This course is part of the Cost Accounting Specialization

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Gunther Friedl +3 more instructors

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Cost Accounting SpecializationTechnische Universität München (TUM)

About this Course

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In the third course, you will learn how to use information from cost accounting to improve managerial decision-making. We discuss business decisions and suggest how cost information can support them best. For example, how will costs change if managers adjust cost drivers? How many units do companies need to sell in order to avoid losses or to achieve a targeted profit? How can managers improve pricing or product programs with information from cost accounting?

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Shareable Certificate

Earn a Certificate upon completion

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Course 3 of 3 in the

Cost Accounting Specialization

Intermediate Level

Knowledge of the basics of cost accounting, e.g. product and service costing and profit and loss calculation.

Approx. 8 hours to complete

English

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What you will learn

You will learn methods that help to figure out how costs will behave if you adjust produced or sold quantities.
You will learn how cost information can support business decisions best.
You will learn to distinguish costs that are relevant for business decisions from costs that are irrelevant.

Skills you will gain

Cost-volume profit analysis
Cost Functions
Cost behavior
Operative Decisions

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Course 3 of 3 in the

Cost Accounting Specialization

Intermediate Level

Knowledge of the basics of cost accounting, e.g. product and service costing and profit and loss calculation.

Approx. 8 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructors

Instructor rating

4.8/5 (5 Ratings)

Offered by

Technische Universität München (TUM)

Technische Universität München (TUM) is one of Europe’s top universities. It is committed to excellence in research and teaching, interdisciplinary education and the active promotion of promising young scientists. The university forges strong links with companies and scientific institutions across the world. TUM was one of the first universities in Germany to be named a University of Excellence. TUM does not pass any personal data to the platform providers. If you take part in one of our MOOCs, please refer to the data protection guidelines in the terms and conditions of the provider.

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Syllabus - What you will learn from this course

Week1

Week 1

3 hours to complete

Cost functions and determining how costs behave

Cost accountants want to support decision making. To do so, they should not only calculate current costs and income, but they should also be able to tell managers how costs might change depending on managers' decisions. "How would costs change if we produced more or less products? How would they change if we produce more or less variants of products? How would they change if we increase the quality of our products?" Cost functions help to answer these questions and in this module, we make you familiar with them. First, we show you some typical cost functions and, second, we introduce a variety of methods that cost accountants can use to determine cost functions. Finally, we show you how accountants can document cost forecasts.

3 hours to complete

7 videos (Total 39 min), 6 readings, 5 quizzes

7 videos

Elementary cost functions4mCombinations of elementary cost functions4mCost function, cost drivers, and the time horizon5mSimplifying cost functions and the relevant range4mAnalytical methods2mStatistical methods11mDocumenting cost forecasts6m

6 readings

Course Overview2mIntroduce yourself!10mLecture slides for this course2mOutlook: How to apply ‘sticky costs’ in advisory services10mPractical example: Statistical cost determination in a hospital10mDeriving and visualizing cost functions in Excel45m

5 practice exercises

Identifying typical cost functions5mDetermining cost functions6mCalculating planned cost-allocation rates4mStatistical methods for determining cost functions10mDocumenting cost forecasts for varying capacity levels10m

Week2

Week 2

2 hours to complete

Cost-volume profit analysis

2 hours to complete

9 videos (Total 40 min), 1 reading, 10 quizzes

9 videos

Objectives of cost-volume profit analysis3mCVPA for a single product7mConsidering target profits in CVPA 5mCost-volume profit analyses for multiple products6mCost-volume profit analyses with a constant sales mix3mAssumptions of cost-volume profit analysis2mSensitivity analysis3mMargin of safety percentage2mInsourcing versus outsourcing4m

1 reading

Operating leverage2m

10 practice exercises

Introduction to cost-volume profit analysis4mCVPA for a single product6mCVPA and target profits9mCVPA for multiple products10mCost-volume profit analysis10mCVPA with uncertain input parameters5mCase study: RFID labels 15mCVPA and cost-structure flexibility5mRepeat CVPA15mCVPA in a company with two products12m

Week3

Week 3

3 hours to complete

Cost and revenue information for operative decisions

3 hours to complete

11 videos (Total 45 min), 4 readings, 6 quizzes

11 videos

The decision making process2mPlanning objects, horizon, objectives and constraints3mQuantitative and qualitative information4mCharacteristics of decisions under uncertainty1mRequirements for information from accounting1mSunk costs, opportunity costs and operative decisions3mThe effects of using full-cost information5mDetermining the optimal product mix11mPrice setter vs. price taker2mLower price limits for negotiations and tenders7mLong-term pricing decisions2m

4 readings

Deep dive: Opportunity costs in medical treatments10mAbsorption costing and make-or-buy decisions10m More on outsourcing and offshoring5mWhat do I learn in the other courses of the Specialization?10m

6 practice exercises

The decision making process for operative decisions10mOpportunity and sunk costs10mChoosing the optimal product mix5mBasics of pricing decisions6mPricing decisions10mProduct-mix decision at Bryan's Bakery30m

Reviews

4.9

9 reviews

5 stars
93.75%
4 stars
6.25%

TOP REVIEWS FROM COST ACCOUNTING: DECISION MAKING

by NKMar 9, 2022

This course has everything a well-done course should have! Very good recordings, great quizzes and interesting readings.

View all reviews

About the Cost Accounting Specialization

View the Specialization trailer: https://www.youtube.com/watch?v=XE5Rx91bdYw

Many corporate decisions need cost accounting information. When you know the costs of your products, you will make better pricing decisions and you can better choose which products to offer. When you know the costs of your departments, you can better detect inefficiencies and you can better incentivize your employees. In this Specialization, you will learn the fundamentals of cost accounting. Three courses cover the basics of cost accounting. We will start with an introduction to product costing. How can you figure out the costs of your individual products? Next, we will discuss how to connect cost information with revenue information to calculate profits and profitability. Finally, we focus on how to use the information provided by cost accounting systems to optimize your business decisions. We have created the courses of this Specialization for interdisciplinary young professionals seeking to develop cost accounting skills. At the same time, the courses can help students in management and business administration to repeat the content of their introductory cost accounting course.

Frequently Asked Questions

When will I have access to the lectures and assignments?
Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I subscribe to this Specialization?
When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

More questions? Visit the Learner Help Center.

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Cost Accounting: Decision Making

About this Course

What you will learn

Skills you will gain

Instructors

Gunther Friedl

Marcus Witter

Peter Schaefer

Eline Schoonjans

Offered by

Technische Universität München (TUM)

Syllabus - What you will learn from this course

Cost functions and determining how costs behave

Cost-volume profit analysis

Cost and revenue information for operative decisions

Reviews

TOP REVIEWS FROM COST ACCOUNTING: DECISION MAKING

About the Cost Accounting Specialization

Frequently Asked Questions

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Cost Accounting: Decision Making

About this Course

What you will learn

Skills you will gain

Instructors

Gunther Friedl

Marcus Witter

Peter Schaefer

Eline Schoonjans

Offered by

Technische Universität München (TUM)

Syllabus - What you will learn from this course

Cost functions and determining how costs behave

Cost-volume profit analysis

Cost and revenue information for operative decisions

Reviews

TOP REVIEWS FROM COST ACCOUNTING: DECISION MAKING

About the Cost Accounting Specialization

Frequently Asked Questions

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