Week 11 Lecture Notes - Introduction to Management Accouting

Week 11 Lecture Notes - Introduction to Management...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
School of Accounting ACCT 1501: Accounting and Financial Management 1A Semester 1, 2011 Week 11 Introduction to Management Accounting and Cost Concepts Student Handout Contents: 1. Learning Objectives (LO) 2. Tutorial Questions 3. Lecture Materials 4. Additional Reading Lecturer: Trish Strong (LIC) Blackboard: https://lms-blackboard.telt.unsw.edu.au/
Background image of page 1

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

View Full DocumentRight Arrow Icon
1 Introduction and Learning Objectives Welcome to the brief introduction to management accounting. I am obviously biased as I think management accounting is the much more exciting part of studying accounting. In this class you will be given a brief overview of management accounting (MA) and an introduction to some basic cost concepts in manufacturing organisations. Readings for this class are available on Blackboard in the Lecture Notes section and under the icon “Management Accounting Readings”. At the end of this session, you should be able to: Describe what managers do and how management accounting systems (MAS) may assist them in making decisions Understand how and why MA has evolved and the importance of having performance measures , and be able to provide good examples of performance measures for a business Identify the major differences between financial and management accounting Understand ways in which costs may be classified Identify and provide examples of the 3 cost types – direct materials (DM), direct labour (DL), and manufacturing overheads (OH) – involved in a product manufacturing process Prepare a simple schedule of cost of goods manufactured (COGM). Required Readings Langfield-Smith, K., Thorne, H. and Hilton, R. (2006) Management Accounting: Information for managing and creating value , 4 th edition, McGraw-Hill Australia Sydney, Chapter 1 (on Blackboard) Trotman & Gibbons’ Management Accounting Supplement (on Blackboard) Chapter 16, pp.1-14 Important Notice You will need to bring your lecture notes to the lectures as we will use the PowerPooch Case Study in the lectures in week 11 and 12.
Background image of page 2
2 Tutorial Questions for Week 11 Preparation Questions Trotman & Gibbins MA Supplement on Blackboard Problem 16.1 Problem 16.5 (parts 1 and 2 only) Tutorial Questions Q1: Trotman and Gibbins MA Supplement Problem 16.7 Question 1 only (i.e. do not do 2 and 3) Q2: Vincent’s Cappuccino Express Three years ago, Vincent Chow completed his degree in accounting. The economy was in a depressed state at that time, and Vincent managed to get an offer of only $30,000 per year as a bookkeeper. In addition to its relatively low pay, this job had limited advancement potential. Since Vincent was an enterprising and ambitious young man, he declined this offer and started a business of his own. He was convinced that because of changing lifestyles, a drive-through coffee establishment would be profitable. He was able to obtain backing from his parents to open such an establishment close to the industrial park area in town. Vincent named his business “The Cappuccino Express” and decided to sell only two types of coffee: cappuccino and decaffeinated.
Background image of page 3

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

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/19/2012 for the course ACCT 1501 taught by Professor Helen during the Three '09 term at University of New South Wales.

Page1 / 82

Week 11 Lecture Notes - Introduction to Management...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online