Managerial Accounting - Amazon S3

1 9/25/2017 Managerial Accountingfile:///Users/hannah/ AccountingManagerial AccountingDeveloped in conjunction with Debra Porter, Tidewater Community College, photo: ,What if politicians innovated the open source way?, CC-BY, 9/25/2017 Managerial Accountingfile:///Users/hannah/ 1: Nature of Managerial Accounting and CostsChapter 1 Study The Role of Accounting in the Basic Management Characteristics of Managerial Accounting Costs and Cost Classifications Used for Planning and The Statement of Cost of Goods ManufacturedChapter 1 Key PointsGlossaryChapter 1: ExercisesChapter 2: Job Order Cost SystemChapter 2 Study Characteristics of Job Order Subsidiary Ledgers Needed for Job Order Job Costing Process with Journal Actual Vs. Applied Factory Under- or Over-applied Accounting in the HeadlinesChapter 2 Key PointsGlossaryChapter 2: ExercisesChapter 3: Process Cost SystemChapter 3 Study Process Costing Vs.

2 Job Order Equivalent Units (Weighted Average) Process Costing (Weighted Average) Journal Entries For the Flow of Production Process Costing (FIFO Method) Process Cost Demonstration (FIFO Method) Accounting in the HeadlinesChapter 3 Key PointsGlossaryChapter 3: ExercisesChapter 4: Activity-Based CostingChapter 4 Study Activity-Based Costing and Activity Based-Costing Accounting in the HeadlinesChapter 4 Key PointsGlossaryChapter 4: ExercisesChapter 5: Cost Behavior and Cost-Volume-Profit AnalysisChapter 5 Study Cost Behavior Vs. Cost Fixed and Variable Mixed Costs9/25/2017 Managerial Accountingfile:///Users/hannah/ Accounting in the Headlines: Cost-Volume-Profit Analysis In Break - Even Point for a single Break Even Point for Multiple Cost-Volume-Profit Analysis Accounting in the Headlines: BreakevenChapter 5 Key PointsGlossaryChapter 5: ExercisesChapter 6: Variable and Absorption CostingChapter 6 Study Absorption Variable Comparing Absorption and Variable CostingChapter 6 Key PointsChapter 6: ExercisesChapter 7: BudgetingChapter 7 Study Introduction to Budgeting and Budgeting Master Operating Manufacturing Cash Budgeted Balance Budgeting in a Merchandising Other Budgeting Flexible The Performance ReportGlossaryChapter 7: ExercisesChapter 8.

3 Standard Cost SystemsChapter 8 Study The Role of Standard Costs in Calculations for Direct Materials and Calculations for Advantages and Disadvantages of Standard Variance Accounting in the HeadlinesGlossaryChapter 8: ExercisesChapter 9: Responsibility Accounting for Cost, Profit and Investment CentersChapter 9 Study Types of Responsibility Accounting in Responsibility Responsibility Investment Center Segmented Income Accounting in the Transfer Pricing9/25/2017 Managerial Accountingfile:///Users/hannah/ Balanced ScorecardChapter 9 Key PointsGlossaryChapter 9: ExercisesChapter 10: Differential Analysis (or Relevant Costs)Chapter 10 Study Differential Applying Differential Analysis in Managerial Decision Applying Differential Analysis to Quality Accounting in the HeadlinesGlossaryChapter 10: ExercisesChapter 11: Capital Investment AnalysisChapter 11 Study Capital Investment Short Term Business Accounting in the Headlines - The Capitol Rationing Controlling Capital Investment ExpendituresChapter 11 Key PointsGlossaryChapter 11: ExercisesChapter 12: financial Statement AnalysisChapter 12 Study Analyzing Comparative financial Calculating Trend Common-Size financial Accounting in the Calculate Ratios That Analyze a Company's Short-Term Debt-Paying Ratios That Analyze a Company's Long-Term Debt Paying Ratios That Analyze a Company's Earnings Ratio SummaryChapter 12.

4 ExercisesAppendix: Service Department AllocationAllocation of Service Department CostsDirect Method of AllocationStep Method of AllocationReciprocal Method of Allocation9/25/2017 Managerial Accountingfile:///Users/hannah/ 1: NATURE OFMANAGERIAL Accounting ANDCOSTSCHAPTER 1 STUDY PLANK nowledge TargetsI can define the following terms as they relate to our unit:Direct CostIndirect CostPrime CostConversion Cost Product CostPeriod CostDirect MaterialDirect Labor OverheadRaw MaterialsIndirectMaterialsIndirect Labor Cost of Goods SoldVariable CostFixed CostCost of GoodsManufactured FinancialAccountingManagerialAccountingG oods inProcessFinished Goods Reasoning Targets9/25/2017 Managerial Accountingfile:///Users/hannah/ can identify differences between financial and Managerial can classify costs as direct or indirect, fixed or variable, prime or conversion, and productor can identify product costs as direct materials.

5 Direct labor or can understand the flow of goods from raw materials inventory to goods in process inventoryto finished goods can understand the difference between cost of goods manufactured and cost of goods soldin a manufacturing can prepare a manufacturing statement with cost of goods manufactured TargetsI can calculate direct materials used from raw materials inventory can calculate cost of goods manufactured for a can calculate cost of goods sold for a merchandiser and a can prepare a manufacturing statement with cost of goods manufactured Chapter 1 Plan for a printable THE ROLE OF Accounting IN THE BASICMANAGEMENT PROCESSM anagerial Accounting helps managers make good decisions. Managerial Accounting providesinformation about the cost of goods and services, whether a product is profitable, whether to invest ina new business venture, and how to budget.

6 It compares actual performance to planned performanceand facilitates many other important decisions critical to the success of remaining chapters in this book focus on Managerial Accounting . This chapter provides anoverview of Managerial Accounting and shows how to determine the cost of a particular type ofproduct known as a this video online: Managerial Accounting with nancial accountingWhereas financial Accounting provides financial information primarily for external use, managerialaccounting information is for internal use. By reporting on the financial activities of the organization, financial Accounting provides information needed by investors and Managerial decisions require more detailed information than that provided by external financialreports. For instance, in their external financial statements, large corporations such as GeneralElectric Company show single amounts on their balance sheets for inventory.

7 However, managersneed more detailed information about the cost of each of several hundred show the fundamental differences between Managerial and financial Accounting in the chart Accountingfile:///Users/hannah/ accountingManagerial accountingUsersExternal users of information usuallyshareholders, financial analysts, and creditorsInternal users of information comply with generally acceptedaccounting generally accepted accountingprinciple requirementsTimePeriodUses historical (or past) use estimates of the future forbudgeting and decision summary data, costs, revenues, detailed data are presentedabout product. Watch this video online: currently face a big challenge: designing information systems that provide information formultiple purposes. Some people at lower levels in the organization need detailed information, but notthe big picture provided by a company s income statement.

8 However, managers at top levels need tosee the big of you will use Accounting information in your careers. Therefore, you need to know enough aboutaccounting to get the information you need for decision accountants face many choices involving ethics. For example, managers are responsiblefor achieving financial targets such as net income. Managers who fail to achieve these targets maylose their jobs. If a division or company is having trouble achieving financial performance targets,managers may be tempted to manipulate the Accounting its Standards of Ethical Conduct for Management Accountants, the Institute of ManagementAccountants (IMA) states that management accountants have an obligation to maintain the highestlevels of ethical conduct by maintaining professional competency, refraining from disclosingconfidential information, and maintaining integrity and objectivity in their work.

9 [1]The standards recommend that people faced with ethical conflicts follow the company s establishedpolicies that deal with such conflicts. If the policies do not resolve the conflict, accountants shouldconsider discussing the matter with their superiors, potentially going as high as the audit committee ofthe board of directors. In extreme cases, the accountants may have no alternative but to & AttributionsCC licensed content, Shared previouslyAccounting Principles: A Business Perspective.. Authored by: James Don Edwards, University of Georgia & Roger H. Hermanson, Georgia State Provided by: Endeavour InternationalCorporation. Project: The Global Text Project. License: CC BY: AttributionAll rights reserved contentIntroduction to Managerial Accounting . Authored by: Education Unlocked. Located at: License: All Rights Reserved.

10 License Terms: Standard YouTube LicenseFinancial Accounting vs Managerial Accounting . Authored by: Education Unlocked. Located at: License: All Rights Reserved. License Terms: Standard YouTube CHARACTERISTICS OF MANAGERIALACCOUNTING REPORTS9/25/2017 Managerial Accountingfile:///Users/hannah/ reporting by manufacturing companiesMany of you will work in manufacturing companies or provide services for them. Others will work inretail or service organizations that do business with manufacturers. This section will help youunderstand how manufacturing companies work and how to read both their internal and externalfinancial you own a bicycle store and purchase bicycles and accessories to sell to customers. Todetermine your profitability, you would subtract the cost of bicycles and accessories from your grosssales as cost of goods sold.