Day_1_Managerial_Accounting - Product Costing A Managerial...

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Product Costing A Managerial Approach Professor Solomon Darwin
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Accounting Time Focus Financial vs. Managerial Accounting Past Management Management Today Future Financial Financial focus on Past focus on Future
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Organizations have goals Organizations consist of people who have to accomplish these goals with the aid of physical , intangible , human resources. Managing involves utilization of both human, physical and intangible resources in an efficient and effective manner to accomplish corporate goals.” What is Managing?
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Effectiveness Achieves & Satisfies its Corporate Objectives Efficiency Objective are met by utilization of the least amount of resources possible.
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Work of Management 1.Planning 3. Controlling Motivating
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Planning and Control Cycle Decision Making (Planning) Formulating long-and short-term plans (Controlling) Measuring performance Implementing plans (Controlling) Comparing actual to planned performance Begin
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Ford Motor Co. To be a low-cost producer of the highest quality products and services that provide the best customer value.
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General Electric To become the most competitive enterprise in the world by being number one or number two in market share in every business the company is in.
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Quaker Oats To achieve return on equity at 20 percent or above, “real” earnings growth averaging 5 percent or better over time, be a leading marketer of strong con- sumer brands, and improve the profita- bility of low-return businesses.
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Apple Computer To offer the best possible personal computing technology, and to put that technology in the hands of as many people as possible.
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IBM To be the most successful information-technology company in the world.
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Management Accounting Terms Cost : the cash or cash equivalent value sacrificed for goods and services that are expected to provide benefits to an organization. Expenses : costs incurred in the normal course of business to generate revenues. Both expenses and assets provide benefits to an organization and help generate revenues. Losses : costs that provide no current or future benefits to an organization.
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Flow of Costs
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Cost Flows Through the 3 Business Sectors Manufacturing Merchandising Service
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Differences in Focus Manufacturing Merchandising Service Procuring tangible products, then distributing them to customers. Delivering marketable services (legal advice, education, transportation, etc.). Using labor and/or machinery to convert raw materials into marketable products.
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Resource Investment Manufacturing Merchandising Service Generally to purchase inventory from manufacturers and resell it to customers. Building large factories, hiring managers, and employing production personnel to convert raw materials into final products.
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Day_1_Managerial_Accounting - Product Costing A Managerial...

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