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ACCT 201 Week 1 Notes

by: Noah Johnston

ACCT 201 Week 1 Notes ACCT 201

Marketplace > Kansas > Accounting (ACCT) > ACCT 201 > ACCT 201 Week 1 Notes
Noah Johnston
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About this Document

All of Chapter 1 and the first half of Chapter 2!
Managerial Accounting I
Crabb, Kelvie
Class Notes
Accounting, Managerial Accounting Notes, university of kansas, 201




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This 2 page Class Notes was uploaded by Noah Johnston on Sunday August 28, 2016. The Class Notes belongs to ACCT 201 at Kansas taught by Crabb, Kelvie in Fall 2016. Since its upload, it has received 238 views. For similar materials see Managerial Accounting I in Accounting (ACCT) at Kansas.


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Date Created: 08/28/16
Accounting 201 Week 1 Notes Noah Johnston Managerial Financial Issue Accounting Accounting Primary Users Internal Management External users like auditors Help plan, control, Help make investing Purpose evalutate and lending decisions Accounting Product “On demand” reports Annual or quarterly financial statements Reliable data based Basis of Info Relevant Data for on historical future transactions Business Unit Segments of the Consolidated business Audited By Not required, informal Independent, external audits CPAs No government Required By agency SEC Affects Employee Carefully considered Not a concern Behavior Board of Directors: Elected by shareholders to oversee the company Chief Executive Officer: Makes the decisions regarding the company Chief Financial Officer: Manages financial risk Treasurer: Raise capital, invest funds, manage cash flow Controller: General financial and managerial accounting Audit Committee: Oversee external audit and internal audit department Internal Audit: Internal controls and risk management Management Accountants: Serve on cross-functional teams reporting to Vice Presidents and provide data and perspective Variable Fixed Mixed Graph Cost Equation TC=VC(x) TC=FC TC=(VC(x))+FC As Volume Goes Up, Unit Cost: Goes Up Stays the same Goes Up Volume Up, Goes Up Stays the same Goes Up Total Cost: Relevant Range: Current, normal operations. If we move outside of normal operations, total fixed cost and variable cost per unit could change.


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