ch01 - Chapter 1-1 1. Explain the distinguishing features...

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Unformatted text preview: Chapter 1-1 1. Explain the distinguishing features of managerial accounting. 2. Identify the 3 broad functions of management. 3. Define the 3 classes of manufacturing costs. 4. Distinguish between product and period costs. 5. Explain the differences between a merchandising and a manufacturing income statement. Study Objectives Study Objectives Chapter 1-2 Managerial Accounting Basics Managerial Accounting Basics A field of accounting that provides economic and A field of accounting that provides economic and financial information for managers and other internal financial information for managers and other internal users. users. Also called Also called Management Accounting Management Accounting Definition of Managerial Accounting Chapter 1-3 Managerial Accounting Basics Managerial Accounting Basics Applies to all types of business - Service, Merchandising, and Manufacturing Applies to all forms of business organizations Proprietorships, Partnerships, and Corporations Applies to not-for-profit as well as profit-oriented companies Distinguishing Features LO 1 Explain the distinguishing features of managerial accounting. LO 1 Explain the distinguishing features of managerial accounting. Chapter 1-4 Managerial Accounting Basics Managerial Accounting Basics Managements activities and responsibilities can be Managements activities and responsibilities can be classified into the following three broad functions: classified into the following three broad functions: Planning Planning Directing Directing Controlling Controlling Management Functions LO 2 Identify the 3 broad functions of management. LO 2 Identify the 3 broad functions of management. Chapter 1-5 Management Functions Management Functions Look ahead and establish objectives such as Maximize short-term profit and market share Commit to environmental protection and social programs Key Objective: Add value to the business Value measured by trading price of stock and by potential selling price of the company Planning LO 2 Identify the 3 broad functions of management....
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ch01 - Chapter 1-1 1. Explain the distinguishing features...

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