Foundations of Managerial Accounting (9517.1)

Almost all management decisions deal with the same key issues: cost, price and profit. This unit will examine this sort of decision-making, identifying the tools and methods managers use to make the best-informed decisions possible. It begins with an introduction to the terms that will be referenced in the later units. The unit then covers the various methods and theories that managers deploy when tracking costs and profits. The final section explains how managers report on the overall performance of a firm or department for internal use.

Learning outcomes

On successful completion of this unit, students will be able to:
1. Identify and compare and contrast financial accounting and managerial accounting in terms of audience, reporting, time frame, and use of information;

2. Describe, analyse, and record transactions of a manufacturing business;
3. Calculate and use cost information to support operating and strategic decisions regarding products, customers and long-term assets;
4. Explain how managerial accounting information facilitates planning, controlling, and decision-making activities;
5. Interpret time value of money calculations to make a capital budgeting decision; and
6. Describe why managerial accounting requires a cross-functional team.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
2. UC graduates are global citizens - adopt an informed and balanced approach across professional and international boundaries
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - think globally about issues in their profession
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development

Prerequisites

3cp

Corequisites

None.

Incompatible units

5617 Accounting for Managers

Equivalent units

No

Assumed knowledge

None