Managerial Accounting by Nathan Guannan Zhang
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a presentation I did for ACC 182
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Managerial Accounting by Nathan Guannan Zhang
- 3. I: Nature of Managerial Acc: ◆ Users/Decision Makers ◆ Purpose of Info ◆ Flexibility of Practice ◆ Timeliness of Info ◆ Time Dimension ◆ Focus of Info ◆ Nature of Info
- 4. I: Users/Decision Makers ◆ Users: Managers, Employees, Purchasing, Marketing, Senior management ◆ NOT: investors, the SEC, the IRS, creditors, analysts
- 5. I: Purpose of Info ◆ Used for: ◆ planning ◆ controlling
- 6. I: Flexibility of Practice ◆ GAAP not required ◆ Nonmonetary items permitted ◆ Standardizing is difficult, if not impossible.
- 7. I: Timeliness of Info ◆ Past, present, and future all included ◆ Historical data as well as predictions ◆ Used to check accuracy of predictions.
- 8. I: Time Dimension ◆ Budgets predict the future ◆ Past, present, as well as future.
- 9. I: Focus of Info ◆ Top, middle and low-level managers. ◆ Managerial data.
- 10. I: Nature of Info ◆ Monetary ◆ Nonmonetary
- 11. I: Lean Management ◆ Lean Business Model ◆ Lean Practices
- 12. I: Lean Business Model ◆ Customer Orientation ◆ expect company to offer right product or service at right time and right price ◆ all business is worked around the customer
- 13. I: Lean Practices ◆ Continuous Improvement (CI) ◆ Total Quality Management (TQM) ◆ Just-In-Time Manufacturing (JIT)
- 14. I: Classification by Behavior ◆ Fixed Cost ◆ Doesn't change per unit based on volume ◆ Doesn't change overall based on volume ◆ Variable Cost ◆ Doesn't change per unit based on volume ◆ Changes overall based on volume
- 15. I: Classification by Tracing ◆ Cost object ◆ Thing to trace ◆ Direct Cost ◆ Traceable to single cost object ◆ Indirect cost ◆ Can't be traced to single cost object ◆ May be traced to all cost objects ◆ May be traced to severall cost objects.
- 16. I: Classification by Control ◆ Controllable ◆ Not Controllable
- 17. I: Classification by Relevance ◆ Sunk Cost ◆ Always irrelevant ◆ Out-of-pocket cost ◆ Sometimes relevant ◆ Opportunity Cost ◆ What you lose (one thing) for taking another thing - sometimes relevant
- 18. I: Classification by function ◆ Product ◆ Period
- 19. I: Necessary Documents ◆ Raw Materials Inventory ◆ Works in Process (WIP) Inventory ◆ Finished Goods (FG) Inventory
- 20. I: Cost Effects ◆ Direct Materials (DM) ◆ Direct Labor (DL) ◆ Factory Overhead (FOH) ◆ Prime & Conversion Costs ◆ Reporting Performace
- 21. (End of Ch 01)
- 23. II: Job Order Costing ◆ DM+DL+FOH=Total Mfg Cost (TMC) ◆ Raw Materials = RM; B/E=Begin/End ◆ ERM+TMC-BRM=Cost of Goods Mfg (COGM) ◆ EFG+COGM-BFG=Cost of Goods Sold (COGS) ◆ Sales - COGS - Sellling Exp. - Adm. Exp. = Net Income (NI)
- 24. II: Predetermined Overhead ◆ POHR = Predetermined Overhead Rate ◆ POHR = Est. OH Costs / Est. Activity Base ◆ Activity Base usually is DL
- 25. (End of Ch 02)
- 27. III: Process Order Costing ◆ EUP = Equivalent Units of Production ◆ Solving EUP: some % DM + some % DL = Process 01. Then some % DM + some % DL = Process 02. Then take "some %" and add all "some %"'s together to get EUP.
- 28. III: EUP, Cont'd ◆ If there are no BWIP and no EWIP, then take "Total cost assigned to Process (DM, DL, OH)" and divide that by "Total number of units started and ended this period" to get EUP
- 29. (End of Ch 03)
- 31. IV: Activity Based Costing ◆ Unit Level Activities ◆ Batch Level Activities ◆ Product Level Activities ◆ Facility Level Activities
- 32. IV: ABC Method ◆ Identify (ID) activities and cost pools (see previous slide) ◆ Trace OH costs to cost pools ◆ Determine activity rate ◆ Assign OH costs to cost objects
- 33. IV: Disadvantages of ABC ◆ Cost to implement and maintain ABC systems is extremely high for most industries other than computer and auto mfg. ◆ Uncertainty with decision making remains even after full-scale implementation of ABC systems
- 34. IV: Advantages of ABC ◆ More accurate OH cost allocation ◆ More effective OH cost control ◆ Focus on relevant factors ◆ Better mgt of activities
- 35. (End of Ch 04)
- 37. V: Cost-Volume-Profit (CVP) ◆ Cost-Volume-Profit (CVP) Analysis ◆ fixed costs (FC) ◆ fixed overhead (FOH) ◆ variable costs (VC) ◆ DM ◆ DL ◆ variable overhead (VOH) ◆ mixed costs
- 38. V: CVP, Cont'd ◆ CVP analysis ◆ step-wise costs ◆ curvilinear costs
- 39. V: Cost Charts ◆ scatter diagrams ◆ high-low method ◆ least-squares regression
- 40. V: Contribution Margin (CM) ◆ CM per unit = Sales price per unit - Total VC per unit ◆ CM Ratio (CMR) = CM per unit / Sales price per unit
- 41. V: Breaking Even ◆ Breakeven Point (BEP) in units = FC / CM per unit ◆ BEP in $$ = FC / CMR
- 42. V: Target Aftertax Income ◆ Dollar sales at target aftertax income = (FC + target pretax income) / CMR ◆ Unit sales at target aftertax income = (FC + target pretax income) / CM per unit ◆ Margin of safety (MoS :: %) = (expected sales - BEP in $$) / expected sales ◆ Revised BEP in $$ = Revised FC / Revised CMR
- 43. V: Composite Units ◆ Composite Unit = EG Basic + Home Premium + Business + Ultimate (Win Vista here...) = EG some composite value ◆ Do same for sales & VC ◆ take sales - VC = CM per composite unit ◆ BEP in composite units = FC / CM per composite unit
- 44. (End of Ch 05)
- 46. VI: Absorption VS Variable Costing ◆ Absorption (ABS): Fixed overhead included (IE DM + DL + VOH + FOH) in Product Cost ◆ Variable (VAR): Fixed overhead not included (IE DM + DL + VOH) in Product Cost
- 47. VI: Comparison, Inc. St.'s ABS Inc St Revenues Sales Expenses COGS Selling Exp. Adm Exp. Net Income (Loss) VAR Inc St Sales Variable Expenses CM Fixed Expenses Net Income (Loss)
- 48. (End of Ch 06)
- 50. VII: Budgeting ◆ Master Budget ◆ ops budgets ❖ sales budget ❖ merchandise purchasing budget ❖ production budget ❖ mfg budget ❖ selling expense budget ❖ gen. & adm. exp. budget
- 51. VII: More Budgeting ❖ Capital expenditures budget ❖ Financial Budgets ❖ cash budgets ❖ budgeted income statement ❖ budgeted balance sheet
- 52. (End of Ch 07)
- 54. VIII: Cost Variances ❖ Cost variance = actual cost - standard cost ❖ actual cost = actual price/rate * actual qty/hrs ❖ standard cost = standard "/" * standard "/"
- 55. VIII: Cost Var Cont'd ❖ Price variance = [actual price - std price] x actual qty ❖ Quantity variance = [actual qty - std qty] x std price ❖ Rate var (labor) = [actual rate - std rate] x actual hrs ❖ Efficiency var (labor) = [actual hrs - std hrs] x std rate
- 56. VIII: Cost Var Cont'd ❖ Spending var (OH) = actual overhead -/ + budgeted overhead ❖ Efficiency var (OH) = applied overhead -/ + budgeted overhead
- 57. (End of Ch 08)
- 59. XI: Payback Period ❖ Payback period = Cost of Investment / Annual Cash Flows
- 60. XI: Net Present Value ❖ Take the annual cash flows and multiply with a total "value of I" factor ❖ first, add up all the "value of I" factors into a total "value of I" factor
- 61. XI: Simple Rate of Return ❖ SRR = Annual aftertax NI(L) / Annual Avg. Investment ❖ Annual avg. investment = (Beg. book value + End. book value) / 2
- 62. XI: Internal Rate of Return ❖ Take amt. invested / net cash flows = factor of an annuity of I ❖ take factor and look up in "PV of an annuity of I" table to find IRR
- 63. (End of Ch 11)
- 65. XII: Purpose of Cash Flow Statement❖ To report all cash and noncash inflows and outflows
- 66. (End of Ch 12)
- 67. (End of Presentation) Have a nice day!