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In this chapter, the learning objectives are: Identify the features of managerial accounting and the functions of management, describe the classes of manufacturing costs and the differences between product and period costs, demonstrate how to compute cost of goods manufactured and prepare financial statements for a manufacturer.
Chapter 19-1 CHAPTER 19 MANAGERIAL ACCOUNTING Accounting Principles, Eighth Edition Chapter 19-2 Study Objectives Study Objectives Explain the distinguishing features of managerial accounting Identify the 3 broad functions of management Define the 3 classes of manufacturing costs Distinguish between product and period costs Explain the differences between a merchandising and a manufacturing income statement Chapter 19-3 Study Objectives Study Objectives Chapter 19-4 Indicate how cost of goods manufactured is determined Explain the difference between a merchandising and a manufacturing balance sheet Identify trends in managerial accounting Preview of Chapter Preview of Chapter Managerial Accounting Basics Compare managerial and financial accounting Management functions and Business Ethics Managerial Cost Concepts Manufacturing costs Product vs. period costs Manufacturing Costs in Financial Statements Income Statement and Balance Sheet Cost concepts – A review Managerial Accounting Today Service industry trends Chapter 19-5 Managerial accounting practices Managerial Accounting Managerial Accounting Managerial Managerial Accounting Accounting Basics Basics Compare Managerial and Financial Accounting Management Functions Business Ethics Chapter 19-6 Managerial Managerial Cost Cost Concepts Concepts Manufacturing Costs Product vs Period Costs Manufacturing Manufacturing Costs Costsin in Financial Financial Statements Statements Income Statement Balance Sheet Cost Concepts – A Review Managerial Managerial Accounting Accounting Today Today Service Industry Trends Managerial Accounting Practices Managerial Accounting Basics Managerial Accounting Basics Definition of Managerial Accounting A field of accounting that provides economic and financial information for managers and other internal users Also called Management Accounting Chapter 19-7 Managerial Accounting Basics Managerial Accounting Basics Managerial Accounting Activities Explain manufacturing and nonmanufacturing costs and how they are reported (Chapter 19) Compute cost of providing a service or manufacturing a product (Chapters 20 and 21) Determine behavior of costs and expenses as activity changes (Chapter 22) Chapter 19-8 Managerial Accounting Basics Managerial Accounting Basics Managerial Activities: Continued Assist management in profit planning and formalizing these plans in the form of budgets (Chapter 23) Help to control costs by comparing actual results with planned objectives and standard costs (Chapters 24 and 25) Accumulate and present data for making decisions (Chapter 26) Chapter 19-9 Managerial Accounting Basics Managerial Accounting Basics Distinguishing Features Applies to all types of business Service, Merchandising, and Manufacturing Applies to all forms of businesses – Proprietorships, Partnerships, and Corporations Applies to notforprofit and profit oriented companies Chapter 19-10 LO 1 Explain the distinguishing features of managerial accounting Manufacturing Costs in Financial Statements Manufacturing Costs in Financial Statements Cost of Goods Sold Components Merchandiser versus Manufacturer Chapter 19-33 LO 5 Explain the difference between a merchandising and a manufacturing income statement Manufacturing Costs in Financial Statements Manufacturing Costs in Financial Statements Cost of Goods Sold Section of the Income Statement Chapter 19-34 LO 5 Explain the difference between a merchandising and a manufacturing income statement Manufacturing Costs in Financial Statements Manufacturing Costs in Financial Statements Determining the Cost of Goods Manufactured Work in Process – partially completed units of product Total Manufacturing Costs – sum of direct material costs, direct labor costs, and manufacturing overhead; all incurred in the current period Chapter 19-35 LO 6 Indicate how cost of goods manufactured is determined Manufacturing Costs in Financial Statements Manufacturing Costs in Financial Statements Chapter 19-36 LO 6 Indicate how cost of goods manufactured is determined Manufacturing Costs in Financial Statements Manufacturing Costs in Financial Statements Balance Sheet Inventories Merchandising Company One category of inventory: Merchandise Inventory Chapter 19-37 Manufacturing Company May have three inventories: Raw Materials Work in Process Finished Goods LO 7 Explain the difference between a merchandising and a manufacturing balance sheet Manufacturing Costs in Financial Statements Manufacturing Costs in Financial Statements Balance Sheet Inventories Chapter 19-38 LO 7 Explain the difference between a merchandising and a manufacturing balance sheet Manufacturing Costs Manufacturing Costs Review Question Direct Materials are a: Product Manufacturing Period Cost Overhead Cost a Yes Yes No b. Yes No No c. Yes Yes Yes d. No No No Chapter 19-39 Managerial Accounting Today Managerial Accounting Today Service Industry Trends U.S. economy has shifted toward an emphasis on providing services rather than goods Over 50% of U.S. workers are now employed by service companies Trend is expected to continue in the future Most of the techniques learned for manufacturing firms are applicable to service companies Chapter 19-40 LO 8 Identify trends in management accounting Managerial Accounting Today Managerial Accounting Today Managerial Accounting Practices Value Chain Refers to all activities associated with providing a product or service For a manufacturing firm these include the following: Chapter 19-41 LO 8 Identify trends in management accounting Managerial Accounting Today Managerial Accounting Today Managerial Accounting Practices JustInTime (JIT) Inventory Methods Inventory system in which goods are manufactured or purchased just in time for use Quality Increased emphasis on product quality because goods are produced only as needed Total Quality Management (TQM) a philosophy of zero defects Chapter 19-42 LO 8 Identify trends in management accounting Managerial Accounting Today Managerial Accounting Today Managerial Accounting Practices ActivityBasedCosting (ABC) Allocates overhead based on use of activities Results in more accurate product costing and scrutiny of all activities in the value chain Balanced Scorecard Evaluates operations in an integrated fashion Uses both financial and nonfinancial measures Links performance measures to overall company objectives Chapter 19-43 LO 8 Identify trends in management accounting Managerial Accounting Today Managerial Accounting Today Review Question Which of the following managerial accounting techniques attempts to allocate manufacturing overhead in a more meaningful manner? a Justintime inventory b Totalquality management c Balanced scorecard d Activitybased costing Chapter 19-44 LO 8 Identify trends in management accounting Chapter Review Brief Exercise 195 Chapter Review Brief Exercise 195 Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials, direct labor, or manufacturing overhead a. Windshield DM b. Engine DM c. Wages of assembly line worker DL d. Depreciation of factory machinery MO e. Factory machinery lubricants MO f. Tires DM g. Steering wheel DM h. Salary of painting supervisor MO Chapter 19-45 Chapter Review Brief Exercise 196 Chapter Review Brief Exercise 196 Identify whether each of the following costs should be classified as product costs or period costs a. Manufacturing overhead Product b. Selling expenses Period c. Administrative expenses Period d. Advertising expense Period e. Direct labor Product f. Direct material Product Chapter 19-46 Copyright Copyright Copyright © 2008 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make backup copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein Chapter 19-47 ... Cost concepts? ?–? ?A review Managerial? ?Accounting? ?Today Service industry trends Chapter 19-5 Managerial? ?accounting? ?practices Managerial? ?Accounting Managerial? ?Accounting Managerial Managerial Accounting Accounting... Cost Concepts – A Review Managerial Managerial Accounting Accounting Today Today Service Industry Trends Managerial Accounting Practices Managerial? ?Accounting? ?Basics Managerial? ?Accounting? ?Basics... Identify trends in? ?managerial? ? accounting Preview of? ?Chapter Preview of? ?Chapter Managerial? ?Accounting? ?Basics Compare? ?managerial? ?and financial? ?accounting Management functions and Business Ethics Managerial? ?Cost Concepts