Financial Planning and Cost Management

Catalog description

Financial cost data assists accountants in planning and managing the activities of organizations. Planning is vital for managing the financial performance of business organizations decisions. The financial planning topics in accounting are flexible budgets, balanced scorecard, responsibility accounting, transfer pricing and capital budgeting decisions. Cost management covers advanced topics in accounting information for external financial reporting. The cost topics include product and process costing, variable and absorption costing income statements, cost allocation for support service departments, use of standard costs for cost control, as well as variance analysis for variable and fixed product costs. The subjects covered are applicable for manufacturing, merchandizing and service organizations. The course meets the data analytics requirements in accounting by integrating statistical, analytical and quantitative methods from microeconomics and decision sciences to advance the problem-solving abilities of students.