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.

Learning 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.
Last updated/reviewed: August 26, 2023

Included In Certifications

This course is included in the following Certification Programs:

20 CoursesThe Controllership Series Certification

  1. The Controllership Series: The Controller Function - Elevating the Role
  2. The Controllership Series: The Controller Function - Strategic and Annual Planning
  3. The Controllership Series: The Controllers Role in Financial Forecasting
  4. The Controllership Series: Future Role of the Controller – Part 1
  5. The Controllership Series: Future Role of the Controller – Part 2
  6. The Controllership Series: The Controller Function - Cash and Investments
  7. ASC 842 Accounting for Leases - Deep Dive
  8. The Controllership Series: The Controller Function - Inventory Part 1
  9. The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
  10. The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
  11. The Controllership Series: Financial Statement Preparation and Presentation
  12. The Controllership Series: The Controllers Role in the Procurement Function
  13. The Controllership Series: The Role of The Controller in ESG
  14. The Controllership Series: The Controllers Role in Pro Forma Financials
  15. The Controllership Series: The Controllers Role in Data Analytics and Big Data
  16. The Controllership Series: Introduction to the Financial Close Process
  17. The Controllership Series: Managerial Accounting Basics and Cost Principles
  18. The Controllership Series: Sales, Collections and Customer Credit
  19. The Controllership Series: Addressing Cash Flow and Forecasting Uncertainty
  20. Tools for The Controllership Series Certificate
15 Reviews (117 ratings)

Reviews

5
Member's Profile
Lynn, I liked this course as the direct vs indirect and period vs product costs can be very confusing when not used regularly. I am in a ERP accounting environment where our production is services and merchandise. This course was very helpful. Thank you, Larry
4
Anonymous Author
Enjoyed learning the basics of managerial accounting. It was good to hear the differences between managerial and financial accounting. I liked the examples given during the course showing the practical application.
5
Anonymous Author
Good refresher on managerial accounting from college. Helpful examples to walk through to refresh understanding and comparison between merchandiser and manufacturer when it comes to financial statement presentation.
5
Anonymous Author
I enjoyed the course and it was a good review of cost accounting principles. In particular, the trends and example were very helpful.
3
Anonymous Author
This is a good overview of managerial accounting. Also, some key distinctions between managerial and financial accounting function.
5
Anonymous Author
A well presented introduction to managerial accounting for those wanting to learn about the concept or a good refresher for others.
5
Anonymous Author
Excellent course describing managerial accounting and reviewing the cost principles, as well as trends in managerial accounting.
4
Member's Profile
Thought this was a helpful overview of managerial accounting. A good length of time to digest the information.
5
Anonymous Author
GOod course on Managerial Accounting and it's role within a company or firm. Solid intro to the topic.
5
Anonymous Author
I was impressed with the detail and examples. This was one of the better courses that I have taken.
5
Anonymous Author
Good explanation and understanding of the managerial accounting basics and cost principles.
4
Member's Profile
This course would be good for a new controller and one that wants to be a controller.
5
Anonymous Author
Useful breakdown of cost accounting. Slide slow PDF is helpful as well.
4
Anonymous Author
Good summary and refresher on managerial costing principles.
5
Anonymous Author
The course is well organized and clear. I would recommend.
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Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Managerial Accounting Basics and Cost Principles1:42
  Managerial Accounting Basics15:51
  Managerial Costs Concepts8:10
  Manufacturing Costs In Financial Statements6:43
  Manufacturing Costs In Financial Statements Cont'd11:24
  Trends in Managerial Accounting9:45
  Comprehensive Example8:41
  Summary1:36
CONTINUOUS PLAY
  The Controllership Series: Managerial Accounting Basics and Cost Principles1:03:52
SUPPORTING MATERIAL
  Slides: The Controllership Series: Managerial Accounting Basics and Cost PrinciplesPDF
  The Controllership Series: Managerial Accounting Basics and Cost Principles Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam