ch1new2 - Managerial Accounting BUS - 2003 Course Web-site...

Info iconThis preview shows pages 1–15. Sign up to view the full content.

View Full Document Right Arrow Icon
Managerial Accounting BUS - 2003
Background image of page 1

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

View Full DocumentRight Arrow Icon
Course Web-site All course materials including schedule, course outline, announcements problem answers, contact info, and helpful links
Background image of page 2
Welcome Introduce yourself What is your name? Why are you taking this course? How long have you been at the U of W? Tell us something interesting about yourself?
Background image of page 3

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

View Full DocumentRight Arrow Icon
Managerial Accounting Cost Accounting Concepts & Theories
Background image of page 4
Chapter One Highlights How does management accounting differ from financial? Why do managers need accounting information? What is the planning and control cycle? What is the role of the controller? Hot topic: accounting & ethics Let’s look at some common concepts/theories: Just in Time (JIT), Total Quality Management (TQM), Theory of Constraints (TOC)
Background image of page 5

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

View Full DocumentRight Arrow Icon
Financial Vs Managerial Financial Managerial Accounting Accounting 1. Users External persons who Managers who plan for make financial decisions and control an organization 2. Time focus Historical perspective Future emphasis 3. Emphasis Objectivity and Relevance Verifiability for planning and control 4. Importance Precision of information Timeliness of information 5. Subject focus Summarized data for Detailed segment reports the whole organization of an organization 6. Requirements Must follow GAAP Need not follow GAAP and required for and no mandatory use external reports
Background image of page 6
Planing and Control Cycle All managers carry out three basic functions: planning =selecting a course of action and how action is to be carried out directing and motivating to carry out plans & adjust to change controlling - tracking the plan, ensure it will achieve objectives + changing the plan as required
Background image of page 7

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

View Full DocumentRight Arrow Icon
Decision Making Formulating long- and short-term plans (Planning) Measuring performance (Controlling) Implementing plans (Directing and Motivating) Comparing actual to planned performance (Controlling) Begin Planning   and Control Cycle
Background image of page 8
The Planning Cycle Accounting plays a critical role in the planning cycle by providing feedback to various individuals ranging from managers to CEO’s This information can be used to: ID potential problems reward successful employees ID opportunities ID plan modifications Record plan success Information is often presented in the form of budgets
Background image of page 9

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

View Full DocumentRight Arrow Icon
The Controller Normally manages the accounting department member of top management team responsible for providing reports timely and accurately
Background image of page 10
The Controller Supports planning and control activities Prepares financial statements interacts with auditors Prepares ad-hoc reports Often oversees computer resources
Background image of page 11

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

View Full DocumentRight Arrow Icon
Ethics Each professional accounting body has its own strict standards of ethic these rule clearly identify code of conduct rules for accountants
Background image of page 12
Ethics Monitoring of ethical behavior is done in various ways If found guilty could result in fines, prison term, loss of designation and/or criminal record
Background image of page 13

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

View Full DocumentRight Arrow Icon
Ethics Most professional code of Ethics include:
Background image of page 14
Image of page 15
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/20/2009 for the course ACC 406 taught by Professor Unknown during the Summer '09 term at Ryerson.

Page1 / 50

ch1new2 - Managerial Accounting BUS - 2003 Course Web-site...

This preview shows document pages 1 - 15. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online