an organization's costs and expenses. The Managerial Accounting Fundamentals course can provide a comprehensive understanding of cost behavior, cost allocation, and cost-volume-profit analysis, which are core responsibilities of a Cost Accountant.
Budget Analyst
Budget Analyst
A Budget Analyst plans and manages an organization's budget, including forecasting revenue and expenses. This course can provide valuable insights into cost behavior, cost allocation, and cost-volume-profit analysis, which are essential for effective budget management.
Financial Analyst
Financial Analyst
A Financial Analyst evaluates investments and makes recommendations to clients. By taking this course, you can build a foundation in managerial accounting and develop skills in cost analysis and decision-making, which are valuable for success as a Financial Analyst.
Project Manager
Project Manager
A Project Manager plans and executes projects within an organization. This course can provide valuable knowledge in cost estimation, budgeting, and cost control, which are essential for successful project management.
Valuation Analyst
Valuation Analyst
A Valuation Analyst assesses the value of assets and businesses. This course can provide a solid foundation in cost analysis and decision-making processes, which are essential for accurate valuations.
Consultant
Consultant
A Consultant provides expert advice and guidance to organizations on a variety of business issues. Taking this course can help you develop financial analysis skills and an understanding of cost management principles, which are essential for success in consulting.
Accountant
Accountant
An Accountant is responsible for preparing and maintaining financial records and ensuring an organization's financial health. By taking this Managerial Accounting Fundamentals course, you can build a foundation for this role by learning about financial and related information managers need to help them make decisions, different types of costs, cost behavior, and cost allocation systems.
Operations Manager
Operations Manager
An Operations Manager plans and manages the day-to-day operations of a business. Taking this course can provide insights into cost analysis, decision-making, and financial management, which are essential for effective operations management.
Financial Manager
Financial Manager
A Financial Manager oversees an organization's financial operations and makes strategic decisions. The Managerial Accounting Fundamentals course may be helpful for gaining a comprehensive understanding of financial management principles, including cost analysis and decision-making processes.
Business Analyst
Business Analyst
A Business Analyst studies business processes and makes recommendations for improvements. The Managerial Accounting Fundamentals course may help you develop a solid understanding of cost analysis and decision-making processes, which can be beneficial in this role.
Tax Accountant
Tax Accountant
A Tax Accountant prepares and files tax returns and provides tax advice to clients. The Managerial Accounting Fundamentals course may help you develop a foundation in cost analysis and decision-making processes relevant to tax accounting.
Risk Manager
Risk Manager
A Risk Manager identifies and assesses risks faced by an organization and develops strategies to mitigate them. The Managerial Accounting Fundamentals course can provide insights into cost analysis and decision-making processes related to risk management.
Product Manager
Product Manager
A Product Manager is responsible for the development and launch of new products. The Managerial Accounting Fundamentals course may be useful for understanding cost analysis and decision-making processes related to product development and launch.
Auditor
Auditor
An Auditor examines financial records and reports to ensure they are accurate and compliant with regulations. The Managerial Accounting Fundamentals course may be useful to help you understand managerial accounting principles and cost analysis techniques relevant to auditing.
For more career information including salaries, visit:
OpenCourser.com/course/938elr/managerial
Reading list
We've selected 14 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Managerial Accounting Fundamentals.
This textbook comprehensive overview of managerial accounting concepts and practices. It aligns well with the topics covered in the course and provides in-depth coverage of cost behavior, cost-volume-profit analysis, cost allocation, and relevant costs and benefits.
Save
This textbook that provides a comprehensive overview of managerial accounting topics covered in this course. Serves as a good reference, additional reading, or refresher on the basics.
This textbook focuses on the managerial aspects of cost accounting and provides a practical approach to understanding cost behavior and its implications for decision-making. It complements the course's emphasis on the use of cost information for management purposes.
This textbook provides a balanced coverage of both financial and managerial accounting, offering a comprehensive foundation for understanding the role of accounting in business decision-making. It includes chapters on cost behavior, cost-volume-profit analysis, and cost allocation.
Provides a comprehensive overview of cost management techniques and their application in business decision-making. Serves as a good reference or additional reading for those interested in learning more about this topic.
This textbook takes a principles-based approach to managerial accounting and emphasizes the use of real-world examples to illustrate concepts. It covers essential topics such as cost behavior, cost-volume-profit analysis, and cost allocation.
This textbook provides a comprehensive overview of managerial accounting, with a focus on its role in business decision-making. Serves as a good reference or additional reading for those interested in learning more about this topic.
This textbook provides a broad overview of both financial and managerial accounting, providing a strong foundation for understanding the role of accounting in business decision-making. Serves as a good reference or additional reading for those interested in gaining a comprehensive understanding of accounting.
Provides an in-depth discussion of relevant costs and revenues, which are key concepts in managerial accounting. Serves as a good reference or additional reading for those interested in learning more about this topic.
Provides a comprehensive overview of performance measurement techniques, which are used by managers to evaluate the effectiveness of their organizations. Serves as a good reference or additional reading for those interested in learning more about this topic.
This textbook provides a foundational overview of accounting principles, including managerial accounting. Serves as a good reference or additional reading for those who need a refresher on the basics of accounting.
This textbook provides a comprehensive overview of financial accounting and reporting, providing a strong foundation for understanding the role of accounting in financial decision-making. Serves as a good reference or additional reading for those interested in gaining a comprehensive understanding of accounting.
Save
This textbook provides an overview of accounting information systems, which are used by organizations to manage their financial data. Serves as a good reference or additional reading for those interested in learning more about this topic.
This textbook provides a comprehensive overview of auditing, which is the process of examining financial records to ensure accuracy and compliance with regulations. Serves as a good reference or additional reading for those interested in learning more about this topic.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/938elr/managerial
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Effort
4 weeks of study, 2-4 hours/week
Level
Introductory
Via
Coursera
Institution
University of Virginia
Instructor
Luann J. Lynch
Language
English
Transcripts
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Good to know
Explores different types of costs, classifications, and relationships that may assist decision-making
Provides the opportunity to conduct cost-volume-profit analyses which can answer relevant questions regarding breaking even and profit generation
Involves the intriguing process of calculating and allocating overhead rates within both traditional and activity-based cost allocation systems
Teaches learners to differentiate between relevant and irrelevant costs and benefits for specific management decisions
Offers the opportunity to determine an appropriate course of action based on financial impact for given management decisions
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