Foundation in Managerial Accounting

Catalog description

Foundations in Management Accounting has two broad aims. First, it is designed to help students grasp the technical aspects of accounting for activities and processes within and between firms. Therefore, students will study methods of a) cost classification & estimation; b) cost measurement & allocation; c) profit planning; and d) evaluation and control of behavior. Second, the course emphasizes the context of managerial accounting. The firm suspends market prices that regulate behavior impersonally. Students will study how economic arrangements are organized in such non-market settings. Unlike financial accounting, the field of management accounting integrates notions from diverse fields including economics and sociology. Crucially, management accounting is situational and therefore requires and hones students' facility in both quantitative analyses and qualitative judgments.