Understanding Costs for Successful Management of a Company
What you’ll learn
- The difference between financial and managerial accounting.
- The difference between costs and expenses.
- The various classifications of costs.
- Cost behavior and the determination of variable versus fixed costs.
- How to estimate costs at expected future levels.
- How to decide between making or buying parts (outsourcing).
- Cost-Volume-Profit Analysis.
- Porter’s Five Forces.
- The difference between Marginal and Average Costs.
- Activity Based Costing.
- How to determine the break even point.
- How to perform differential cost analysis.
- The difference between Absorption vs Variable Costing.
- The difference between Job Order and Process Costing.
- The Difference Between Product and Period Costs.
- How to Decide Between Selling or Processing Further.
- How to Decide Whether To Accept a Special Order.
Course Content
- Introduction –> 1 lecture • 2min.
- Managerial Accounting Concepts –> 8 lectures • 47min.
- Understanding Cost –> 6 lectures • 54min.
- Cost-Volume-Profit Analysis –> 5 lectures • 54min.
- Managerial Decision Making –> 11 lectures • 1hr 29min.
- Job Order vs. Process Costing –> 6 lectures • 51min.
- Downloadable Textbook/Study Notes for the Entire Course –> 1 lecture • 1min.
Requirements
Accounting often referred to as the “language of business.” Whether you are going into management or actually going to be an accountant, you need to be familiar with the basics of accounting. This includes understanding the concepts of debits and credits, assets and liabilities, revenues and expenses, dividends and equity. From an investor’s perspective, the business results are communicated through the financial statements, including the income statement, statement of owner’s equity, balance sheet and statement of cash flow. These are all discussed in this course!
This course is for those students who have not had much (or any) experience in accounting and are looking to enhance their understanding of it, to either help pass a course or to enhance your business career. It is for anyone who may have felt lost in prior accounting courses and wants real life examples and a down to earth explanation, rather than something read word for word out of a textbook. Is this you? Then you are in the right place!
This course is taught by an instructor with over eleven years of training experience, including corporate training, face to face instruction, and online course development. In addition to the lectures and study material common to many other courses, this course also has a downloadable textbook/study note file, along with downloadable Excel templates paired with a lecture walking through the solution once you are done. To test your knowledge of the basic concepts we also have quizzes after each section to make sure you feel comfortable with the topic before moving on to the next one.
At the end of this course, you will have a better understanding of the mechanics of accounting, the concepts, and the goals of accounting in general. You will be able to pass that class!! Let’s get started!