Chapter 1
Generally Accepted Accounting Principles (GAAP)- managerial does NOT follow.
Financial Accounting
External focus
Must follow external rules
Objective financial information
Historical orientation
Information about a firm as a whole
More self contained
Managerial Accounting
Internally focused
No mandatory rules
Financial and nonfinancial information, subjectivity is a possibility.
Emphasis on the future
Broad/ multidisciplinary
Decisions based on detailed information
Managerial Accounting’s 3 Broad Objectives:
1. Provide information for planning the organization’s actions.
2. Provide information for controlling the organization’s actions.
3. To provide information for making effective decisions.
3 Parts to being a Manager
1. Planning
The detailed formulation of action to achieve a particular end.
2. Controlling
The activity of monitoring a plan’s implementation and taking corrective action as needed.
3. Decision Making
Choosing between competitive alternatives.
Activity Based Costing (ABC)
A more detailed approach to determining the costs of goods, and services.
Value
Paid a purchase price of less than the perceived purchase price.
Strategic Positioning
Effective cost information can help the company identify strategies that can increase customer value. (cost leader) (volume based)
Differentiation (selling quality)
Differentiator Cost Leader
-apple -windows
-whole foods -dillons
Value Chain
Starting at design working its way onto a finished product.
Total Quality Management (TQM)
An attempt to oversee the quality of your product throughout production.
Time has a Key Element
Product of life cycle (introductionmature stage)
Ethical Behavior
Involves choosing actions that are right, proper, and just.
Chapter 2
Cost
What is given to get something in return.
Expense
Expired costs- when the cost has been used.
Price
Revenue per unit. (per unit or on a whole, consider the options?)
Accumulation Costs
The way that costs are measured and recorded.
Variable Costs
Increases as the total output increases, and decreases in total as the total output decreases.
Fixed Costs
Does not increase as the output increases or decreases.
Opportunity Cost
Something that is sacrificed to get another.
Product
Any good produced
Any service produced. Services are considered to be perishable (go away).
Both tangible, and intangible
Labor
Manpower
Materials
Related Documents: Generally Accepted Accounting Principles
Introducing basic concepts of IS and IT and exploring how technology can be used to create business value. Examining the potential benefits and limitations of IT and providing an overview of the components of computers. Increasing awareness of managerial issues raised by the use of IT Providing “hands on” exercises to practice course material Providing a foundation needed for subsequent MIS…
assignment are: * Analyze the requirement for the profession of auditing and the integral role that independence assurance plays within the economy. * Examine the corporate governance of audits including the professional, regulatory, and corporate managerial requirements. * Use technology and information resources to research issues in auditing. * Write clearly and concisely about auditing using proper writing mechanics. Grading for this assignment will be based on answer quality, logic/organization…
located at for additional guidance in creating an HR Scorecard. 4. Use at least three (3) quality academic resources in this assignment from within the past five (5) years. Note: Wikipedia does not qualify as an academic resource. 5. Format your assignment according to these formatting requirements: 1. Be typed, double…
GRADUATE SCHOOL OF BUSINESS ADMINISTRATION Summer 1 —2015 ACCT 6201: Financial Reporting & Managerial Decision-Making 2 Main Campus -- 430 DG - Monday 5:20 – 7;20 pm Faculty: Prof. Christina Williams Office Hours: By appt Brandeis University Class Meetings: Wednesday 5:20 – 7:2 Waltham, MA 02139 Email: c.williams@neu.edu Text and Case Studies: Fundamentals of Managerial Accounting, 7th edition (McGraw Hill Education CREATE Textbook), 2014, Edmonds, Tsay and Olds…
ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 1 2011 pp. 163–179 American Accounting Association DOI: 10.2308/iace.2011.26.1.163 Tasteless Tea Company: A Comprehensive Revenue Transaction Cycle Case Study Ronald F. Premuroso, William S. Hopwood, and Somnath Bhattacharya ABSTRACT: It is challenging for students taking the introductory accounting information systems AIS course to envision how to apply the topics and concepts learned during the course in real-world situations. The motivation for…
Upload Log In Sign Up Search Explore *Documents* Books - Fiction Books - Non-fiction Health & Medicine Brochures/Catalogs Government Docs How-To Guides/Manuals Magazines/Newspapers Recipes/Menus School Work + all categories *Recent* *Featured* *People* Authors Students Researchers Publishers Government & Nonprofits Businesses Musicians Artists & Designers Teachers + all categories *Most Followed* *Popular* × Language: English Choose the language in which…
BAM 411 Human Resource Management Text: A Framework for Human Resource Management ISBN-13: 978-0-13-257614-7 Author(s): Gary Dessler Publisher: Pearson 925 North Spurgeon Street, Santa Ana, CA 92701 Phone: 714-547-9625 Fax: 714-547-5777 www.calcoast.edu 10/14 Study Guide Seventh Edition, 2013 BAM 411 Human Resource Management Message From the President W elcome to California Coast University. I hope you will find this course interesting and useful throughout your career. This course…
PSYC 221 - Social Psychology PSYC 221 Sections 0101 & 0201 – University of Maryland – Fall 2012 WHAT IS SOCIAL PSYCHOLOGY AND WHAT DO SOCIAL PSYCHOLOGISTS DO? Social psychology is the scientific study of how people’s thoughts, feelings and behavior are influenced by the actual, imagined, or implied presence of other people (Allport, 1985). In other words, Social Psychologists try to understand the mental processes that determine how we think about ourselves and other people and how those other people…
ORGANIZATIONAL HEROES: COMMUNICATING WHAT MATTERS MOST EXECUTIVE OVERVIEW Who are our organizational heroes? What makes an organizational hero? And why do we need heroes in the organization? We attempted to find the answers from a group of middle-level executives in Hong Kong. They were asked to identify critical incidents showing behaviors of their bosses, peers, or ordinary employees who have acted in ways perceived as being "heroic." The respondents represent a broad sample of companies…
CONTENTS: CASE STUDIES CASE STUDY 1 Midsouth Chamber of Commerce (A): The Role of the Operating Manager in Information Systems CASE STUDY I-1 IMT Custom Machine Company, Inc.: Selection of an Information Technology Platform CASE STUDY I-2 VoIP2.biz, Inc.: Deciding on the Next Steps for a VoIP Supplier CASE STUDY I-3 The VoIP Adoption at Butler University CASE STUDY I-4 Supporting Mobile Health Clinics: The Children’s Health Fund of New York City CASE STUDY I-5…