ACCT2301-002-chap1-sp2009

ACCT2301-002-chap1-sp2009 - ACCT 2301 Section 002...

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1 ACCT 2301 Section 002 Managerial Accounting Spring 2009 Professor D. Collins
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2 Some Important Questions Why do I have to take ACCT 2301? How will this class help me if I’m not an  accounting major? Do firms really do this stuff, or is this  class required simply to keep accounting  professors off the streets?
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3 Some Class Administration  Details I will post my PowerPoint slides in  advance of class (see the web address in  the syllabus). I like to work problems in class, and I like  to talk about this material. I encourage questions. I will give pop quizzes.
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4 What Should I Do for the Next Class? Read Chapter 1. Recall from your ACCT 2300 class the use of T- accounts. Register for online homework (Cengage).  The  section code for my class is: Look at Multiple Choice Exercises (1-1 through  1-22), and Exercises 1-28, 1-32, 1-34, 1-35, 1- 45. E-4GJQR8U8KBKS6
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5 Chapter 1 Managerial Accounting Concepts and Decision-Making Support adapted from  Fundamental  Cornerstones of Managerial  Accounting Heitger, Mowen and Hansen (2008) Professor D. Collins
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6 Learning Objectives – Chapter  1 Explain the meaning of managerial accounting and contrast it to  financial accounting. Explain the current focus of managerial accounting and the role of  managerial accountants in an organization. Explain the meaning of cost and how costs are assigned to products  and services. Define the various costs of manufacturing products and providing  services. Prepare income statements for manufacturing and service  organizations. Explain the importance of ethical behavior for managers and  managerial accountants.
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7 Managerial Accounting  Defined Managerial accounting  – the provision  of accounting information for a  company’s various  internal  users. This implies that the needs of the  organization’s managers will dictate  what information managerial  accountants provide.
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8 Financial Accounting Defined Financial accounting  – the provision of  financial accounting information and reports  for various  external  users (e.g., investors,  creditors, regulators, customers, suppliers,  various other stakeholders). This similarly implies that the needs of the  external users will dictate what information  financial accountants provide.
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9 Characteristics of Managerial Accounting Internally focused. No mandatory rules. Reports both financial and nonfinancial 
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ACCT2301-002-chap1-sp2009 - ACCT 2301 Section 002...

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