COURSE DESCRIPTION

Management Accounting supports businesses to plan, control and evaluate performance. This course will develop your understanding of preparing and analyzing quantitative data and cost information to help managers in building critical business decisions.

The syllabus commences with introducing the nature, the foundation and function of cost accounting and the costing techniques applied in business which is fundamental for any management accountant. It includes topics such as how to calculate the cost of producing items in a manufacturing company, the preparation of budgets and standard costing, and the calculation of variances as an approach for controlling costs for planning and better decision making.

The paper develops understanding of costing and management accounting techniques that helps in making and supporting managerial decisions. It provides a basis for F5 (Performance Management), Strategic business leadership and P5 (Advance Performance management).

Key areas of paper:

• The nature, source and purpose of management information : The course teaches accounting for management by explaining sources of data, cost classification and presenting information accurately.

• Cost accounting techniques: It prepares us to apply accounting for material, labor, overheads, absorption costing and marginal costing. It also enables us to understand cost accounting methods and alternative cost accounting principles.

• Budgeting : Learn to manage expenditure and understand the nature and purpose of budgeting, statistical techniques, budget preparation, flexible budgets, capital budgeting, discounted cash flow techniques, budgetary control, and the behavioral aspects of budgeting.

• Standard costing: Understand the process of comparing an expected cost with actual cost and then recording variances and reconciliation of budgeted and actual profit.

• Performance measurement : Develop the ability to measure performance which generates reliable data on the efficacy and efficiency of programs.

KEY FEATURES

• Self-study programs with chapter wise video lectures, study material and practice bank.
• Live teaching sessions with recorded facility
• Easy access to e-study material including comprehensive study notes, revision notes, summary notes.
• Extensive practice bank based on real exam environment
• Mock test with marking and review facility from subjects experts
• 24/7 tutor support

LEARNING OUTCOME

On effective completion of this paper, students should be able to:

• Interpret the nature, source and use of management information
• Elucidate and implement cost accounting techniques
• Set up budgets for planning and control
• Contrast actual costs with standard costs and examine any variances
• Explicate and relate performance measurements and supervise business performance.