The Controllership Series - Managerial Accounting Basics and Costs

Overview

Managerial accounting provides economic and financial information for managers and other internal users. Managerial and Financial Accounting have similarities and differences. Each field of accounting deals with the economic events of a business. Both managerial and financial accounting require that a company’s economic events be quantified and communicated to interested parties.

This another course in our series on the controller’s role. The controller’s role encompasses many traditional functions. Within this segment of our controllership series, we discuss the area of managerial accounting and the basic concepts that surround this discipline as it primarily relates to cost accounting issues.

Prerequisites

None

Objectives

• Explore and explain the distinguishing features of managerial accounting
• Identify the three broad functions of management
• Discover and define the three classes of manufacturing costs
• Recognize and distinguish between product and period costs

Highlights

• Accounting
• Finance