Managerial Accounting: Fundamental Concepts and Costing Systems for Cost Analysis
School: University of Illinois
Start Date: May 25, 2015 (4 Weeks Long)
Workload: 6-8 Hours Per Week
Instructor: Dr. Gary Hecht
Credentials: A respected researcher and teacher, Hecht is an associate professor of accountancy at the University of Illinois, where he teaches at the undergraduate, MBA, and PH.D. levels. A practitioner and an academic, Hecht worked in auditing and taxation, financial analysis, and consulting for ten years before earning his Ph.D. at the University of Illinois. From there, he taught at Emory University and the University of Wisconsin before returning to Champaign in 2013. His recent research, which focuses on compensation and performance measurements, has been published by The Journal of Accounting Research, The Accounting Review, and Contemporary Accounting Research. Most recently, Hecht was listed among the school’s professors ranked as “Excellent” by their students.
Graded: Students will earn a verified certificate for completing this course.
Description: Finance may be the language of business, but management accounting is usually the compass for organizations. In this course, students will learn how managerial accounting drives company decisions. Introducing students to terminology, methodologies, and issues related to the field, the course specifically explores cost accounting systems and cost-value-profit (CVP) analysis. When the course concludes, students will be able to “explain the firm’s internal cost systems to managers so that both the coordination and control functions are facilitated…[along with understanding] the strengths and weaknesses of each tool and be able to assist managers in deciding when and for what purpose which tool is optimal.”
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Additional Background: This course is the first part of an Improving Business Finances and Operations specialization offered by the University Illinois. In the coming months, the school will be offering courses in financial evaluation, operations management, and process improvement. The next course in this series, Managerial Accounting: Tools for Facilitating and Guiding Business Decisions, will be launched in June.