Includes the following topics: Standard costing, flexible budgets, variance analysis, responsibility accounting, transfer pricing methods, and the balanced scorecard.
Using CPE credits to prepare for the Certified Management Accountant (CMA) exam is a pathway to a more successful business career: one that opens doors, builds confidence, closes skills gaps, and lets you tap into a network of 85,000 professionals around the globe.
The CMA certification complements other credentials or degrees and tests for analytical and critical-thinking skills not covered in other exams. About one in three active CMAs in the U.S. are also CPAs.
Publication Date: April 2017
Designed For
Financial officers and controllers, Financial accountants, managerial and cost accountants, Financial and business analysts, Budget managers and analysts, Risk managers, CIO's and information technology professionals.
Topics Covered
- Standard Costs
- Introduction to Variance Analysis
- Contribution Margin
- Flexible Budgets
- Sales Variances
- Direct Material Variances
- Direct Labor Variances
- Overhead Variances
- Responsibility Centers
- Transfer Pricing
- Internal Profitability Analysis
- The Balanced Scorecard
Learning Objectives
- Define a standard cost system and identify the reasons for adopting a standard cost system.
- Explain how budget variance reporting is utilized in a management by exception (MBE) environment.
- Develop an understanding of contribution margin per unit and total contribution margin.
- Identify and describe the benefits and limitations of measuring performance by comparing actual results to the static or master budget.
- Purpose of sales variance analysis and the role of contribution margin in sales variances.
- Develop direct material and direct labor variances.
- Develop overhead rates and the impact of indirect nature of overhead on analysis.
- Identify segments that organizations evaluate, including product lines, geographical areas, or other meaningful segments.
- Define transfer pricing and the objectives of transfer pricing. Identify and calculate transfer prices using variable cost, full cost, market price, negotiated price, and dual-rate.
- Understand the issues in determining product, customer and business unit profitability.
- Explain the relationships between the strategic plan, key performance indicators, and the balanced scorecard.
- Define the concept of the balanced scorecard and identify and describe its four perspectives.
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Finance (6 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Tom Coghlan
Tom Coghlan, CMA, MBA has worked at the intersection of accounting, information technology and decision making for over 30 years. His diverse set of experiences and roles include serving as:
Founder of CPE University, LLC, a provider of online and in-person CPE programs in operational analysis, managerial accounting, decision making, and ethics. He is one of the top CMA exam review instructors in North America, and has helped hundreds of people prepare to take the CMA examination Founder of Appitur® Co., the developer of a mobile platform that provides exam prep companies with a branded app/web solution for their students to access study materials Business Fellow and Instructor at Villanova University, where he taught graduate and undergraduate courses in Accounting and Analytics, and was the Director of the Center for Business Analytics CFO and Director of Information Technology for a multi-national business unit of Imperial Chemical Industries Partner and Vice President of Client Services for FirstQuarter, Inc., where he led projects that helped clients including Cordis (division of Johnson & Johnson), Del Monte Foods, Alcon, Analog Devices, and Stantec maximize their technology investments
Tom earned a BS degree in Business Administration from Drexel University, and an MBA from LaSalle University. Tom is a Certified Managerial Accountant (CMA), and passed the Certified Public Accounting (CPA) exam in Pennsylvania.