Management Accounting Assessment 1 Notes - Online Quiz

45 Pages • Complete Study Notes • Year: Pre-2021

AYB225 Management Accounting Notes for Assessment 1 Quiz. 1 27/02/2019 Lecture 1 – Introduction to Management Accounting There are no tutorials in Week 1. Ch.1 2 06/03/2019 Lecture 2 – Cost Behaviour, CVP Analysis Ch. 2, 4 3 13/03/2019 Lecture 3 - Job Costing Ch. 5, 6 4 20/03/2019 Lecture 4 – Process Costing Ch. 6 Assessment Quiz Info You will have 60 minutes to complete the quiz. There are 30 questions. IMPORTANT: You need to start the quiz within five minutes of the scheduled quiz start time or you will be unable to access and complete the quiz. IMPORTANT: Firefox is the recommended browser for Blackboard. Google Chrome is also acceptable. Other search engines may cause you problems. You can download Firefox here. Week 1 Lecture notes Lecture 1 Overview and Introduction to Management Accounting The role of management accounting Managers use management accounting information to make decisions • Strategy • Budgeting • Production planning • Pricing • Customers • Performance measures • …. and much more Skills required for the new management accountant • Critical Thinker • Communicator • Business Partner • High Integrity • Global Awareness • Self Management Also see: From CPA Australia https://www.intheblack.com/articles/2018/11/01/core-skills-management-accountant?utm_source=exacttarget&utm_medium=email&utm_term=All%20Subscribers&utm_content=FEATURE+%7c+ALL+%7c+The+core+skills+required+of+the+new+management+accountant&utm_campaign=CPA+Update+-+Member+-+ed+46_27-November-2018 Harnessing data analysis to shape stories: The rise of the management accountant The role of accountant has been transformed from number cruncher to a storyteller whose data-driven insights are shaping business decisions. Management Decisions we will be making • How much does it cost to produce a product / deliver a service? • How much should I charge for a product / service? • Are all of my products / services / customers profitable? • What do I do if they aren’t? • Should we outsource part of our manufacturing / service delivery? • How should we measure & reward performance? • Are we investing enough to ensure quality? Some guidelines for making decisions 1. Cost – Benefit analysis – Do the expected benefits exceed the expected costs? 2. Behavioural considerations – Don’t ignore the human aspect of decision making 3. Different costs for different purposes – One size does not fit all AYB225 Unit Objectives 1. Describe and discuss current management accounting knowledge and apply technology skills appropriate for real world management accounting 2. Perform key calculations and prepare reports using different costing and budgeting methods in different management accounting contexts 3. Exercise critical thinking and judgement for decision making and planning across a range of management accounting contexts 4. Demonstrate and apply knowledge of ethical perspectives relating to achieving common organisational goals and optimisation of business performance 5. Professionally communicate management accounting knowledge, analysis and recommendations in written form Where AYB225 fits with BS05 Accounting units etc.............

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