ORIE 3150 October 25 2011 Slides (1)

ORIE 3150 October 25 2011 Slides (1) - ORIE 3150 Managerial...

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ORIE 3150 Managerial Accounting October 25, 2011
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Prelim II November 1, 7:30 PM to 9:30 PM Coverage is Homework #4, #5, #6. Probably more difficult than Prelim I. Please make sure you know the material. Make up is November 2 at 7:30 PM for those with legitimate conflicts listed on CUINFO (e.g., not ECE 4510).
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Homework #6 Hints 1. Lease problem – ordinary annuity – use checklist 2. Lease problem – ordinary annuity – it is a capital lease 3. Lease amortization problem – ordinary annuity – it is a capital lease. 4. Lease problem – ordinary annuity – use checklist 5. Lease problem – annuity due – use checklist 6. Treasury stock 7. Dividends 8. Treasury stock
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Homework #6 Hints Use the checklist to see if a lease is an operating lease or a capital lease. We record Leased Asset in the case of a capital lease at the present value of all lease payments. This is the value that is depreciated over the lease term or life.
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Homework #6 Hints Dividends are only paid on outstanding stock. Treasury stock does not get a dividend.
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Start of Hockey Season!
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MANAGERIAL VERSUS FINANCIAL ACCOUNTING Financial accounting is intended for external users (investors, creditors, etc.); is highly regulated [in theory] by the FASB, SEC; is mandatory for publicly-traded companies; is historic in nature. Managerial accounting is intended for internal users (managers); is not highly regulated; is not mandatory but rather is adopted based on costs/benefits; is future- oriented.
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ROLE OF MANAGERIAL ACCOUNTANTS Line personnel are directly involved in carrying out the mission of the organization (e.g., assembly workers in a factory, manufacturing engineers). Staff personnel provide support for the organization's missions (lawyers, finance, personnel directors, and other administrative positions). Managerial accounting is used in both line and staff positions.
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Comp or Con? The chief financial officer (CFO) or controller or comptroller is the chief accountant responsible for the supervision of the accounting department, preparation of reports, and the interpretation of information to line managers. Comptroller is usually pronounced “comptroller” these days. Purists will pronounce it “controller.” As long as you pronounce sauna as “sow’nuh”, I don’t care either way.
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Many ills in American business were blamed upon managerial accounting in the 1970’s. But there has never been a GAAP of managerial accounting. The intelligent management accountant has always been free to select the best method. My goal is to get you thinking about
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This note was uploaded on 12/11/2011 for the course ORIE 3150 taught by Professor Callister during the Fall '08 term at Cornell.

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ORIE 3150 October 25 2011 Slides (1) - ORIE 3150 Managerial...

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