Responsibility Concepts and Sound
Understand concepts in responsibility accounting.
Be able to provide a framework for rational business decision making, and understand
how to apply t
Understand the need for, nature of, and benefits associated with budgeting.
Know about organizational behavior dimensions of the budgeting process.
Know the components of a master budget.
What are journal entries and why are they used?
Journal entries are adjustments that are made to an account to document any sales or purchases
that may have not yet been recorded for that financial period. They are also used for any
transactions on the ac
Why is the customer interview process important with regard to the Chart of Accounts
a chart of accounts is a list of account names and numbers used in accounting to organize
financial records into different expenses, liabilities, assets and income
Extend your knowledge of fixed and variable costs, and be able to perform cost
Understand the contribution margin, contribution margin ratio, and how knowledge of
Issues in Accounting for
Corporate Debt and Equity
Be able to articulate the advantages and disadvantages of preferred stock as an alternative class of equity capital.
Be familiar with the accounting for tradi
Be able to distinguish between financial and managerial accounting.
Know how managerial accounting supports planning, directing, and controlling activities
within an organ
Standard Costs and Variances
Understand the concepts of standards and standard costs.
Know how to calculate direct materials price and quantity variances, and understand
their implications in assessing materia
Understand the ethical duty of managerial accountants to provide proper costing
Apply concepts and techniques that are used to fairly measure and report job costs.
Be able to tra
What are the advantages and disadvantages of using a company like ADP to do payroll
versus completing it on your own in QuickBooks? Why would you want to track employee
time against specific customer jobs? How does QuickBooks handle this functionality?
Why is it important to reconcile your accounts in a timely manner?
It is important to reconcile your accounts in a timely manner because reconciling all of your
accounts is the only way you can be sure that all of the transactions that have taken place we
Why is QuickBooks a better option than a manual accounting process when it comes to dealing with
vendors and customers?
There are a few reasons why QuickBooks is a better option than a manual accounting process when it
comes to dealing with vendors and cu
What is the difference between financial and managerial reporting?
Financial reporting reports on the results of an entire business where as managerial accounting
reports at a more detailed level of the profits by product, product line, customer, and geog
Why is it important to track inventory from the point of ordering to the point of selling?
It is very important to track inventory from the point of ordering to the point of selling.
Inventory is usually the largest asset of any business because they are
There are a few advantages of using a computerized accounting software package. The biggest
advantage is being able to take advantage of what the computerized accounting software package
can offer. Utilizing a computerized accounting software package allo
In order to understand a clients business I would have to ask them a series of questions
pertaining to their business. I would want to make sure I create an environment that is
comfortable and trusting so that the client is at ease with sharing and answer
Describe a typical accounting cycle throughout a month. What personnel in the company
are performing each function and why? What oversight/controls should be in place for
each part of the process and why?
Final ACC 306
ACC 306: Intermediate Accounting II
Instructor: William Blix
Final ACC 306
Employer sponsored retirement plans can be very
complex for both the employees as well as the employers.
There are two basic types