Management Accounting

The objective of the course is to provide fundamental knowledge, both in theoretical and practical terms, on management accounting, by introducing its basic principles and applications.

Objectives

The objective of the course is to provide fundamental knowledge, both in theoretical and practical terms, on management accounting, by introducing its basic principles and applications.

Prerequisites

There are no prerequisites. The knowledge of basic concepts of financial accounting could facilitate understanding.

Syllabus

• Introduction to cost accounting and management accounting • Types of cost (direct, indirect, variable and fixed cost) • Computation of production cost and cost of goods sold. • Production cost (raw material, direct labor and production overheads) • Cost allocation to departments. • Development, follow up and review of the master budget. • Analysis of variances from the comparison of the budget to actual amounts. • Short-term decision-making based on cost information. • Cost-Volume-Profit analysis.