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School: University of California San Diego
Department: Management
Course: Managerial Accounting
Professor: Wade lindenberger
Term: Spring 2017
Tags: Syllabus and managerial accounting
Cost: 25
Name: Course Introduction and Managerial Accounting
Description: These notes go over syllabus information and professor expectations of the class. In addition, it details introductory information about managerial accounting.
Uploaded: 04/28/2017
6 Pages 223 Views 0 Unlocks

How can we best control costs?

What impact will automation have on total costs?

What costs are involved in making a product or providing a service?

MGT 5: Managerial Accounting Professor: Wade Lindenberger ● Teaching since 2001, at Rady since 2014 ● BS, MS Accounting, USD Philosophy ● Do most of work in class, minimal homework ● Practical, real world ○ Creating an app and decide in a competitive market ○ Apply concepts to an actual project ● Treat this courseWe also discuss several other topics like looking at movies chapter 1
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like it is an important assignment we’re completing for a client ○ This is not a ‘class’ ○ Pretend like it is a part of your career ○ Be on time, be tentative ● Challenging, but fair ○ Understanding and will listen; equitable to every student ● Courtesy and respect ● Academic integrity is CRITICAL ● Have fun Contact information ● wlindenberger@ucsd.edu ○ Responds within the hour unless in class ○ OH: Thursday, 2-3PM @Otterson Hall 3W123 ● Tutors ○ Tamer Aboul Hosn: tamer.aboulhosn@gmail.com ○ Sunny Sun: zes004@ucsd.edu ● Reach out if office hours doesn’t work for you Materials ● Textbook - Managerial Accounting by Weygandt, Kimmel, and Kieso, 7th edition ○ Will use problems in the textbook ○ Powerpoint presentations will have everything you need but textbook will help fill in the blanks ○ Three copies on reserve in Geisel ● iClicker ○ In class questions (make sure you register by next week) ○ Will ask 5 of them; one point each ■ 0.85 for just answering the question; full point if you get it rightEngagement ● Step one is preparation - at least skim through the readings and powerpoint, look at the practice problems and familiarize yourself ○ At least look at them ● Step two is participation - raise your hand and answer questions; known to give extra credit to students who consistently raise their hand ● Class time will consist of ○ Lecture ○ Discussion of course material ○ Teamwork (preparing it ahead of time can help you leave early) ○ Possibly guest speakers ● Goal to create an interactive, engaging experience ● See slides for engagement rubric (on TEd) Class Website (TritionEd; TEd) ● Separated into folders ● Will have everything you need involving the course ● iClicker questions, quiz guidance, powerpoints, study guides, etc. ● Everything is submitted electronically; no handwritten or scanned ○ Drop boxes will be open until its due but afterwards, you will need to email the assignment Grading ● Quizzes 60pts ● Midterm 100pts ● Final 100pts ● Homework/group work 50pts ● Corgi Consulting Project 50pts ○ EC for top two groups ● Engagement 40pts ● TOTAL: 400pts ● Class averages ○ Fall 2016: 3.15 ○ Spring 2016: 3.30 ○ Winter 2016: 3.06 Advice for Success ● Read syllabus ● Read lecture notes, do pre-class work, understand concepts● Attend class and participate ● Pay attention, ask questions Professionalism ● If you must arrive to class late or leave early, sit in the back row; do not enter in the front of the room or cross the front ● Respect diversity ● Abide by academic integrity ● Turn off cell phones, pagers, etc. ● Working only on this class during class time ○ Don’t work on other classes, surf the internet, check email, etc. ● Focus on the professor; don’t have side conversations ● Don’t bring food or drinks Announcements ● Before next class, register your iClicker on TritonEd ○ Will not provide makeup opportunities ○ Go to tools -> i>clicker Student Registration ● Check website periodically ● Lecture notes may change--attend class ● There will be about 10min break during class Chapter 1: Managerial Accounting Cost of Goods Sold (COGS) ● Sales - COGS = Gross ● Beginning Inv. + Cost of Purchase = Cost of Goods Available ● Cost of Goods Available - Ending Inv. = COGS Learning Objectives 1. Identify the features of managerial accounting and the functions of management 2. Describe the classes of manufacturing costs and the differences between the product and period costs 3. Demonstrate how to compute cost of goods manufactured and prepare financial statements for a manufacturer 4. Discuss trends in managerial accounting Managerial accounting ● Provides economic and financial information for managers and other internal users● Different than financial accounting (see Slide 5 for comparative chart--will be on an exam) Management Functions ● Planning ○ Maximize short-term profit and market share ○ Commit to environmental protection and social programs ○ Add value to the business ● Directing ○ Coordinate diverse activities and human resources ○ Implement planned objectives ○ Provide incentives to motivate employees ○ Produce a smooth-running operation ● Controlling ○ Keeping activities on track ○ Determine whether goals are met ○ Decide changes needed to get back on track ○ May use informal or formal system of evaluations Organizational Structure ● Stockholders -> Board of Directions ● -> Chief Executive Officer and President ○ General Counsel/Secretary ○ VP Marketing ○ VP Financial/Chief Financial Officer ■ Treasurer ■ Controller ○ VP Operations ○ VP Human Resources Managers should ask questions such as the following: 1. What costs are involved in making a product or providing a service? 2. If we decrease production volume, will cost decrease? 3. What impact will automation have on total costs? 4. How can we best control costs? Manufacturing Costs ● Manufacturing consists of activities and processes that convert raw materials into finished goods○ Direct materials ■ Bicycle: tires, chains, pedals, basket, etc. ■ Raw materials: basic materials and parts used in manufacturing process ● May not be used yet but is readily there ■ Direct materials: raw materials that can be physically and directly associated with the finished product during the manufacturing process ■ Indirect materials ○ Direct labor ■ Person physically forming the bike together ■ Work or factory employees that can be physically and directly associated with converting raw materials into finished goods ■ Indirect labor: work of factory employees that has no physical association with the finished product ○ Manufacturing overhead ■ Costs that are indirectly associated with manufacturing the finished product ■ Includes all manufacturing costs except direct materials and direct labor ■ Also called factory overhead Product VS. Period Costs ● Product costs ○ Components: direct materials, direct labor, and manufacturing overhead ○ See slides ● Period costs ○ Charged to expense as incurred ○ Non-manufacturing costs ○ Includes all selling and administrative expenses ○ Expenses that occur after the manufacturing of the product (ie. sales commissions, advertising) COG Manufactured and COGS ● Raw materials purchased -> raw materials inventory -> raw materials used -> work in process inventory -> COG manufactured -> finished goods inventory -> COGS -> customer Income Statement● Merchandiser ○ Buy finished goods and only need to turn them around and sell them ○ Beginning Inv + COG Purchased - Ending Inv = COGS ● Manufacturer ○ Built the goods ○ Beginning Inv + COG Manufactured - Ending Inv = COGS ● Each income statement uses different terminology Balance Statement ● See slides Service Industries ● Much of the US economy has shifted towards an emphasis on providing services rather than goods ● Over 50% of US workers are now employed by a service Focus on the Value Chain ● See flowchart on slides ● Just-In-Time (JIT) Inventory Methods ○ Inventory system in which goods are manufactured or purchased just in time for sale ● Total Quality Management (TQM) ○ Reduces defects in finished products, with the goal of zero defects ● Activity-Based Costing (ABC) ○ Another way of applying overhead

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