Jun 2nd, 2015
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Augusta State University
Course: general
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IMPORTANT POINTS -Managerial accounting basics -Comparing managerial and financial accounting -Management functions -Business ethics -Managerial cost concepts -Manufacturing costs -Product versus period costs -Manufacturing costs in financial statements

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CHAPTER 14MANAGERIAL ACCOUNTINGIMPORTANT POINTS-Managerial accounting basics-Comparing managerial and financial accounting-Management functions-Business ethics-Managerial cost concepts-Manufacturing costs-Product versus period costs-Manufacturing costs in financial statements-Cost of goods manufactured schedule-Income statement for a manufacturing business-Balance sheet for a manufacturing business-Managerial accounting today-Service industry trends-Managerial accounting practicesNOTE: We do not cover the Appendix at the end of the chapter (pages 770-773).1. WHY YOU TAKE THIS COURSE-To understand how a business functions through an understanding of accounting-To understand how to use accounting information to manage a business2. FINANCIAL ACCOUNTING-Primary users of reports-External users (stockholders, creditors, regulatory agencies)-Types and frequency of reports-Classified financial statements issued quarterly and annually-Purpose of reports-To provide general purpose information for all users (external and internal)-Content of reports-Pertains to entity as a whole and is highly aggregated-Limited to double entry accounting system and cost data-Must be prepared according to Generally Accepted Accounting Principles (GAAP) because external users must know exactly what the items and numbers on the statements mean and how they were developed-Verification process-Annual independent audit by CPA3. MANAGERIAL ACCOUNTING-Primary users o

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