WRD_ch18

Accounting

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Unformatted text preview: 11-118-1Managerial AccountingConcepts and Principles1811-218-2Learning Objective 13-1Describe the nature of the adjusting process.Learning Objective 13-1Describe the nature of the adjusting process.Insert Chapter ObjectivesManagerial Accounting Concepts and Principles1Describe managerial accounting and the role of managerial accounting in a business.2Describe and illustrate the following costs: 1. direct and indirect costs2. direct materials, direct labor, and factory overhead costs3. product and period costs.After studying this chapter, you should be able to:18-211-318-3Managerial Accounting Concepts and Principles(continued)3Describe and illustrate the following statements for a manufacturing business: 1. balance sheet2. statement of cost of goods manufactured 3. income statement.4Describe the uses of managerial accounting information.18-311-418-418-41Describe managerial accounting and the role of managerial accounting in a business.11-518-51Financial Accounting and Managerial Accounting Exhibit 111-618-6The Difference Between Managerial and Financial AccountingFinancial accountinginformation is reported at fixed intervals in general-purpose financial statements. These financial statements are prepared according to GAAP. 111-718-7External Users of Financial Statements1.Shareholders1.Creditors1.Government agencies1.The general public111-818-8Managerial accounting information is designed to meet the specific needs of a companys management, such as historical data and subjective estimates about future decisions.Managerial Accounting111-918-9Partial Organizational Chart for Callaway Golf Company1Exhibit 211-1018-10A line departmentis directly involved in providing goods or services to the customers of the company. A staff departmentprovides services, assistance, and advice to the departments with line or other staff responsibilities.The chief financial officer (CFO) and the chief management accountant, the controller, occupy staff positions.1Line and Staff11-1118-11The Management Process1Exhibit 311-1218-12PlanningManagement uses planningin developing the companys objectives (goals)and translating these objectives into courses of action.111-1318-13Strategic planningis developing long-range actions to achieve the companys objectives. Long-range courses of action, called strategies, can often involve periods ranging from five to ten years.1Strategic Planning11-1418-14Operational planningdevelops short-term actions for managing the day-to-day operations of the company.111-1518-15The process by which managers run day-to-day operations is called directing.Directing111-1618-16Monitoring operating results and comparing actual results with the expected results is controlling. This feedbackallows management to isolate areas for further investigation and possible remedial action....
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WRD_ch18 - 11-118-1Managerial AccountingConcepts and

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