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MBA 520 MBA520 MBA/520 Managerial Accounting- Notes – Financial VS Managerial

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MBA 520 MBA520 MBA/520 Managerial Accounting- Notes – Financial VS Managerial

Financial VS. ManagerialInformation ->

How information is used to make decisions

Users: used for external and internal persons vs Solely internal

Information type: Big picture vs Detailed

Report Format: GAAP and/or IFRS vs. Whatever works in the company

Debits and credits vs Nothing

Timing: Past Reporting vs. Past reporting + Future Projections

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MBA 520 MBA520 MBA/520

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Champlain College, MBA 520 MBA520 MBA/520 Managerial Accounting- Notes - Financial VS Managerial

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MBA 520 MBA520 MBA/520 Managerial Accounting- Notes – Financial VS Managerial

Financial VS. ManagerialInformation ->

How information is used to make decisions

Users: used for external and internal persons vs Solely internal

Information type: Big picture vs Detailed

Report Format: GAAP and/or IFRS vs. Whatever works in the company

Debits and credits vs Nothing

Timing: Past Reporting vs. Past reporting + Future Projections

Used Connect for homework vs. Excel

Become CPA(certified public accountant) vs. CMA(Certified Managerial Accountant)

Ethics

Sox- Requires a written code of ethics

Standards of Ethical Conduct

1.Competence- do job in compliance with laws of the landa.Never stop learning and being up to date

2.Confidentiality- THings are supposed to be kept within certain parties

3.Integrity – Have to avoid any real or apparent conflicts of interest

4.Credibility – Report information accurately, neutrally, and completely

5.Resolution of Ethical Conflict – can’t go over someone’s head

The Fraud Triangle

1.Opportunity

2.Pressure

3.Rationalization

Internal Control is put into place to stop Fraud

Owners of businesses can stop opportunity

This class talks a lot more about manufacturing businesses.

–Product cost (how much did it cost of make the product)

1.Direct Materials (DM)

a.Must be physically part of the product

b.Trace this cost to the product

2.Direct Labor (DL)

a.Must actually work on the product

b.Trace this cost to the product

3.Indirect Manufacturing costs / overhead

a.All other manufacturing costs

i.Utilities

ii.Insurance

iii.Indirect labor and materials

b.Allocates things to the product–Product Costs (manufacturing costs)

–Record as an asset (it is inventory)–It is an expense when sold (recorded as cost of goods sold)

–Whatever % of sold is recorded on income statement–Period Costs (non- manufacturing costs)

–Selling, general, administrative –Record as expense in period incurred

–Record 100%

Sales – COGS = Gross Profit – S,G,A expenses = Net Income

7*80 = 560– (4*80) = 240-100 = $140

Product Cost (Mfg)

–DL,DM,OH

–Recorded as assets (inventory)

–Recorded as expenses when sold (COGS)

–%sold

Period COst (non-mfg)

–S,G+A,Ex–Recorded as expenses

–100%

Ethics

Pressure

– “make the number” (must meet a requirement to get something)

–Try and make a high net income = Rev- Ex–Artificially overstating Income does

–Overstating Income + Equity overstated–Assets overstated

2002 (SOX)

–Hold CFO + CEO responsible (up to 20 years in jail and/or $5 million fine (the CFO + CEO personally)–Written code of ethics–Written internal control procedures–Auditors must check both of the above

–Whistleblower protection–Can’t consulte and audit the same company

CHAPTER 2: COST BEHAVIOR,OPERATING LEVERAGE, AND PROFITABILITY ANALYSIS

–Generate revenue + control costs

–What if? (what happens if we make a changeCost Behavior

–Changes in cost relative to changes in sales volume ($ or units)Fixed Costs (FC)

–Cost that are unchanged by volume (total dollar amount)

–As sales volume goes up, total fixed costs stays the same, FC per unit goes down

–Costs of being in business–Costs are fixed in a relevant range

MBA 520 MBA520 MBA/520 Managerial Accounting- Notes – Financial VS Managerial

MBA 520 Managerial Accounting School: Champlain College *Professor:Micelli, N/A Documents (26) Q&A (142) Textbook Exercises Managerial Accounting Documents All (26) Assessments Assignments Essays Homework Help

(3) Lab Reports Lecture Slides Lesson Plans Notes (2) Syllabi Test Prep (3) Showing 1 to 26 of 26 Sort by: Most Popular 2 pagesChapter 2 HW 2.2Chapter 2 HW 2.2 Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now Chapter 2 HW 2.2 2 pagesChapter 2 HW 2.1Chapter 2 HW 2.1 Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now Chapter 2 HW 2.1 7 pages1.1 Introduction to Performance Measurement1.1 Introduction to Performance Measurement Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 1.1 Introduction to Performance Measurement 33 pagesQUIZ-BAA-785.pdfQUIZ-BAA-785.pdf Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now QUIZ-BAA-785.pdf 17 pagesQUIZ-BAC-789.pdfQUIZ-BAC-789.pdf Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now QUIZ-BAC-789.pdf 5 pagesMBA 521 Week 8 Ass 1.docxMBA 521 Week 8 Ass 1.docx Champlain College

MBA 520 – Fall 2019 Register Now MBA 521 Week 8 Ass 1.docx 6 pagesMBA 521 Week 5 Ass 1.docxMBA 521 Week 5 Ass 1.docx Champlain College

MBA 520 – Fall 2019 Register Now MBA 521 Week 5 Ass 1.docx 6 pagesMBA 521 Week 3 Ass 1.docxMBA 521 Week 3 Ass 1.docx Champlain College

MBA 520 MBA520 MBA/520 Managerial Accounting- Notes – Financial VS Managerial

MBA 520 – Fall 2019 Register Now MBA 521 Week 3 Ass 1.docx 6 pagesMBA 521 Week 4 Ass 1.docxMBA 521 Week 4 Ass 1.docx Champlain College

MBA 520 – Fall 2019 Register Now MBA 521 Week 4 Ass 1.docx 5 pagesMSEL 520 Week 1 Ass 2.docxMSEL 520 Week 1 Ass 2.docx Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now MSEL 520 Week 1 Ass 2.docx 7 pagesMSEL 520 Week 8 Ass 1.docxMSEL 520 Week 8 Ass 1.docx Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now MSEL 520 Week 8 Ass 1.docx 5 pagesMSEL 520 Week 3 Ass 2.docxMSEL 520 Week 3 Ass 2.docx Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now MSEL 520 Week 3 Ass 2.docx 11 pagesManagerial Accounting- NotesManagerial Accounting- Notes Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now Managerial Accounting- Notes 1 pagestest 1test 1 Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now test 1 10 pages5.8 ABC5.8 ABC Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 5.8 ABC 10 pages4.2 Benchmarking4.2 Benchmarking Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 4.2 Benchmarking 8 pages4.3 Cost Allocation4.3 Cost Allocation Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 4.3 Cost Allocation 10 pages6.1 Relevant Costing6.1 Relevant Costing Champlain College Managerial Accounting

MBA 520 MBA520 MBA/520 Managerial Accounting- Notes – Financial VS Managerial

MBA 520 – Spring 2016 Register Now 6.1 Relevant Costing 5 pages5.1 Performance Management5.1 Performance Management Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 5.1 Performance Management 4 pages5.4 Strategy Maps and Scorecards as Solutions5.4 Strategy Maps and Scorecards as Solutions Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 5.4 Strategy Maps and Scorecards as Solutions 5 pages5.3 Problems and Solutions5.3 Problems and Solutions Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 5.3 Problems and Solutions 4 pages5.9 ABM5.9 ABM Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 5.9 ABM 2 pages5.6 Scorecards and Strategy Maps5.6 Scorecards and Strategy Maps Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 5.6 Scorecards and Strategy Maps 1 pages5.2 Strategy Maps5.2 Strategy Maps Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 5.2 Strategy Maps 1 pages4.1 Performance Measurement Applications (1)4.1 Performance Measurement Applications (1) Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now 4.1 Performance Measurement Applications (1) 48 pagesedm73215_ch02 (1)edm73215_ch02 (1) Champlain College Managerial Accounting

MBA 520 – Spring 2016 Register Now edm73215_ch02 (1) Managerial Accounting Tests Questions & Answers Showing 1 to 8 of 142 View all Which of the following would be classified as a financing activity on a statement of cash flows? A)

MBA 520 MBA520 MBA/520 Managerial Accounting- Notes – Financial VS Managerial

Declaration and distribution of a stock dividend B) Payment 1 2 3 4 5 On August 5, 2018, Famous Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $350 each. The cost of 1 2 3 4 5

Which of the following would be included in the Lease Receivable account? Guaranteed residual value. Unguaranteed residual value. Executory costs Penalty for 1 2 3 4 5 On January 1, 2018, Newlin Co. has the following balances: Projected benefit obligation $3,500,000 Fair value of plan assets 3,000,000 The settlement rate is 1 2 3 4 5

The following information for Cooper Enterprises is given below: December 31, 2018 Assets 1 2 3 4 5 Presented below is information related to Jensen Inc. pension plan for 2018. Service cost $1,360,000 Actual return on plan ass 1 2 3 4 5

Wilcox Corporation reported the following results for its first three years of operation: 2017 income (before income taxes) $ 300,000 2018 loss (before income 1 2 3 4 5 Mitchell Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2018 $ 1,800,000 Tax e 1 2 3 4 5

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