Introduction
Managerial accounting is an activity that provides financial and nonfinancial information to business managers and other internal decision-makers of an organization. This course examines how managerial accounting information is gathered, and how it is used by business professionals to make effective plans & decisions. Lessons such as fundamentals of managerial accounting cost accounting concepts, and managerial accounting approaches will provide you with the concepts, procedures, and analytical skills you'll need to make informed decisions in today's challenging business world.
Managerial accounting is not as widely used as other forms of accounting, nor is it as known. While companies concern themselves with financial accounting methods like audits, budgets, and financial statements, they often completely ignore the forward-thinking methods of managerial accounting.
Key points include:
- Managerial vs. financial accounting
- Cost-Volume-Profit analysis for decision making
- Make vs. buy decisions for planning
- Fixed vs. variable vs. mixed costs for control
- Capital budgeting that makes a difference
Course Objectives of Decision Making and Control
This course will help you learn how to:
- Cost terms and Concepts
- Cost Behavior: Analysis and Use
- Direct vs. Absorption Costing
- Overhead Costing for Planning and Control
- Standard Costs & Variance Analysis
- Relevant Costs for Decision Making
- Financial Statement Analysis
The Benefits of Decision Making and Control
- The improved appreciation for the accounting approach to planning
- Reduced inter-functional territorial battles
- Higher productivity during the decision-making process
- Increased skill set in all phases of accounting
- Greater ability to use managerial accounting information to control positive outcomes
Course Results of Decision Making and Control
By successfully completing this course, delegates will be able to:
- Define managerial accounting & its impact on the organization
- Make better decisions through the results calculated
- Maintain better control of all costs
- Plan more accurately using managerial accounting
- Describe policies and company components that affect managerial accounting
Course Outlines of Decision Making and Control
Day 1: Managerial Accounting: a perspective
- The role of Managerial Accounting
- Financial vs. Managerial Accounting
- Cost Accounting vs. Managerial Accounting
- The work of management
- The Organization aspects of Managerial Accounting
- Using Managerial Accounting for planning, decision-making & control
Cost Concepts, Terms & Classifications
- Diff cost s 4 diff purposes
- Cost classifications
- Cost by function
- Product vs. period costs
- FC, VC & Mixed costs
- Costs for planning, control & decision making
Day 2: Cost Behavior Patterns
- Analysis of cost behavior
- Fixed Costs-committed vs. discretionary
- Variable costs
- Semi-variable costs
- The Contribution Margin approach
- Comparing Gross Profit to The Contribution Margin
Cost-Volume-Profit & Break Even
- Cost-Volume-Profit & Break-Even defined
- Cost-Volume-Profit analysis
- Target income calculations
- The margin of safety calculations
- Sales mix analysis
- Break-Even analysis
Day 3: Standard Costs
- Responsibility accounting defined
- Responsibility centers
- Standard costs & Variance Analysis
- Fixed overhead variances
- VA for factory overhead
- Absorption vs. direct costing
Relevant Costs
- Relevant costs defined
- Decision-making approaches
- Make vs. buy decisions
- Sell vs. process decision
- Lease vs. buy decision
- Adding or dropping a line decision
Day 4: Capital Budgeting
- Capital Budgeting decisions defined
- Capital Budgeting techniques demonstrated
- Mutually exclusive projects
- Capital rationing & decision making
- Investment decisions
- Decision-making tools
Performance Evaluation
- Division evaluation
- Return On Investment (ROI)
- Profit planning
- Residual income (RI)
- Controlling results using ROI
- Controlling results using RI
Day 5: Financial Statement Analysis
- Ratio overview
- Liquidity ratios
- Activity ratios
- Leverage ratios
- Profitability ratios
- Market ratios
Statement of Cash Flows
- P&L to Cash flow analysis
- Accrual basis of accounting
- Operations section explored
- Investing section explored
- Financing section explored
- Cash Flow statement to Balance Sheet connection
About Amsterdam
Amsterdam, capital of the Netherlands, is a popular destination amongst travelers from all around the world. Once just a little fishing village, Amsterdam is now a major international city after having become an important port during the 1600s. Throughout its history, the city has had many famous residents, including artists, philosophers and other historical figures. There is much to discover along Amsterdam's quaint streets and picturesque canals. So much so that a flight to Amsterdam comes with a guarantee of cultural and historical attractions that will provide memories to last a lifetime. Amsterdam is a hotbed of culture for travelers of all ages and tastes.
Things to do and places to visit in Amsterdam
From the moment passengers step off their flight to Amsterdam, they will find it a friendly city with a lively atmosphere. Its flat geography means that it is perfect for exploring by bicycle. If you're feeling less active, it the city is also well-served by public transport. The so-called Venice of the North has something for every visitor. Culture vultures have museums, galleries and theaters to see, Families can visit the zoo or the Science Center NEMO.
When visiting Amsterdam, be sure to:
- See the picture-perfect and colorful houses of the Grachtengordel district.
- See the iconic works of one of Holland's most famous artists at the Van Gogh Museum.
- Visit the house where Anne Frank and her family hid from the Nazis.
- Browse through the extensive collection of fantastic art in the Rijksmusem.
- Wander through the blaze of colors that is the Singel Flower Market.
- See the city at a leisurely pace on a canal cruise.
- Marvel at one of the city's many historic churches.
- Learn about life aboard a ship at the National Maritime Museum.
- Discover the Begijnhof's well-preserved medieval architecture.
- See animals of all kinds, as well as the butterfly pavilion and aquarium, at the Artis Zoo.