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Managerial Accounting

Free Managerial Accounting study guide: 10 units with summaries, key ideas, flashcards and 300 practice questions with step-by-step solutions.

Lines up with: College managerial accounting course.

Units

1. UNIT 01

   Managerial Accounting and Cost Concepts

   Managerial accounting gives managers the cost information they need to plan, control and decide. This unit builds the vocabulary of cost classification that every later unit uses.
2. UNIT 02

   Job-Order Costing

   Job-order costing assigns costs to individual jobs, using a predetermined rate to apply overhead. You will learn to cost a job, follow costs through the accounts and fix over- or underapplied overhead.
3. UNIT 03

   Process Costing

   Process costing averages costs over identical units flowing through departments. The key skill is computing equivalent units and using them to cost finished goods and ending work in process.
4. UNIT 04

   Cost Behavior and Contribution Margin

   Costs behave differently as activity changes. Knowing which costs are variable and which are fixed lets managers build the contribution format income statement and predict profit.
5. UNIT 05

   Cost-Volume-Profit and Break-Even Analysis

   CVP analysis uses contribution margin to answer how many units a company must sell to break even or hit a profit goal. It is one of the most tested topics in managerial accounting.
6. UNIT 06

   Activity-Based Costing

   Activity-based costing assigns overhead using the activities that cause it. It reveals which products and customers are truly profitable when products differ in complexity.
7. UNIT 07

   Budgeting and the Master Budget

   The master budget turns a sales forecast into a full set of plans for production, purchases, labor, cash and financial statements. Students must be able to prepare each schedule in the right order.
8. UNIT 08

   Standard Costs and Variance Analysis

   Standard costs set benchmarks for what inputs should cost, and variances measure how actual results differ. This unit teaches the flexible budget and every core variance formula.
9. UNIT 09

   Relevant Costs for Decisions

   Short-term decisions depend only on future costs and revenues that differ between options. This unit applies that rule to special orders, outsourcing, dropping segments, joint products and bottlenecks.
10. UNIT 10

    Capital Budgeting (NPV, IRR, Payback)

    Capital budgeting decides which long-term investments to make. This unit teaches payback, the simple rate of return, NPV, IRR and the profitability index, and how to build the cash flows they use.