19 - Presentation Deck - ACC 212: PRINCIPLES OF ACCOUNTING...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC 212: PRINCIPLES OF ACCOUNTING CHAPTER 19: MANAGERIAL ACCOUNTING PRESENTATION DECK Prepared by: Jill Mitchell, Assistant Professor, NOVA Reference: Weygandt, Jerry, Kieso, and Kimmel. Accounting Principles Unless noted, illustrations are from the referenced text.
Background image of page 1

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

View Full DocumentRight Arrow Icon
Chapter 19-2 19: Managerial Accounting Course Competencies 1. Managerial Accounting Basics 2. Managerial Cost Concepts 1.1 Explain the distinguishing features of managerial accounting. 2.1 Define the three classes of manufacturing costs. 2.2 Distinguish between product and period costs. 2.3 Be able to determine how cost of goods manufactured is calculated.
Background image of page 2
Chapter 19-3 Managerial Accounting Basics A field of accounting that provides economic and financial information for managers and other internal users. Also called Management Accounting Definition of Managerial Accounting
Background image of page 3

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

View Full DocumentRight Arrow Icon
Chapter 19-4 Managerial Accounting Basics 1. Explain manufacturing and non-manufacturing costs and how they are reported (Chapter 19) 2. Compute cost of providing a service or manufacturing a product. (Chapters 20 and 21) 3. Determine behavior of costs and expenses as activity changes . (Chapter 22) 4. Assist management in profit planning and formalizing these plans in the form of budgets. (Chapter 23) 5. Help to control costs by comparing actual results with planned objectives and standard costs. (Chapters 24 and 25) 6. Accumulate and present data for making decisions . (Chapter 26) Managerial Accounting Activities:
Background image of page 4
Chapter 19-5 Managerial Accounting Basics 1. Applies to all types of business (Service, Merchandising, and Manufacturing) 2. Applies to all forms of businesses (Proprietorships, Partnerships, and Corporations) 3. Applies to not-for-profit and profit oriented companies 4. More responsible for strategic cost management 5. Teams with people from production, marketing, engineering, etc. 6. Aid in making critical decisions Distinguishing Features: 1.1 Explain the distinguishing features of managerial accounting
Background image of page 5

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

View Full DocumentRight Arrow Icon
Chapter 19-6 Comparing Managerial and Financial Accounting 1. Both deal with economic events of a business, thus interests overlap 2. Both require that economic events be quantified and communicated to interested parties
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 26

19 - Presentation Deck - ACC 212: PRINCIPLES OF ACCOUNTING...

This preview shows document pages 1 - 7. Sign up to view the full document.

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