After completing this chapter you should be able to: Explain the distinguishing features of managerial accounting, identify the 3 broad functions of management, define the 3 classes of manufacturing costs, distinguish between product and period costs,.and other contents. | CHAPTER 19 MANAGERIAL ACCOUNTING Accounting Principles, Eighth Edition Explain the distinguishing features of managerial accounting. Identify the 3 broad functions of management. Define the 3 classes of manufacturing costs. Distinguish between product and period costs. Explain the differences between a merchandising and a manufacturing income statement. Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Study Objectives Indicate how cost of goods manufactured is determined. Explain the difference between a merchandising and a manufacturing balance sheet. Identify trends in managerial accounting. 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Managerial Accounting Basics Compare managerial and financial accounting Management functions and Business Ethics Managerial Cost Concepts Manufacturing costs Product vs. period costs Manufacturing Costs in Financial Statements Income Statement and Balance Sheet Cost concepts – A review Managerial Accounting Today Service industry trends Managerial accounting practices Preview of Chapter 1. On the topic, “Challenges Facing Financial Accounting,” what did the | CHAPTER 19 MANAGERIAL ACCOUNTING Accounting Principles, Eighth Edition Explain the distinguishing features of managerial accounting. Identify the 3 broad functions of management. Define the 3 classes of manufacturing costs. Distinguish between product and period costs. Explain the differences between a merchandising and a manufacturing income statement. Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Study Objectives Indicate how cost of goods manufactured is determined. Explain the difference between a merchandising and a manufacturing .
