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Gunther Friedl,
Marcus Witter,
Peter Schaefer,
and
Eline Schoonjans
In the third course, you will learn how to use information from cost accounting to improve managerial decision-making. We discuss business decisions and suggest how cost information can support them best. For example, how will costs change if managers adjust cost drivers? How many units do companies need to sell in order to avoid losses or to achieve a targeted profit? How can managers improve pricing or product programs with information from cost accounting?
Register for this course and see more details by visiting:
OpenCourser.com/course/d23nte/cost
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What's inside
Syllabus
Cost functions and determining how costs behave
Cost accountants want to support decision making. To do so, they should not only calculate current costs and income, but they should also be able to tell managers how costs might change depending on managers' decisions. "How would costs change if we produced more or less products? How would they change if we produce more or less variants of products? How would they change if we increase the quality of our products?" Cost functions help to answer these questions and in this module, we make you familiar with them. First, we show you some typical cost functions and, second, we introduce a variety of methods that cost accountants can use to determine cost functions. Finally, we show you how accountants can document cost forecasts.
Read more
Syllabus
Cost functions and determining how costs behave
Cost accountants want to support decision making. To do so, they should not only calculate current costs and income, but they should also be able to tell managers how costs might change depending on managers' decisions. "How would costs change if we produced more or less products? How would they change if we produce more or less variants of products? How would they change if we increase the quality of our products?" Cost functions help to answer these questions and in this module, we make you familiar with them. First, we show you some typical cost functions and, second, we introduce a variety of methods that cost accountants can use to determine cost functions. Finally, we show you how accountants can document cost forecasts.
Read more
Cost-volume profit analysis
When companies consider offering a new product, they might want to know how many units they need to sell in order to avoid losses or to achieve a targeted profit. Cost-volume profit analysis is a simple tool that helps answer these questions. It illustrates how costs, revenues, and profits depend on sold quantities.
Cost and revenue information for operative decisions
In the beginning of this course, you learned that companies use Cost Accounting to support managers' decision-making. In this module, we outline some business decisions and discuss how cost information can support them best. For example, we discuss pricing decisions and product-mix decisions under capacity constraints.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Taught by instructors who are experts in the field of managerial decision-making
Provides real-world examples of how companies use cost accounting information to make better decisions
Examines the role of cost accounting in pricing decisions and product-mix decisions
Can help students develop their skills in financial analysis
Can help students prepare for a career in finance or accounting
Requires students to have a strong foundation in accounting principles
Save this course
Save Cost Accounting: Decision Making to your list so you can find it easily later:
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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 Cost Accounting: Decision Making with these
activities:
Read 'Cost Accounting: A Managerial Emphasis'
Show steps
Review core concepts of cost accounting and their application in managerial decision-making.
View
Financial Accounting, eBook, Global Edition
on Amazon
Show steps
-
Read chapters 1-3 to understand the fundamentals of cost accounting.
-
Complete the practice problems at the end of each chapter to test your understanding.
Explore Cost Accounting Software
Show steps
Gain familiarity with tools used by cost accountants in the industry.
Browse courses on
ERP Systems
Show steps
-
Choose a software package and watch introductory tutorials.
-
Complete hands-on exercises to learn the software's functionalities.
Discuss Cost Accounting Concepts
Show steps
Engage with peers to clarify concepts and deepen understanding.
Show steps
-
Join a study group or online forum.
-
Participate in discussions and ask questions.
-
Share your insights and help others.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Practice Cost Function Analysis
Show steps
Develop proficiency in analyzing how costs change with different cost drivers.
Show steps
-
Solve problems on determining linear and nonlinear cost functions.
-
Use regression analysis to estimate cost functions from historical data.
Attend a Cost Accounting Workshop
Show steps
Gain exposure to industry best practices and connect with experts.
Browse courses on
Continuing Education
Show steps
-
Find upcoming workshops in your area or online.
-
Register and attend the workshop.
-
Actively participate and network with other attendees.
Develop a Cost-Volume-Profit Analysis
Show steps
Gain practical experience in calculating break-even points and target profits.
Browse courses on
Cost-Volume-Profit Analysis
Show steps
-
Gather data on costs, revenues, and sales volume.
-
Create a spreadsheet model to perform the analysis.
-
Interpret the results and make recommendations.
Create a Cost Accounting Case Study
Show steps
Apply cost accounting concepts to analyze real-world business scenarios.
Show steps
-
Identify a business problem related to cost accounting.
-
Research and gather data to support your analysis.
-
Develop recommendations based on your findings.
-
Write a comprehensive case study report.
Read 'Cost Accounting: A Managerial Emphasis'
Show steps
Review core concepts of cost accounting and their application in managerial decision-making.
View
Financial Accounting, eBook, Global Edition
on Amazon
Show steps
Show steps
Show steps
- Read chapters 1-3 to understand the fundamentals of cost accounting.
- Complete the practice problems at the end of each chapter to test your understanding.
Explore Cost Accounting Software
Show steps
Gain familiarity with tools used by cost accountants in the industry.
Browse courses on
ERP Systems
Show steps
Show steps
Show steps
- Choose a software package and watch introductory tutorials.
- Complete hands-on exercises to learn the software's functionalities.
Discuss Cost Accounting Concepts
Show steps
Engage with peers to clarify concepts and deepen understanding.
Show steps
Show steps
Show steps
- Join a study group or online forum.
- Participate in discussions and ask questions.
- Share your insights and help others.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Practice Cost Function Analysis
Show steps
Develop proficiency in analyzing how costs change with different cost drivers.
Show steps
Show steps
Show steps
- Solve problems on determining linear and nonlinear cost functions.
- Use regression analysis to estimate cost functions from historical data.
Attend a Cost Accounting Workshop
Show steps
Gain exposure to industry best practices and connect with experts.
Browse courses on
Continuing Education
Show steps
Show steps
Show steps
- Find upcoming workshops in your area or online.
- Register and attend the workshop.
- Actively participate and network with other attendees.
Develop a Cost-Volume-Profit Analysis
Show steps
Gain practical experience in calculating break-even points and target profits.
Browse courses on
Cost-Volume-Profit Analysis
Show steps
Show steps
Show steps
- Gather data on costs, revenues, and sales volume.
- Create a spreadsheet model to perform the analysis.
- Interpret the results and make recommendations.
Create a Cost Accounting Case Study
Show steps
Apply cost accounting concepts to analyze real-world business scenarios.
Show steps
Show steps
Show steps
- Identify a business problem related to cost accounting.
- Research and gather data to support your analysis.
- Develop recommendations based on your findings.
- Write a comprehensive case study report.
Career center
Learners who complete Cost Accounting: Decision Making will develop knowledge and skills
that may be useful to these careers:
Management Consultant
Management Consultant
Management Consultants help businesses improve their performance. They analyze a company's operations and make recommendations for improvement. This course can help Management Consultants make better recommendations by providing them with a deeper understanding of cost accounting and how it can be used to improve efficiency.
Financial Analyst
Financial Analyst
Financial Analysts use financial data to make investment recommendations and advise companies on financial matters. This course can help Financial Analysts make better recommendations by providing them with a deeper understanding of cost accounting and how it can be used to determine a company's financial health.
Internal Auditor
Internal Auditor
Internal Auditors review a company's financial records and operations to ensure that they are in compliance with regulations. This course can help Internal Auditors conduct more effective audits by providing them with a deeper understanding of cost accounting and how it can be used to detect fraud and errors.
Accounting Manager
Accounting Manager
Accounting Managers oversee the day-to-day accounting operations of a company. They prepare financial reports, manage budgets, and design accounting systems. This course can help Accounting Managers make better decisions by providing them with a deeper understanding of cost accounting and how it can be used to improve profitability.
Chief Financial Officer (CFO)
Chief Financial Officer (CFO)
CFOs are responsible for the financial health of their companies. They oversee the company's accounting, budgeting, and financial planning. This course can help CFOs make better decisions by providing them with a deeper understanding of cost accounting and how it can be used to improve profitability.
Pricing Analyst
Pricing Analyst
Pricing Analysts determine the prices of a company's products and services. They use cost accounting data to ensure that the prices are profitable and competitive. This course can help Pricing Analysts make better pricing decisions by providing them with a deeper understanding of cost accounting and how it can be used to determine the cost of different products and services.
Cost Accountant
Cost Accountant
Cost Accountants analyze the costs of a company's products and services. They use this information to make recommendations for how to reduce costs and improve profitability. This course is essential for Cost Accountants, as it provides them with the skills and knowledge they need to be successful in their roles.
Budget Analyst
Budget Analyst
Budget Analysts develop and manage budgets for organizations. They analyze financial data and make recommendations for how to allocate resources. This course can help Budget Analysts create more efficient budgets by providing them with a deeper understanding of cost accounting and how it can be used to determine the cost of different activities.
Financial Controller
Financial Controller
Financial Controllers are responsible for the day-to-day financial operations of a company, which includes preparing financial reports, budgets, and forecasts. They also oversee the company's accounting staff. This course can help Financial Controllers make better decisions by providing them with a deeper understanding of cost accounting and how it can be used to improve profitability.
Business Analyst
Business Analyst
Business Analysts use data to solve business problems. They analyze data to identify trends and opportunities, and they make recommendations for improvements. This course can help Business Analysts make better recommendations by providing them with a deeper understanding of cost accounting and how it can be used to determine the cost of different activities.
Operations Manager
Operations Manager
Operations Managers oversee the day-to-day operations of a company. They are responsible for planning, organizing, and controlling the company's activities. This course can help Operations Managers make better decisions by providing them with a deeper understanding of cost accounting and how it can be used to improve efficiency.
Project Manager
Project Manager
Project Managers plan, organize, and execute projects. They are responsible for ensuring that projects are completed on time, within budget, and to the required quality standards. This course can help Project Managers make better project plans by providing them with a deeper understanding of cost accounting and how it can be used to estimate the cost of different activities.
Systems Analyst
Systems Analyst
Systems Analysts design and implement computer systems. They work with users to understand their needs and then develop systems that meet those needs. This course can help Systems Analysts make better systems by providing them with a deeper understanding of cost accounting and how it can be used to determine the cost of different system components.
Data Analyst
Data Analyst
Data Analysts use data to solve business problems. They analyze data to identify trends and opportunities, and they make recommendations for improvements. This course can help Data Analysts make better recommendations by providing them with a deeper understanding of cost accounting and how it can be used to determine the cost of different activities.
Software Developer
Software Developer
Software Developers design and build software applications. They work with users to understand their needs and then develop applications that meet those needs. This course can help Software Developers make better software by providing them with a deeper understanding of cost accounting and how it can be used to estimate the cost of different software components.
For more career information including salaries, visit:
OpenCourser.com/course/d23nte/cost
Reading list
We've selected 12 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
Cost Accounting: Decision Making.
This classic textbook covers the fundamentals of cost accounting in a clear and concise manner. It valuable resource for students, professionals, and anyone who wants to understand the basics of cost accounting.
This textbook comprehensive guide to cost accounting, covering all the major topics in the field. It valuable resource for students, professionals, and anyone who wants to learn about the practical aspects of cost accounting.
Provides a comprehensive overview of cost accounting, with a focus on its applications in decision support. It is valuable for students and professionals who want to develop a deep understanding of how cost accounting can be used to support decision-making.
Provides a comprehensive overview of cost accounting, with a focus on its practical applications. It valuable resource for students and professionals who want to develop a deep understanding of how cost accounting can be used in the real world.
This textbook comprehensive guide to cost and management accounting, covering all the major topics in the field. It valuable resource for students, professionals, and anyone who wants to learn about the practical aspects of cost and management accounting.
This textbook provides a comprehensive overview of cost accounting, with a focus on its practical applications. It valuable resource for students and professionals who want to develop a deep understanding of how cost accounting can be used in the real world.
This textbook comprehensive guide to cost accounting, covering all the major topics in the field. It valuable resource for students, professionals, and anyone who wants to learn about the practical aspects of cost accounting.
Provides a comprehensive overview of cost accounting, with a focus on its applications in decision support. It is valuable for students and professionals who want to develop a deep understanding of how cost accounting can be used to support decision-making.
This textbook comprehensive guide to cost accounting, covering all the major topics in the field. It valuable resource for students, professionals, and anyone who wants to learn about the practical aspects of cost accounting.
Provides a comprehensive overview of cost accounting, with a focus on its practical applications. It valuable resource for students and professionals who want to develop a deep understanding of how cost accounting can be used in the real world.
Provides a comprehensive overview of cost accounting, with a focus on its applications in the 21st century. It is valuable for students and professionals who want to develop a deep understanding of how cost accounting can be used to support decision-making in the modern business environment.
Provides a comprehensive overview of cost accounting, with a focus on its applications in manufacturing organizations. It is valuable for students and professionals who want to develop a deep understanding of how cost accounting can be used to support decision-making in the manufacturing industry.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/d23nte/cost
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Effort
3 weeks of study, 2.5 hours per week
Level
Intermediate
Via
Coursera
Institution
Technical University of Munich (TUM)
Instructors
Gunther Friedl
Marcus Witter
Peter Schaefer
Eline Schoonjans
Language
English
Transcripts
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This course belongs to a
collection
called
Cost Accounting. It's comprised of three courses:
- Cost Accounting: Decision Making (viewing)
- Basics of Cost Accounting: Product Costing
- Cost Accounting: Profit and Loss Calculation
Good to know
Taught by instructors who are experts in the field of managerial decision-making
Provides real-world examples of how companies use cost accounting information to make better decisions
Examines the role of cost accounting in pricing decisions and product-mix decisions
Can help students develop their skills in financial analysis
Can help students prepare for a career in finance or accounting
Requires students to have a strong foundation in accounting principles
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