...Chapter 1 Managerial Accounting and the Business Environment Lecture Notes Chapter theme: This chapter serves four main purposes. First, it explains the differences and similarities between financial and managerial accounting. Second, it describes the role of management accountants in an organization. Third, it explains the basic concepts underlying Lean Production, the Theory of Constraints (TOC), and Six Sigma. Fourth, it discusses the importance of upholding ethical standards. I. Globalization A. Import/Export Data i. Imports into the United States (in billions) 1. The data reveal an enormous increase in import activity from 1990 to 2004. In particular, imports from Canada, Mexico, and China skyrocketed. ii. Exports from the United States (in billions) 1. The data reveal an increase in exports to Canada and Mexico. Interestingly, the increase in exports to China pales in comparison to the growth rate in imports from China. iii. Internet Usage 1. The internet fuels globalization by providing companies with greater access to geographically dispersed customers, employees, and suppliers. 2. The number of internet users more than doubled during the first four years of the new millennium. 3. As of 2004, more than 87% of the world’s population was still not connected to the Internet...
Words: 2917 - Pages: 12
...Financial Accounting ACCT212 – Week 1 Live Lecture Goals of this Week’s Lecture • Present you with the information you need to begin succeeding in Financial Accounting • Provide a forum for question and answer regarding this week’s material • Begin satisfying our weekly TCO and key concepts ACCT212 Week 1 Lecture 2 How to be Successful? • All the information you need to be successful in this course comes from four primary sources: 1. 2. 3. 4. Your textbook eCollege This lecture, and Your instructor ACCT212 Week 1 Lecture 3 Financial Accounting – Week 1 • • • • • • • • • • Terminal Course Objective for the Week Key Concepts of the Week Business Decisions Accounting is the Language of Business Accounting Principles and Concepts The Accounting Equation The Financial Statements Relationships Among Financial Statements Account Types Getting Started on Project 1A ACCT212 Week 1 Lecture 4 TCO of the Week • TCO 1: “Given financial statements, explain the financial statements’ purpose and components relative to accounting history, assumptions, concepts, principles, and standards.” ACCT212 Week 1 Lecture 5 Key Concepts of the Week • Use accounting vocabulary • Learn accounting concepts and principles • Apply the accounting equation to business organizations • Evaluate business operations • Use financial statements ACCT212 Week 1 Lecture 6 Business Decisions • Suppose you are an investor with $10,000 to invest in any company you choose...
Words: 1937 - Pages: 8
...FINANCIAL ACCOUNTING & REPORTING LECTURE 1: Link Between Business and Accounting Dr. Namasivayam Lecture 1 1 LEARNING OBJECTIVES 1. Define accounting & explain why accounting information is important. 2. Identify users of accounting information. 3. Explain the contents of the 3 basic financial statements. 3. Explain the relationship between accounting equation and the balance sheet. 5. Analyse business transactions using the accounting equation. Lecture 1 2 WHAT IS ACCOUNTING? It is the way business people set goals, measure results, evaluate performance, and communicate results to various users. Lecture 1 3 ACCOUNTING LINKS … Lecture 1 4 USERS OF ACCOUNTING INFORMATION • Managers • Potential buyers • Trade creditors • Employees • Customers • Tax inspectors • Business owners • Potential partners • Bank institutions • Competitors • Auditors • Society Lecture 1 5 SHORT EXERCISES You as user of accounting information: i. Identify several ways in which you currently use accounting information in your life as a student or individual. ii. Identify several situations in which you might be required to supply financial information about yourself to others. Lecture 1 6 FINANCIAL STATEMENTS A quantitative report which describes the financial health of a business. This includes: An Income Statement; A Balance Sheet; A Cash Flow Statement. Lecture 1 7 THE...
Words: 415 - Pages: 2
...12:00PM 01:00PM 01:00PM 02:00PM 02:00PM 03:00PM 03:00PM 04:00PM 04:00PM 05:00PM 05:00PM 06:00PM 06:00PM 07:00PM LECTURE Course: CORPORATE FINANCE LECTURE Course: MACROECONOMICS ESSENTIALS FOR BUSINESS LECTURE Course: INTRODUCTORY MARKETING RESEARCH Groups: FEB2015 | FIN222 | W1; FEB2015 | FIN222 | W2 Staff: BERNARD JOSEPH Groups: FEB2015 | ECON101 | W1; FEB2015 | ECON101 | W2; FEB2015 | ECON101 | W3 Staff: YEE AIK PHOAY Groups: FEB2015 | MARK205 | W1; FEB2015 | MARK205 | W2 Staff: CH'NG PEI CHENG Room: LR502 PRACTICAL Course: INTRODUCTORY MARKETING RESEARCH PRACTICAL Course: INTRODUCTORY MARKETING RESEARCH LECTURE Course: FINANCIAL STATEMENT ANALYSIS Room: LT LECTURE Course: MANAGING ACROSS CULTURES Room: LR502 Group: FEB2015 | FIN324 | W1 Staff: DEBORAH CHAI HWEEI SIEN Group: FEB2015 | MGMT301 | W1 Staff: BEH YEOW HUI Group: FEB2015 | MARK205 | W1 Staff: CH'NG PEI CHENG Group: FEB2015 | MARK205 | W2 Staff: CH'NG PEI CHENG Room: SEM.ROOM 1@USM 9/3 tm sh fm CTR-sem.1. LECTURE Course: INTERNATIONAL MARKETING Room: LR509B LECTURE Course: MANAGEMENT ACCOUNTING II Room: ICT LAB B Group A Room: ICT LAB B Group B Monday Group: FEB2015 | MARK343 | W1 Staff: VINESH MARAN A/L Groups: FEB2015 | ACCY211 | W1; FEB2015 | ACCY211 | W2 Staff: BERNARD JOSEPH Room: AUDITORIUM A@USM 9/3 tm s fm LR601-Aud.A. LECTURE Course: CONSUMER BEHAVIOUR Room: IPA@USM Group A 9/3 & 16/3 tm sh fm LR512 to IPA. Groups: FEB2015 | MARK217...
Words: 2086 - Pages: 9
...Academic Year: 2014/15 Module code: P13505, Level 3 Autumn Semester Module Outline: Auditing, Governance and Scandals (AGS) |Module Convenor |Dr. Kevin Dow, AB474 | |Lectures |Dr. Kevin Dow | | |TH 4:00-5:30, TB 329 | |Additional Staff |Cass Lai, AB247 | |E-mail addresses |kevin.dow@nottingham.edu.cn | | |cass.lai@nottingham.edu.cn | |Office Hours |Dr. Kevin Dow: Th, 2:00 pm - 4:00 pm, every Thursday until Exams (except December 11 and 25) | | |Cass Lai: Th, 2:00 pm - 4:00 pm | KEY POINTS • This is a Level 3, 10 credit module; • Assessment basis: a one and a half hour Examination (100%); • Keywords: Audit; Governance; Corporate Scandals; Audit Theory and Practice; Accountability; • Pre-requisite module: P12307 Financial Reporting. MODULE AIMS To use a mix of textual and...
Words: 1810 - Pages: 8
...1 TEACHING - LEARNING METHODS IN ACCOUNTING EDUCATION - AN EMPIRICAL RESEARCH IN THE BRAZILIAN SCENARIO Prof. Edson Luiz Riccio, Ph.D. - e-mail: elriccio@usp.br BSc. Marici Cristine Gramacho Sakata - e-mail: mcsakata@usp.br Affiliation: University of São Paulo - Brazil Faculty of Economics, Administration and Accountancy Department of Accountancy and Actuary Av. Prof. Luciano Gualberto 908 - FEA3 05508-900 – Sao Paulo – Brasil FAX: 55-11- 813 01 20 PHONE: 55-11- 3818 58 20 ABSTRACT The Teaching of Accounting is facing nowadays a significant challenge. Reason is that it aims educating youngster that are going to work in companies that use advanced Information Technologies and endeavor promoting continuous organizational changes. Those changes require constant attention and continuous adaptation from both academics and practitioners. To succeed, a neophyte has to be prepared on how to deal with these changes. It means not only receiving the necessary knowledge but also the abilities to adapt himself. In general, it is accepted that if a Course provides the student with proper knowledge utilization skills, and necessary abilities the student will be able to adapt to the difficulties of a changing environment. It is recognized that the teaching method can influence in the development of several abilities such as: cooperation, leadership, responsibility, self-confidence, independence, and ability to decision making and communication skills. The purpose of this work is to study the...
Words: 3783 - Pages: 16
...[pic] Management Accounting and Decisions 3 (P13414) MODULE OUTLINE Semester 1 Year 2013/2014 Teaching Staff: |Staff |Room |Telephone |Email | |Andrew Edwards |AB479 |88180513 |andrew.edwards@nottingham.edu.cn | |Anna Du |AB482 |88182467 |min du@nottingham.edu.cn | CREDITS AND LEVEL 10 credits, level 3 PRE-REQUISITES AND PRIOR LEARNING Pre-requisites are MAD I and MAD II. This module assumes that you have good understanding of core management accounting techniques and concepts as taught in MAD I and MAD II. In addition, you will be expected to recall the basic principles of how to do analysis as taught in Year 2 and 3 of your degree course, but to a higher level this year. Knowledge should include the ability to both critically describe techniques and also apply numerical analysis to scenario based problems. EDUCATION AIMS The principle aim of this module is to critically review current management accounting theory and practice by reference to up to date research monographs/reports and academic papers. The secondary, related aim is to enrich students' understanding of management accounting techniques by enabling them to evaluate how such...
Words: 1270 - Pages: 6
...Australian School of Business Accounting ACCT1511 ACCOUNTING AND FINANCIAL MANAGEMENT 1B Course Outline Semester 1, 2012 Part A: Course-Specific Information Please consult Part B for key information on ASB policies (including those on plagiarism and special consideration), student responsibilities and student support services. Table of Contents 1 PART A: COURSE-SPECIFIC INFORMATION 1 2 STAFF CONTACT DETAILS COURSE DETAILS 3 3 3 3 3 4 4 5 5 5 6 7 7 8 10 11 12 2.1 Teaching Times and Locations 2.2 Units of Credit 2.3 Summary of Course 2.4 Course Aims and Relationship to Other Courses 2.5 Student Learning Outcomes 3 LEARNING AND TEACHING ACTIVITIES 3.1 Approach to Learning and Teaching in the Course 3.2 Learning Activities and Teaching Strategies 4 ASSESSMENT 4.1 Formal Requirements 4.2 Assessment Details 5 6 7 COURSE RESOURCES COURSE EVALUATION AND DEVELOPMENT COURSE SCHEDULE [ACCT1511 Accounting and Financial Management 1B] 2 PART A: COURSE-SPECIFIC INFORMATION 1 STAFF CONTACT DETAILS AFM1B staff members’ details, contact information and consultation times are consolidated together with the course timetable, which is posted separately on Blackboard. The policies regarding staff contact are as follows: The Staff are available for consultation starting from week 2 to week 13 (excluding mid-year recess) and STUVAC only. Consultation time during STUVAC differs from those of other weeks and will be notified on Blackboard...
Words: 3983 - Pages: 16
...Week 2: This week talked about the accounting environment in Australia. At the beginning of the lecture, we were asked to complete a questionnaire. The questionnaire contained the definitions of accounting terms. Introduction to course outline, trying to understand how it relates to accounting degree as a whole. The way to develop an understanding is to focus on the suitability of current accounting practices and how to develop improved accounting practices where current practices are unsuitable for changing business circumstances. This allows me to look at the course as a whole. Team formation with group of 4 led to some problems as two members had a personality clash and had a fight about the first task which included choosing photos out of a magazine that represented accounting. The group worked the problem out however it just shows the pros and cons of team work as sometimes personalities that clash each other may erase any benefits of team work. The vital issue this week is why regulation is needed and I hope to reflect about this in the weeks to come Other issues is who regulates and why one framework has begun to dominate world wide Why were certain regulations introduced such as “Intangible assets” Not reliable or timely, can’t be measured accurately. Problem is it undervalues organisation. Found the topic beneficial as a whole Week 3: Watched the movie “Company Men”, which reflects the operation of a financial company during the global financial crisis...
Words: 1934 - Pages: 8
...Introductory Accounting TOPIC: What is Accounting Lecture 2: The Accounting Cycle COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 WARNING This material has been reproduced and communicated to you by and on behalf of the University of New South Wales pursuant to Part VA of the Copyright Act 1968 (the Act). The material in this communication may be subject to copyright under this Act. Any further copying or communication of this material by you may be the subject of copyright or performers’ protection under the Act. Do not remove this notice. Hello, welcome to Introductory Accounting Welcome to the second lecture. In this lecture, we shall look at: steps in the accounting cycle definitions of key terms accounting reports relationship between the income statement and the balance sheet Accounting cycle a regular repetition of a standardised set of steps from the capturing of financial information on the source documents to the preparation of financial reports the procedure constitutes a complete accounting process of capturing, classifying, recording, summarising and presenting financial information The cycle begins again Details of a transaction are recorded on to a 1. Source document 5. Reports The Accounting Cycle 2. Journals 4. Trial Balance 3. Ledger Transaction an event that alters the financial position of a business and requires the entering of information into accounting records ...
Words: 650 - Pages: 3
...Australian School of Business Accounting ACCT1511 ACCOUNTING AND FINANCIAL MANAGEMENT 1B Course Outline Semester 2, 2013 Part A: Course-Specific Information Please consult Part B for key information on ASB policies (including those on plagiarism and special consideration), student responsibilities and student support services. Table of Contents 0 PA RT A : COURSE-SPECIFIC INFORMA TION 1 2 STA FF CONTA CT DETA ILS COURSE DETA ILS 2 2 3 3 3 3 3 4 7 7 7 9 9 9 12 5 6 7 COURSE RESOURCES COURSE EV A LUA TION A ND DEV ELOPMENT COURSE SCHEDULE 12 13 13 2.1 Teaching Times and Locations 2.2 Units of Credit 2.3 Summary of Course 2.4 Course A ims and Relationship to Other Courses 2.5 Student Learning Outcomes 3 LEA RNING A ND TEA CHING A CTIV ITIES 3.1 A pproach to Learning and Teaching in the Course 3.2 Learning A ctivities and Teaching Strategies 4 A SSESSMENT 4.1 Formal Requirements 4.2 A ssessment Details 1 [ACCT1511 – Accounting & Financial Management 1B] PART A: COURSE-SPECIFIC INFORMATION 1 STAFF CONTACT DETAILS AFM1B staff members’ details, contact information and consultation times are consolidated together with the course timetable, which is posted separately on Blackboard. The policies regarding staff contact are as follows: The Staff are available for consultation starting from week 2 to week 13 (excluding mid-year break week) and STUVAC only. Consultation times during STUVAC will differ from those of other weeks and will be notified on Blackboard...
Words: 4821 - Pages: 20
...Course Outline School: Department: Course Title: Course Code: Course Hours/Credits: Prerequisites: Co-requisites: Eligible for Prior Learning, Assessment and Recognition: Originated by: Creation Date: Revised by: Revision Date: Current Semester: Approved by: Business Graduate Studies Accounting for Managerial Decision Making ACCT 701 56 N/A N/A Yes Basil Chan, John Harris Summer 2013 Geoffrey Prince Summer 2014 Winter 2015 Chairperson/Dean Students are expected to review and understand all areas of the course outline. Retain this course outline for future transfer credit applications. A fee may be charged for additional copies. This course outline is available in alternative formats upon request. ACCT 701 CENTENNIAL COLLEGE Accounting for Managerial Decision Making Course Description This course will introduce the student to the principles of management accounting. Topics include costvolume-profit relationships, relevant costing, performance measurement, and the application of management accounting concepts and techniques to support business decision making. Program Outcomes Successful completion of this and other courses in the program culminates in the achievement of the Vocational Learning Outcomes (program outcomes) set by the Ministry of Training, Colleges and Universities in the Program Standard. The VLOs express the learning a student must reliably demonstrate before graduation. To ensure a meaningful learning experience and to better understand...
Words: 2727 - Pages: 11
...Lecture Notes Week 2 Accounting for Transactions – Fundamentals Part 1 Required Readings: HEM: Chapter 3 Pages 68-81 All required readings must be completed before attending class 14 THE ACCOUNTING EQUATION ASSETS = LIABILITIES + EQUITY This equation must ALWAYS balance. Effects of transactions on the Accounting Equation Transactions are business events which are given accounting recognition, and are inputs to the accounting system. Transactions usually involve a flow of resources. Examples: Every transaction will result in changes to an entity’s assets, liabilities or equity, and After each transaction is recorded, Transaction Analysis First step in the recording process Involves analysing the effects of transactions on the accounting equation: *Identify the items affected: *Determine effect: Note that Revenues and Expenses are treated as a subset of Equity: Revenues Expenses 15 Lecture Problem 1: Murphy’s Law Firm began operations on 1 January. The following transactions occurred during the month of January: Jan 1. The owner contributed cash of $15,000 to start the business Jan 2. Paid $1,200 for rent for January Jan 3. A computer was purchased for $2,200 cash Jan 5. Office furniture was purchased on credit for $4,000 Jan 10. Cash of $500 was received for services performed Jan 22. Billed customers for services provided, $2,500 Jan 24. Paid for the office furniture purchased on Jan 5. Jan 30. Received cash of $2,500 from customers on account...
Words: 757 - Pages: 4
..................................................................... 3 What makes accounting challenging? ........................................................................................................ 3 How should I approach the course? ........................................................................................................... 3 Threaded Discussions.............................................................................................................................. 4 Homework Assignments ......................................................................................................................... 4 Course Project ......................................................................................................................................... 5 Midterm Exam ........................................................................................................................................ 5 Final Exam ............................................................................................................................................... 5 What resources are available? .................................................................................................................... 5 2 Why a success guide? Students frequently approach accounting with a certain level of anxiety about the difficulty of the course, the...
Words: 1044 - Pages: 5
...(UTAR) | | |FACULTY OF BUSINESS AND FINANCE (FBF) | | |Bachelor of Commerce (Hons) Accounting | Unit Plan | | | | | |Unit Code & |UBAF 2023 AUDITING | | |Unit Title: | | | | | | | |Course of Study: |Bachelor of Commerce (Hons) Accounting | | | | | | |Year of Study: |Year Two, Trimester Two ...
Words: 2089 - Pages: 9
