Warren_23e__AISE_IM_Ch18 - chapter 18 Managerial Accounting...

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Unformatted text preview: chapter 18 Managerial Accounting Concepts and Principles ______________________________________________ OPENING COMMENTS Chapter 18 introduces students to managerial accounting and the manufacturing process. Students will learn how managerial accounting is used in the management decision process. They will also be exposed to the terminology used to describe costs related to manufacturing. Students learn how costs flow through a manufacturing system. After studying the chapter, your students should be able to: 1. Describe managerial accounting and the role of managerial accounting in a business. 2. Define and illustrate the following costs: 1. direct and indirect costs, 2. direct materials, direct labor, and factory overhead costs, 3. product and period costs. 3. Describe and illustrate the following statements for a manufacturing business: 1. balance sheet, 2. statement of cost of goods manufactured, 3. income statement. 4. Describe the uses of managerial accounting information. STUDENT FAQS • Why is conversion cost considered to be direct labor and factory overhead? • Why is direct and indirect cost so important to understand? • Why is product and period cost so important to understand? • What is the difference between under- and overapplied factory overhead? • Why do we have to maintain all these costs for each specific job? • Why is direct labor both a prime and a conversion cost? Isn’t that double accounting? This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher. 1 2 Chapter 18 Managerial Accounting Concepts and Principles This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher. IN-CLASS AND HOMEWORK ASSIGNMENT CHART Number Objective Description Difficulty Time AACSB IMA SS GL EO18-1 18-1 Easy 5 min Analytic Cost Management EO18-2 18-1 Easy 5 min Analytic Cost Management EO18-3 18-1 Easy 5 min Analytic Cost Management EO18-4 18-1 Easy 5 min Analytic Cost Management EO18-5 18-1 Easy 5 min Analytic Cost Management EO18-6 18-1 Easy 5 min Analytic Cost Management EO18-7 18-1 Easy 5 min Analytic Cost Management EO18-8 18-1 Easy 5 min Analytic Cost Management EO18-9 18-1 Easy 5 min Analytic Cost Management EO18-10 18-2 Easy 5 min Analytic Cost Management EO18-11 18-2 Easy 5 min Analytic Cost Management EO18-12 18-2 Easy 5 min Analytic Cost Management EO18-13 18-2 Easy 5 min Analytic Cost Management EO18-14 18-2 Easy 5 min Analytic Cost Management EO18-15 18-2 Easy 5 min Analytic Cost Management EO18-16 18-3 Easy 5 min Analytic Cost Management EO18-17 18-3 Easy 5 min Analytic Cost Management EO18-18 18-3 Easy 5 min Analytic Cost Management EO18-19 18-3 Easy 5 min Analytic Cost Management EO18-20 18-3 Easy 5 min Analytic Cost Management...
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This note was uploaded on 09/25/2010 for the course FEUI ACCT01 taught by Professor Prof.steve during the Spring '10 term at Indonesian Computer University.

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Warren_23e__AISE_IM_Ch18 - chapter 18 Managerial Accounting...

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