This professional course is a continuation of Managerial Accounting 1. As opposed to financial accounting, which provides outsiders with information of a company’s overall performance, managerial accounting focuses on creating reports that show how well managers or business units have performed compared to plans and to benchmarks. Some reports provide timely, frequent updates on key indicators such as orders received, capacity utilization and sales. Other reports aim to study specific problems. Topics include (but not limited to) Master Budget and Responsibility Accounting, Flexible Budgets, Direct Cost Variances, Indirect Cost Variances, Management Control, Inventory Costing and capacity Analysis, Inventory Management, Just In Time, and Simplified Costing Methods.