Course Description

Course Title:

Understanding Management Accounting in Business

Course Description:

This course is designed to help level 4 students develop a deep understanding of the functions of management accounting in business. Through a series of engaging lessons, students will learn key concepts and principles and acquire the skills necessary to analyse data, make informed decisions, and contribute to the financial success of an organisation. By the end of the course, students will possess a solid foundation in management accounting and be prepared to apply their knowledge in real-world scenarios. The course will cover topics such as cost accounting, management accounting systems, decision-making, and strategic planning. Students will have the opportunity to test their knowledge through quizzes and apply their learning through assignments.

Course Objectives:

 Define management accounting

 Explain requirements for various management accounting systems

 Understand the function of cost accounting

 Explain the relationship between cost accounting and management accounting

 Understand how cost accounting, management accounting, and financial accounting are coordinated to aid decision-making

 Calculate costs from source documentation including purchase requisition forms, purchase order, delivery note, goods received note, supplier’s invoice, stores requisition

 Create a simple cost coding system (6 digit)

 Identify the need for cost control and the identification of cost centres, cost codes, and budgets

 Differentiate between management accounting and financial accounting with regards to nature of reports produced, stakeholders served, level of detail, regulations, reporting intervals, time orientation, and range and quality of information

 Analyse the relationship between cost accounting, management accounting, and financial accounting

 Explain the role of management accounting in long-term strategic planning and setting strategic objectives

 Understand the role of management accounting in operational plans and departmental targets

 Identify tactical decision-making challenges related to cost control and budgets