...ASSIGNMENT CLASSIFICATION TABLE Brief Exercises A Problems B Problems Study Objectives Question s Do It! Exercises 1. Indicate the benefits of budgeting. 1, 2, 4 1 2. State the essentials of effective budgeting. 3, 5, 6, 7, 8 1 1 3. Identify the budgets that comprise the master budget. 9, 10, 11, 12, 13, 14, 15, 16 1, 2, 3, 4, 5, 6, 7 1, 2, 3 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 1A, 2A, 3A 1B, 2B, 3B 4. Describe the sources for preparing the budgeted income statement. 17, 18 8 4 13 1A, 2A, 3A, 6A 1B, 2B, 3B 5. Explain the principal sections of a cash budget. 19, 20 9 5 14, 15, 16, 17, 18, 19 4A, 6A 4B 6. Indicate the applicability of budgeting in nonmanufacturing companies. 21, 22 10 3,18, 19, 20 5A 5B Copyright © 2010 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 5/e, Solutions Manual (For Instructor Use Only) 9-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Prepare budgeted income statement and supporting Simple 30–40 Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Proble budgets. Study Objective 2A Knowledge Prepare sales, production, direct materials, direct labor, Comprehension and income statement budgets. Application Analysis Simple 40–50 3A 1. Q9-1 Q9-2 Q9-4 E9-1 5A Prepare sales and production...
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...School of Business MANAGERIAL ACCOUNTING Course Syllabus Professor Yun Zhang Phone: 202-994-7532 Suite 601-C Funger Hall Email: yunzhang@gwu.edu 2201 G Street NW Washington DC 20052 Course Introduction Managerial accounting is concerned with the use of accounting data by managers to plan and control (evaluate) personnel and operations of the firm. The focus is on planning, decision-making, and control by the organization and on the accounting systems that managers have to assist them in their decisions about resource allocation and performance evaluation. The course is intended as an introduction for individuals who will make business decisions, evaluate business units, and evaluate others (or be evaluated) through the use of accounting systems. The course will be loosely divided into two topics: cost management systems and managerial control systems. Each topic is briefly described below. Cost Management Systems: The objective of the cost management system is to provide information about the costs of the goods and services sold by the firm. While financial accounting requires that product cost information be accumulated in particular ways for external reporting, the focus in the course will be on cost systems that aid managerial decision-making. We will start...
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...Ch 2 Homework Solutions Exercise 2-1 1. Directing and motivating 2. Budgets 3. Planning 4. Precision; Timeliness 5. Managerial accounting; Financial accounting 6. Managerial accounting 7 Financial accounting; Managerial accounting 8. Feedback 9. Controller 10. Performance report Exercise 2-4 CyberGames Income Statement | | | | Sales | | $1,450,000 | Cost of goods sold: | | | Beginning merchandise inventory | $ 240,000 | | Add: Purchases | 950,000 | | Goods available for sale | 1,190,000 | | Deduct: Ending merchandise inventory | 170,000 | 1,020,000 | Gross margin | | 430,000 | Selling and administrative expenses: | | | Selling expense | 210,000 | | Administrative expense | 180,000 | 390,000 | Net operating income | | $ 40,000 | Exercise 2-9 1. | Product cost; variable cost | 2. | Conversion cost | 3. | Opportunity cost | 4. | Prime cost | 5. | Sunk cost | 6. | Period cost; variable cost | 7. | Product cost; period cost; fixed cost | 8. | Product cost | 9. | Period cost | 10. | Fixed cost; product cost; conversion cost | Problem 2-16 1. Swift Company Schedule of Cost of Goods Manufactured For the Month Ended August 31 | Direct materials: | | | Raw materials inventory, August 1 | $ 8,000 | | Add: Purchases of raw materials | 165,000 | | Raw materials available for use | 173,000 | | Deduct: Raw...
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...Pasadena City College Syllabus - MANAGERIAL ACCOUNTING - ACCT 001B Fall 2015 – 70008 (Revised) Date: Time: Location: September 1 – December 15, 2015 Tuesdays/Thursdays; 7:00am – 9:30am R 307, Building R Instructor: E-mail: Phone: Chee-Sum Tan, MBA, CPA, CFA, ABV, CGMA ctan8@pasadena.edu 626-524-1674 Required Material: Textbook: Accounting: Tools for Business Decision Making (5th Edition); Kimmel, Weygandt, Kieso, Wiley Publishing (WITH “WILEYPLUS”). WILEYPLUS IS REQUIRED Calculator: Basic calculator Supplies: Pen, pencil, 3 scantrons Learning Objective: This course is designed to provide an understanding of managerial accounting information useful to managers responsible for conducting business operations and decision making. Upon the successful completion of this course, students must be able to measure, analyze and report managerial accounting information for the purpose of planning, budgeting and control. Students are also required to have a solid understanding and working knowledge of the concepts and principles of managerial accounting. Learn operational processes like job order costing, process costing and activity-based costing concept Perform cost-volume-profit analysis, relevant costing, capital budgeting for profitability and decision making Understand performance reports and budgets for planning and control purposes Demonstrate mastery of managerial accounting concepts and principles through satisfactorily completing assigned...
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...CHAPTER 10 Budgetary Control and Responsibility Accounting ASSIGNMENT CLASSIFICATION TABLE Learning Objectives 1. Describe the concept of budgetary control. Evaluate the usefulness of static budget reports. Explain the development of flexible budgets and the usefulness of flexible budget reports. Describe the concept of responsibility accounting. Indicate the features of responsibility reports for cost centers. Identify the content of responsibility reports for profit centers. Explain the basis and formula used in evaluating performance in investment centers. Explain the difference between ROI and residual income. Questions 1, 2 Brief Exercises Do It! Exercises 1 A Problems B Problems 2. 3, 4, 5 1, 2 1, 2, 8, 10 3A 3B 3. 6, 7, 8, 9, 10, 11, 12 3, 4, 5 1, 2 1, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 1A, 2A, 3A 1B, 2B, 3B 4. 13, 14, 15, 16, 17, 18, 24 19 6 13 6A 6B 5. 9, 11, 14 6. 20, 21 7 3 15, 16 4A 4B 7. 22, 23, 24 8, 9, 10 4 16, 17, 18, 19 5A 5B *8. 25, 26 11, 12 20, 21 7A 7B *Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix to the chapter. Copyright © 2012 John Wiley & Sons, Inc. Weygandt, Managerial Accounting, 6/e, Solution Transparencies (For Instructor Use Only) 10-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number 1A Description Prepare flexible budget and budget report for manufacturing...
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...ADM 335 ACCOUNTING II: MANAGERIAL ACCOUNTING COURSE DESCRIPTION Managerial accounting involves the use of economic and financial information to plan and control many of the activities of the business entity and to support the management decision-making process. The main objective of this course is to explore the relevant issues of cost accounting. Hence, this course examines the acquisition, analysis, and reporting of accounting information from the perspective of effective management decision making, with special emphasis on the planning and control responsibilities of practicing managers. It also familiarizes the student with an electronic spreadsheet package found in today’s business world. TOPICS Topics to be covered in this course: • • • • • • • • • • • • • Managerial Accounting—Definition and Perspective Cost Terms, Concepts, and Classifications Job-Order Costing Process Costing Cost Behavior Analysis Cost-Volume-Profit Relationships Profit Planning and Budgeting Standard Costs and Variance Reporting Flexible Budgets Segment Reporting and Profitability Relevant Costs for Decision Making Statement of Cash Flows Financial Statement Analysis STUDENT—1 ACCOUNTING II: MANAGERIAL ACCOUNTING This syllabus has been developed by the faculty of the College of Business and Management at Cardinal Stritch University. © 2014 Cardinal Stritch University Syllabus Control Number: 061614 STUDENT—2 ACCOUNTING II: MANAGERIAL ACCOUNTING INTRODUCTION SYLLABUS FORMAT This...
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...MBA PROGRAMME CLASS OF 2016, SECTION B Semester II Weekly Class Schedule FOR THE WEEK OF MARCH 30 TO April 03, 2015 Auditorium 104 DG Class 1 DG Class 2 DG Class 3 0830-0900 0905-1035 1105-1135 1140-1310 1435-1505 1510-1640 IE 1 ME 15 OM 16 MACS 15 * FMG 15 * FMG 16 BII 1 OM 17 BII 2 30-Mar Mon 31-Mar Tue 1-Apr Wed 2-Apr Thu 3-Apr Fri 4-Apr Sat ME 16 MACS 16 IE 2 * FMG-17 Joint 1. The soft copy of the weekly schedule is available on the main page of the LUMS website www.lums.edu.pk - Information For: Students\Schedules\MBA Schedule 2. Class timings may sometimes differ from the usual timetable. Please follow the timings given on the inner pages. 3. 4. * For course titles and instructors, please turn overleaf. FMG WAC is due on Sunday, April 05. Follow the timings given on the inner pages for FMG 15 & 16 and Friday, April 03. MBA CLASS OF 2016 SEMESTER II (S II) LIST OF COURSES BEING OFFERED Code Units Course Title Instructor BII FMG IE MACS ME OM 0.5 1 0.5 1 1 1 Business Integration and Innovation Financial Management Islamic Ethics Managerial Accounting and Control Systems Managerial Economics Operations Management Jamshed H Khan Syed Mubashir Ali Kamran Rashid Ayesha Bhatti / M Junaid Ashraf Tanveer Shehzad Hassan Rauf / Syed Zahoor Hassan SULEMAN DAWOOD SCHOOL OF BUSINESS MBA PROGRAMME CLASS OF 2016, SECTION B AUDITORIUM A-104 SEMESTER II 2014-2015 (SII) Assignments for the week of March 30 to April 03, 2015 ***************************************************************************...
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...ACCT 230 Managerial Accounting Office: JH3208 Spring 2011 Phone: (818) 677-2424 James Chiu, Ph.D., CPA, CMA Email: James.chiu@csun.edu Hours: 14:00- 15:20 T.TR. 18:00-19:00 W. and by Appointment Prerequisite: ACCT 220 Required Text: Brewer/Garrison/Noreen, Introduction to Managerial Accounting, 5th Edition (McGraw-Hill Publishing Co., 2010) Course Objective: Management accounting information system is designed to satisfy three broad objectives (1) To provide information for costing out products and services, (2) To provide information for planning, controlling, evaluation, and continuous improvement, and (3) To provide information for decision making. The purpose of the course is to learn the fundamental concepts and procedures necessary for the understanding and use of management accounting information for managerial decisions. The emphasis is on the use of accounting information. Effective management requires a sound understanding of how to use accounting information for decision making. The following topics will be discussed: Major differences between Financial and Managerial Accounting Ethical standard for management accountants Cost terminology and concepts Cost objects, cost flows in manufacturing or services operations. Job order costing and process costing Activity based costing and management ...
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...Technological University Syllabus for New MBA Program effective from Academic Year 2011-12 MBA I Semester I Accounting for Managers (AFM) 1. Course Objective: The objective of the course is to acquaint the students with the language of Accounting and to develop in them the ability to evaluate and use accounting data as an aid to decision making. The main purpose is to assist the students in developing skills in problem solving and decision making in the financial area. Emphasis is laid on analysis and utilization of financial and accounting data for planning and control. 2. Course Duration: The course duration is of 36 sessions of 75 minutes each i.e. 45 hours. 3. Course Contents: Module No: Module Content No. of Sessions 70 Marks (External Evaluation) 17 I II Fundamentals of Accounting Basic understanding of accounting, Accounting Concepts, Conceptual framework of financial statements, Accounting Policies, Journal Entries and preparation of accounts - Trial Balance to Balance sheet and profit and loss Account, Recognition of Income and Expenses, Provisions, Contingent Liabilities Accounting Standards and Applicability: Disclosure of Accounting Policies (AS-1), Valuation of Inventories (AS-2), Depreciation Accounting (AS-6), Income Recognition & Accrual Income (AS-9), Accounting of Fixed Assets (AS-10), Accounting for Intangible Assets (AS-26), Accounting for Investments (AS-13), 7 7 17 III IV V Preparing and Understanding Financial Statements : Corporate...
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...National Taiwan University College of Management Department of Accounting Accounting for Managerial Decisions Spring 2014 Instructor: Liao, Chih-Hsien Class Time: Wednesday 14:20－17:20 Office: Room 912, Building 2, College of Management Phone: (02) 3366-1121 Email: Office Hours: Monday 10:00－12:00, or by appointment Teaching Assistant (TA): COURSE DESCRIPTION This course is designed to provide an overview of basic cost accounting systems and how cost information is applied in an organization’s internal management. Cost accounting systems provide valuable information for managerial planning and control. The first part of this course focuses on how to determine the precise costs an enterprise incurs to make products or deliver services. The second part of this course introduces how managerial accounting helps organizations to evaluate product/customer profitability, improve cost management and create more value. Managers rely on accurate cost information to make a variety of decisions, including product pricing, budgeting, sales mix, inventory management, and employee performance evaluation. The class focuses primarily on lectures, supplemented by case discussions designed to stimulate students’ critical thinking and analytical skills. COURSE OBJECTIVES 1) Demonstrate an understanding of important characteristics and elements of various cost systems. 2) Develop the ability to use cost information to make business decisions and solve management...
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...Accounting in the Bible Abstract: This paper traces several accounting concepts in the Bible. In particular, the Bible discusses the objectives of accounting, internal control procedures and managerial accounting topics. This paper links the Bible to current accounting thought. The beginnings of modern accounting are commonly traced to Pacioli in the 15th century. Actually many of the fundamental ideas that underlie modern accounting may be traced much further back. The Bible, which is generally viewed as covering events between 1800 B.C. and 95 A.D., contains several references, both direct and indirect, to accounting and basic accounting concepts. In particular, it discusses financial accounting, internal control, and management accounting. The purpose of this paper is to discuss the Bible’s relationship to accounting thought. Financial Accounting One of the major purposes of accounting is to monitor the per-formance of management. In addition, accounting serves the purpose of insuring that the accounting entity is not defrauded either by its agents or by outsiders. The Bible discusses this in a negative way in 2 Kings 12:16 which says about the building of the Temple: “No accounts were kept with the men to whom the money was paid over to be spent on workmen since they were honest in their dealings.” This is virtually repeated in 2 Kings 22:7. We can infer from this that accounts would have been kept if the contractors were less than honest. Thus the Bible points out...
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...State University of New York BINGHAMTON UNIVERSITY School of Management Fall 2011 Class: Mgmt 501 Accounting for Managers Mondays: 4:25 – 5:50 pm LN 2403 Wednesdays: 4:25- 5:50 pm SL206 Instructor: Anna M. Addonisio, CPA, MBA Email: aaddonis@binghamton.edu Phone: 777-4941 Office: Library North Room 2430 Office Hours: by appointment Text: Financial and Managerial Accounting, by Needles, Powers, & Crosson, 9e edition, Houghton Mifflin Co. (required) Cases: Harvard Business School Cases (required) Wall Street Journal (recommended) Financial Calculator: Texas Instruments BAII Plus is required Course Objective: This course integrates financial accounting and managerial accounting. The objective is to provide students with an understanding of accounting information from the managers’ perspective and develop students’ ability and analytical skills necessary to use accounting information to make decisions in the business world. The first part of this course introduces financial accounting with the emphasis on financial statement preparation by accountants, selection of reporting strategies by managers, and interpretations by users of corporate financial reports. The second part of this course introduces managerial accounting, which is primarily concerned with data gathering and presentation for purpose of internal management evaluation and decision-making. The objective is to understand the determination of cost structure and develop techniques for...
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...Appendix A Service Department Costing: An Activity Approach Solutions to Questions A-1 Interdepartmental service costs exist whenever two service departments perform services for each other. Under the step method, the costs of the service department performing the greatest amount of service for the other service departments are allocated first, the costs of the service department performing the next greatest amount of service are allocated next, and so forth through all the service departments. Once a service department’s costs have been allocated, costs are not reallocated back to it under the step method. A-2 Under the direct method, costs are not allocated between service departments. Rather, all service department costs are allocated directly to operating departments. A-3 If a variable base is used to allocate fixed costs, the costs allocated to one department will depend in large part on what is happening in other departments. For example, ineffectiveness in one department will result in it being relieved of allocated costs, and these costs will be shifted onto other departments. As a consequence, the more efficient departments will be penalized. A-4 In many firms, managers of departments have great latitude over the extent to which their departments will utilize the services offered by the firm’s service departments. In order to encourage the use of certain services which otherwise might not be used (such as performance evaluation and internal auditing), the services...
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...Introduction to Accounting Why Study Accounting? Engineering Accounting • Accounting is pervasive • Used in all types of organizations An Overview Richard S. Barr – For-profit companies – Not-for-profit companies – Governmental organizations 1 2 Organizations Accounting Common characteristics: • An objective or group of objectives • A set of strategies to achieve its objectives • Managers • A key element of management • You must understand what is being reported – – • Managers' performance is often measured by accounting data • This data is used for decision making • An organizational structure – • A need for information 3 Accounting Systems 4 Types of Information • Are the primary quantitative information system in most organizations In accounting systems: • Attention-directing – – Types of information – Purposes of accounting systems • Problem-solving – • Scorekeeping – 5 6 1 Introduction to Accounting Purposes of Acctg Systems Accounting Systems • Internal reporting to managers for planning and control • Internal reporting for special decisions, policies, and long-range plans • External reporting Four Standard Types 7 8 Types of Accounting Systems Financial Accounting 1. 2. 3. 4. • Primarily for the external decision maker Financial Tax Management Cost – – – • External reporting follows legal and GAAP requirements • Objective:...
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...CHAPTER 14 Managerial Accounting ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1 A Problems B Problems Study Objectives *1. Explain the distinguishing features of managerial accounting. Identify the three broad functions of management. Define the three classes of manufacturing costs. Distinguish between product and period costs. Explain the difference between a merchandising and a manufacturing income statement. Indicate how cost of goods manufactured is determined. Explain the difference between a merchandising and a manufacturing balance sheet. Identify trends in managerial accounting. Prepare a worksheet and closing entries for a manufacturing company. Questions 1, 2, 3 Do It! 1 Exercises 1 *2. 4, 5, 6, 7, 8 11, 12 2, 3 1 *3. 4, 5, 7 2 2, 3, 4, 5, 6 3, 4, 5, 7, 13 8, 12, 13, 14, 15, 17 1A, 2A 1B, 2B *4. 13 6 2 1A, 2A 1B, 2B *5. 9, 14 3A, 4A, 5A 3B, 4B, 5B *6. 15, 16, 17, 18 8, 10, 11 3 8, 9, 10, 11, 12, 13, 14, 15, 16, 17 14, 15, 16, 17 3A, 4A, 5A 3B, 4B, 5B *7. 10, 19, 20, 21 9 3A, 4A 3B, 4B *8. 22, 23, 24 25, 26 27, 28, 29 12 4 18 *9. 19 6A *Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix to the chapter. Copyright © 2011 John Wiley & Sons, Inc. Kimmel, Accounting, 4/e, Solutions Manual (For Instructor Use Only) 14-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number 1A Difficulty Level Simple Time Allotted (min.) 20–30 Description Classify manufacturing costs into different...
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