This episode of our podcast explains cost-volume-profit (CVP) analysis. It uses examples to demonstrate how to calculate contribution margin, break-even points, and margin of safety. The chapter also explores CVP analysis for single and multiple products and examines the impact of changing costs and sales volume on profitability. Sensitivity analysis and operating leverage are also discussed to aid in business decision-making. Finally, it provides numerous practice problems to test understanding of the concepts.

This episode of our podcast defines managerial accounting, contrasting it with financial accounting, and details the roles and skills of managerial accountants. The chapter emphasizes the three core managerial responsibilities—planning, controlling, and evaluating—and how managerial accounting supports these functions. Ethical considerations and current business trends impacting managerial accounting, such as globalization and technology, are also discussed. Finally, various accounting certifications are described.