...MA1 2014-2015 MANAGEMENT ACCOUNTING MODULE 1 PART 5 Slide 67: Exercise 1-2 pages 24-25 Solution 1. 2. 3. 4. 5. 6. 7. 8. 9. work in process Six Sigma business process corporate governance enterprise risk management just-in-time business risks Non-value added activity value chain 10. enterprise system 11. code of professional ethics 12. lean thinking model 13. customer value proposition 14. Sarbanes Oxley Act 15. corporate social responsibility -1- MA1 2014-2015 MANAGEMENT ACCOUNTING MODULE 1 PART 5 Slides 68 – 70: Past CGA Exam question For the year ended March 31, 1993, you are given the following data: Direct materials used Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods sold Net income Required Compute the following: 2 a. Direct labour 2 b. Ending work-in-process inventory 2 c. Goods available for sale 2 d. Ending finished goods inventory 2 e. Operating expenses $ 9,000 20,000 37,000 3,500 30,000 50,000 2,000 27,000 3,000 Solution Take what you are given and use it to try to determine the missing parts. You must understand the format and calculations for the schedule of cost of goods manufactured and the income statement. Calculations: Direct materials used Direct labour MOH Total manufacturing costs WIP, beginning (WIP, end) COGM 9,000 (a) 20,000 37,000 3,500 (b) 30,000 (a) = 37,000 – (20,000 +9,000) = 8,000 (b) = 10,500...
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...Certified Public Accountant Process Jenna M. Stienstra Southwest Tech Abstract A certified public accountant (CPA) is an individual who has passed the very difficult CPA Exam and been licensed by one of the 50 United States or one of five other jurisdictions. The CPA license is renewed if the individuals continue to follow the state's requirements, including professional education credits. Following the process, knowing the salary difference, and understanding what CPAs do from day-to-day are all important factors. Many changes are being made to the CPA Exam in the near future, so individuals who are planning to take the exam should be aware of the changes that will be incorporated into the upcoming versions. Keywords: CPA, process, advantages and disadvantages, exam, license, salary. CPA Process Anyone who has known a CPA has probably heard how much he/ she had to study and how difficult it was to obtain a CPA license. However, even though it takes additional college education and studying to pass the CPA Exam, it is worth the effort because of the promotions, increased pay, and more credibility that are given to individuals with a CPA license. The CPA Exam is not like any other exam, and the profession does have its pros and cons, just like any other business. What is the CPA Process? Becoming a CPA requires the individual to follow four steps in a sequence. First, the person must graduate from high school. Having a General Education Development (GED) is...
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...representing financials honestly, accounting is critical in giving accurate assessment to the past and providing constructive suggestions to the future. During study of accounting in XXX as an undergraduate, I discovered this is exactly what I want to do. Driven by the craving for in-depth knowledge and skills in accounting, I am determined to pursue graduate studies in this field. Here I am applying to the Master of Accounting program at USC as it perfectly fits my aspirations for professional development. In the short run, I will prepare for the Uniform CPA Exam during graduate studies and pass the Exam as soon as possible. Upon graduation, I would seek a job in a renowned accounting firm such as the Big Four to undertake auditing work. After accumulating abundant experience of public accounting, I will shift to the direction of corporate accounting, gaining professional experience in financial management and internal auditing. Meanwhile, I expect to gain management experience, making preparations for future MBA studies. With plenty of work experience, seeking a MBA degree will be my next step so as to enhance my management and leadership skills. With the knowledge and skills I acquired from MBA studies, I will continue my career in the direction of corporate accounting, endeavoring to become a qualified CFO. The MAcc degree at USC could help me realize my career goals in the following ways. Firstly, this one-year program could sit me for the Uniform CPA Exam in an efficient and economical...
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...Module outline Management Accounting & Applied Finance (MAAF) 12 September 2013 Chartered Accountants Program Overview Management accounting is about making better business decisions; the practical understanding of key drivers for adding value to a business; and how these are tied to the decision-making process. It’s about helping people run their businesses more efficiently and effectively in order to achieve the desired outcomes such as increasing returns or delivering improved services. MAAF includes two major integrated case studies and other practical examples and activities that will give you the skills and knowledge to identify, analyse, interpret and communicate information to help an organisation manage its resources and achieve strategic goals. The MAAF module is one of the five compulsory modules in the Chartered Accountants Program. It requires a good understanding of management accounting and applied finance from your previous tertiary studies. Units The MAAF module comprises the following units: Unit 1 2 3 4 Name of unit Introduction to management accounting (including ethics) Analysing business operations Activity-based costing and management Pricing decisions and models Online assessment 5 6 7 8 Management of revenues and costs Performance reporting Working capital management Business planning (including budgeting and forecasting) Online assessment 9 10 11 12 Performance analysis Performance measurement and management Investment decisions Short-term...
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...Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support. Why (a) do you suppose Union Planters purchases investments, rather than simply making loans? Why does it purchase investments that vary in nature both in terms of their maturities and in type (debt versus stock)? 1. They may have excess funds that they havent loaned out yet and instead of having the money just sit there the bank manager may decide that it could earn more revenue by choosing to invest. 2. Depending on the situation the bank manager may also feel that they can make more money by investing the excess funds rather than lending the money out. For example right now interest rates are at an all-time low and they may feel like the return on the interest is not enough compared to investing. 3. The bank manager may feel that these investments will mature and be worth more in the future so they may choose to hold long term to create more revenue. (b) How must Union Planters account for its investments in each of the two categories? 1. Trading securities Balance sheet at fair market value a. Gain/Loss reported as part of income 2. Available-for-Sale Balance sheet at fair market value a. Gain/Loss Comprehensive income/ separate from Stockholders equity until realized 3. Held to-Maturity reported at amortized cost Planters had none (c) In what ways does classifying into investments...
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...13, 2004 Tentative Syllabus Managerial Perspective on Financial Accounting Accountancy 401X; Fall 2004 Michael J. Sandretto, 225C David Kinley Hall (217) 244-6410 (office); (217) 352-4832 (home, before 10:30 p.m.) sandrett@uiuc.edu or michaeljsandretto@earthlink.net Texts: Antle, Rick, and Stanley J. Garstak, Financial Accounting, Southwestern (United States), second edition, 2004 (Antle). Palepu, Krishna G., Paul M. Healy, and Victor L. Bernard, Business Analysis and Valuation: Using Financial Statements, Text Only, Southwestern (United States), fourth edition, 2004 (Palepu). Background: Accounting is called the language of business for at least two reasons. First, accounting terms such as sales, revenues, profit, net income, costs, gross margin, expense, and capitalize are widely used in business. Any businessperson is expected to understand those terms. Second, managers rely on accounting to understand an organization’s economic condition at a point in time and its economic performance over a period of time. As a result, they use accounting information to communicate with others. Managerial Perspective on Financial Accounting will help you understand publicly available financial statements for publicly traded companies and financial statements prepared for internal use. It is also an introduction to financial statement analysis and valuation methods. The basic financial accounting methodology, double-entry bookkeeping, was first published in 1494...
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...received my associate’s degree in business administration with minor in accounting. I am looking to start my career in accounting, so I wanted to know what are the qualifications and procedures that are needed to become a successful CPA. There are different ranks in accounting, with CPA being the highest. With that being said, I needed more information on whether I needed the certification. The basic job description of an accountant is make sure financial records are correct and true. They also have to make sure taxes are paid by state and federal guidelines. PROBLEM STATEMENT Becoming an accountant is a very hard job to achieve. It takes a lot of dedication and schooling to make it happen. In order to become an accountant, you have to obtain certification in the State you are trying to work in. Each state has its own requirements that are made up by a state board of accountancy. Therefore, trying to get licensed in Virginia may be different in another state. There are four main levels of accounting, which are public, management, and government accounting. Internal auditing is the fourth. They all do the same job, but you may be limited on what you can do as an accountant. This is very important to know if you are pursing a career in accounting. A public accountant is what I am pursing a career in so I had to find out what is needed to accomplish. A public accountant job description varies from doing accounting; auditing, taxes, and or consulting for clients (www.bls.gov). .Most...
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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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...University of Alberta, School of Business Accounting 415/615 (Winter 2016) Department of AOIS Intermediate Financial Accounting II Instructor: Office: Phone: E-mail: Jason Lee BUS 4-30B 780-492-4839 jason.lee@ualberta.ca Office Hours: MW 11:00AM– 12:00AM Or by appointment Lecture Sections: B1 B2 MW MW 9:30AM – 10:50AM 12:30PM – 1:50PM BUS 1-10 BUS 3-10 Course Description and Objectives: ACCTG 415/615 is the second part of Intermediate Financial Accounting. This course builds upon materials learned in previous financial accounting courses including ACCTG 311 and ACCTG 414/614. The focus of this course is on accounting for financing, liabilities and equity, and related income measurement, and disclosure with an in-depth examination of complex measurement issues. Together with ACCTG 414/614, Intermediate Financial Accounting covers virtually every important corporate reporting topic. Students are expected to master the vast body of knowledge on accounting for activities of an enterprise and preparing accounting information. A professional accountant’s expertise depends on both technical skill and professional judgment. During this course, students are expected to work towards developing the expertise through a lot of quantitative practice and a thorough understanding of the rationale (conceptual basis, assumptions, facts of circumstances, etc.) for each accounting method. This is a difficult course. For each topic covered, there...
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...INTERMEDIATE ACCOUNTING I (ACC 221) 21 Aug 2013 - 15 Oct 2013 TEACHER: Dr. Joseph L. Ilk, CPA, CMA, CVA, CPCM TELEPHONE: Office: (703) 805-4473 Home: (540) 582-6008 E-mail: jilk@nvcc.edu If you e-mail me, please put “ACC 221" and either "E40W" or "E80W" ” in the subject line. If you do not I will not recognize the e-mail and will delete the file. The student needs to put their First and Last Name in the e-mail so I know who it came from. OFFICE HOURS: Mon-Fri 8:00 p.m. - 9:00 p.m.I check my e-mail (jilk@nvcc.edu) every day. NOVA IT Helpdesk: (703) 426-4141 CONNECT HELPDESK: (800) 331-5094 PRE-REQUISITES: ACC 212 - Principles of Accounting II I. THE COURSE: ACC 221, intermediate accounting covers accounting principles and theory, including a review of the accounting cycle and accounting for current assets, current liabilities, and investments. Introduces various accounting approaches and demonstrates the effect of these approaches on the financial statement users II. SCOPE: The study will cover but not be limited to the following areas: Theoretical structure of financial accounting Time value of money Review of the accounting process Cash and receivables Balance sheet Inventories Income statement Plant, property, and equipment Cash flow statement Investments Income measurement and profitability analysis III. Course Learning Objectives: * Comprehend the environment and theoretical...
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...Dennis Stanton 3/28/12 Professor Doyon Intermediate Accounting II Writing Assignment 2 Thus far, Intermediate Accounting has been very challenging. However, I do not think any of the topics discussed-to-date have been over my head, and at this point in the semester I am beginning to feel somewhat like an accountant, with a solid, basic know-how in my field of study. My brother recently asked me for my opinion on some loans for his new food business: I was almost giddy that I could easily work out some present values. Also, many of my courses this semester overlap frequently, providing me with useful cross-referencing (from accounting to management to finance, etc). While many of my accounting courses have been similar in routine, I find Professor Doyon's teaching methods especially helpful. I don't believe I've ever had a professor more wanting or willing to help their students succeed than him (and this is entirely true, no kissing up!). The quality/quantity of information and the in-depth reminders we are given keep me on task, even when I'm struggling with the homework. The speed of the course is very fair, and I believe everyone in the class feels more than comfortable asking questions, whether it be mid-exercise, or to try a certain problem, or with an idea. The way we move through chapters, including the break-down of exercises/problems/cpa/cma questions seems thoroughly thought out in a way meant to help students begin with basic problems...
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...The International Accounting Standards Committee was formed in 1973. This committee was the first international standard-setting body. In early 2001, this Committee was reorganized and became the the International Accounting Standards Board (IASB) to independently develop and establish a single set of accounting procedures for international business. Since the reorganization of the IASB, the use of these international financial reporting standards (IFRSs) have been required or permitted in over 100 countries, including the European Union ("What Have IASB And FASB Convergence Efforts Achieved?", 2013). The IASB aims to make the entire world follow guidelines for financial reporting to make use and comparability of financial reports more consistent across all geographical areas. The Financial Accounting Standards Board (FASB) is the independent body that is responsible for the creation of GAAP. The board is the standard setting body in charge of standards for nongovernmental companies operating in the United States. Since 2002, the IASB and FASB have been working together to improve and converge U.S. GAAP and IFRS. The United States is not the only country working toward convergence, as of 2009, Japan and China were both working toward convergence of IFRS as well as their accounting standards. In February 2010 the Securities Exchange Commission (SEC) issued statements of support of the convergence in IFRS and U.S. GAAP. The FASB intends to analyze each of the differences within...
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...more about myself, my course objectives, background and work experience. Through this course, I wish to gain the skills and knowledge needed to pass the Financial Accounting portion of my CPA exam while pursuing an accounting career. I hope that we can have a great learning experience together this quarter. In taking Financial Reporting III, I hope to continue to build on the principles and theories of accounting I have learned thus far. While learning these advanced topics on accounting for income taxes, accounting for pensions, other post-retirement benefits, and many other important topics I know that I am being prepared when I sit for the financial reporting section of the CPA exam. My desire is to be able to use the knowledge I learn from this course where I can later apply it during my future career. I finished my first two years at Harold Washington, one of the community colleges of Chicago. As the decision to choose my major and university drew closer after spring of last year, in the end I chose DePaul University for my bachelor’s degree for accounting. To my prior understanding and as I have come to know, DePaul is a great university for their business curriculum in the Undergraduate and Graduate programs. Currently, I am a senior and will become CPA eligible upon graduation spring 2016. In the past, I was the manager at the Chinatown Museum in Chinatown where I managed a team and the daily operations. I have many years of customer service from working at Walgreens...
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...What does ethics have to do with accounting? Everything, since there have been some recent financial accounting scandals; a few examples being Xerox, WorldCom, Enron, which have generated much unwanted and unfavorable publicity for CPA's, including those working as controllers or chief financial officers for organizations. When you hear the word "ethics," what is the first thing that comes to mind? Having to make the decision of doing what is right versus doing what is wrong. Some idealists say that decisions of ethics should not be conditional. However, that is not as simple as it may sound. What constitutes "right" to one person may be "wrong" to anther; what clearly distinguishes the line between right and wrong? What some may look at as being unethical does not necessarily make it illegal. In the predicament of David Duncan, the lead audit partner at Arthur Anderson the Accounting Firm for Enron, underscores the penalty that accountants may face under professional accountability. Duncan had pleaded guilty to obstruction of justice when he was involved in the connection with document shredding. The scandals have made some big implications on the profession as a whole. One being the decision from the Public Company Accounting Oversight Board (PCAOB), created by the Sarbanes-Oxley Act (SOA) of 2002, in April 2003 they voted to assume the responsibility for establishing auditing standards. The Auditing Standards Board of the American Institute of Certified Public Accountants...
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...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...
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