{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

WRD_ch18

Accounting

Info icon This preview shows pages 1–17. Sign up to view the full content.

View Full Document Right Arrow Icon
11-1 18-1 Managerial Accounting Concepts and Principles 18
Image of page 1

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

View Full Document Right Arrow Icon
11-2 18-2 Learning Objective 1 3-1 Describe the nature of the adjusting process. Insert Chapter Objectives Managerial Accounting Concepts and Principles 1 Describe managerial accounting and the role of managerial accounting in a business. 2 Describe and illustrate the following costs: 1. direct and indirect costs 2. direct materials, direct labor, and factory overhead costs 3. product and period costs. After studying this chapter, you should be able to: 18-2
Image of page 2
11-3 18-3 Managerial Accounting Concepts and Principles (continued) 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. 18-3
Image of page 3

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

View Full Document Right Arrow Icon
11-4 18-4 18-4 1 Describe managerial accounting and the role of managerial accounting in a business.
Image of page 4
11-5 18-5 1 Financial Accounting and Managerial Accounting Exhibit 1
Image of page 5

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

View Full Document Right Arrow Icon
11-6 18-6 The Difference Between Managerial and Financial Accounting Financial accounting information is reported at fixed intervals in general- purpose financial statements. These financial statements are prepared according to GAAP. 1
Image of page 6
11-7 18-7 External Users of Financial Statements 1. Shareholders 1. Creditors 1. Government agencies 1. The general public 1
Image of page 7

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

View Full Document Right Arrow Icon
11-8 18-8 Managerial accounting information is designed to meet the specific needs of a company’s management, such as historical data and subjective estimates about future decisions. Managerial Accounting 1
Image of page 8
11-9 18-9 Partial Organizational Chart for Callaway Golf Company 1 Exhibit 2
Image of page 9

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

View Full Document Right Arrow Icon
11-10 18-10 A line department is directly involved in providing goods or services to the customers of the company. A staff department provides 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. 1 Line and Staff
Image of page 10
11-11 18-11 The Management Process 1 Exhibit 3
Image of page 11

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

View Full Document Right Arrow Icon
11-12 18-12 Planning Management uses planning in developing the company’s objectives (goals) and translating these objectives into courses of action. 1
Image of page 12
11-13 18-13 Strategic planning is developing long-range actions to achieve the company’s objectives. Long-range courses of action, called strategies , can often involve periods ranging from five to ten years. 1 Strategic Planning
Image of page 13

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

View Full Document Right Arrow Icon
11-14 18-14 Operational planning develops short-term actions for managing the day-to-day operations of the company. 1
Image of page 14
11-15 18-15 The process by which managers run day-to-day operations is called directing . Directing 1
Image of page 15

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

View Full Document Right Arrow Icon
11-16 18-16 Monitoring operating results and comparing actual results with the expected results is controlling . This feedback allows management to isolate areas for further investigation and possible remedial action.
Image of page 16
Image of page 17
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern