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Title: Acct. 202 Intermediate Accounting
Description: An introduction to traditional managerial accounting concepts and procedures utilized in the organization and processing of accounting information for management decision-making purposes. Topics include managerial accounting and the business environment, cost terms and concepts, cost systems, cost behavior, and cost-volume-profit analysis. Also covers the master budget, standard costing and variance analysis, performance evaluation, responsibility accounting, relevant cost analysis, and decision making.
Description: An introduction to traditional managerial accounting concepts and procedures utilized in the organization and processing of accounting information for management decision-making purposes. Topics include managerial accounting and the business environment, cost terms and concepts, cost systems, cost behavior, and cost-volume-profit analysis. Also covers the master budget, standard costing and variance analysis, performance evaluation, responsibility accounting, relevant cost analysis, and decision making.
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Introduction to
Managerial Accounting
Chapter 1
Planning
⚫ Setting goals and objectives and how to achieve them
⚫ Examples of planning
◼ Generate more sales via opening new stores
◼ Reduce labor costs by reducing store hours
⚫ Budgets
Directing
⚫ Overseeing company’s day-to-day operations
⚫ Examples
◼ Using daily/weekly sales reports to adjust marketing
strategies
◼ Using product cost reports to adjust raw material usages
Controlling
⚫ Evaluating results of operations against plans and making
adjustments as needed
⚫ Examples
◼ Comparing budgeted sales with actual sales to take
corrective actions
◼ Comparing budgeted product costs against actual product
costs to take corrective action
Changing Roles of Management
Accountants
⚫ Impact of technology
⚫ Ensuring accurate financial records
⚫ Planning, analyzing, and interpreting accounting data
⚫ Providing decision support
Institute of Management Accountants (IMA)
⚫ Professional association for management accountants
⚫ IMA’s functions
◼ Certification (CMA)
◼ Forum for research
◼ Practice development
◼ Education
◼ Knowledge sharing
◼ Ethical standards
◼ Public education
Ethical Behavior
⚫ Means doing the right thing, regardless of consequence
⚫ Examples of unethical behavior
◼ Allowing reimbursement of false expense reports
◼ Manipulating income
◼ Performing tasks not qualified to perform
Steps to Resolve Ethical Dilemmas
⚫ Follow company’s policies for reporting unethical behavior
⚫ If not resolved
◼ Discuss with immediate supervisor
◼ Discuss with objective advisor
◼ Consult an attorney
Unethical vs
Title: Acct. 202 Intermediate Accounting
Description: An introduction to traditional managerial accounting concepts and procedures utilized in the organization and processing of accounting information for management decision-making purposes. Topics include managerial accounting and the business environment, cost terms and concepts, cost systems, cost behavior, and cost-volume-profit analysis. Also covers the master budget, standard costing and variance analysis, performance evaluation, responsibility accounting, relevant cost analysis, and decision making.
Description: An introduction to traditional managerial accounting concepts and procedures utilized in the organization and processing of accounting information for management decision-making purposes. Topics include managerial accounting and the business environment, cost terms and concepts, cost systems, cost behavior, and cost-volume-profit analysis. Also covers the master budget, standard costing and variance analysis, performance evaluation, responsibility accounting, relevant cost analysis, and decision making.