From the course: Accounting Foundations: Managerial Accounting
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Key takeaways
From the course: Accounting Foundations: Managerial Accounting
Key takeaways
- Wow, we made it to the end of this course on managerial accounting. - Let's think about what we've learned. - Well, one thing we've learned is that managerial accounting has its own vocabulary, terms like fixed costs, mixed cost, breakeven point and cost drivers. Managerial accounting terms are part of a language that it is helpful to understand in making decisions. - We learned that cost volume profit analysis is an important analysis tool when determining such things as how many customers must visit an establishment in order for the business to survive. - We learned about cost flows for merchandising, manufacturing, and service firms. We also learned about standard costing and variance analysis. - Overall, we are now better prepared to use numbers within a company to help us in making better decisions. - So what's next? - Well, look for opportunities within your company to apply the concepts we discussed. - [Man…
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