Module4Lecture4Notes - UGBA 10 Module 4 Lecture 4 Notes 4/2...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
UGBA 10 Module 4 Lecture 4 Notes 4/2 Accounting and Finance Paper topic on Auditing Internal controls Corporate scandals managers of firm got more money than entitled to Auditors check that a firm is not messing with their own books Managerial Accounting Overview of Terms Managerial Accounting o Concerns the question of costs o Costs/volume/profit relationships achieving ―break - even‖ Costs relevant and not relevant Accounting Are firms profitable? In business, give 30 days pay to employees Managerial accounting for internal, financial accounting for external Managerial Accounting More frequent report than financial o Financial report is quarterly Ex. Kaiser checks daily patient records, etc. Ex. Gap checks weekly o They don’t check daily because there may be small spikes, i.e. Monday’s sales may be depressed because it is right after Spring Break Measures o Old Navy division of Gap if sold is 10% more than last year, but because they opened 6 new stores Compare by stores Different size stores, so calculate sales per square foot o Airlines keep track of profit per person by miles traveled Revenue for revenue Focus on costs o If do not know costs to make something, will sell too cheap and create a loss Fixed Cost Doesn’t vary according to number of tickets sold Screen charge for silk screening is a one-time charge Variable cost 24 T-shirts cost more than 10 200 people at a fraternity for a slice of pizza versus 60 people Simple T-shirt Example
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern