The purpose of the course is to introduce students to the science of Managerial Accounting, starting with its definition and emphasizing its role and importance in terms of decision-making by the Management of a business/organization but also in terms of achieving the best/most efficient mode of operation.

Specific concepts of management accounting and cost accounting are analysed. Terminology, concepts and categories of costs, costing methods, ways of cost analysis, profit planning, estimating standard costs and relative costs for decision-making, as well as the activity-based costing approach are presented.

Sections related to primary elements of costing and production cost calculation are covered (direct labor costs, direct and indirect materials, General Industrial Expenses), while at the same time, through practical applications, the calculation of period industrial costs, costs of products, production (work) in progress and of cost of goods sold are illustrated. Basic approaches to product pricing are presented, as is the inventory valuation module.

Upon completion of the course, students should be able to:

• To understand the concepts, methods of estimation and calculation of the main quantities and parameters related to Management Accounting (Calculation of costing elements, methods of cost aggregation, stock valuation, preparation and monitoring of budgets, etc.).
• Calculate the various cost categories of a business, applying the appropriate and relevant costing method.
• To estimate the standard cost of a business and to perform the break-even analysis.
• To be able to plan and calculate the profitability of a business.
• To have understood the difference between Managerial Accounting and Financial Accounting and their application cases