Users of Managerial Accounting
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what is managerial accounting ?
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Someone who provides accounting information to a company's internal users.
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three broad objectives of a managerial accountant
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A Managerial Accountant provides information for the planning and controlling of an organizations action. Also provides detailed information for effective decision-making.
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who are the users of managerial accounting information ?
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Managerial Accounting provides information to a company's internal user. For instance, an internal user could be described as an executive, manager, or worker.
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connections between planning, feedback, and controlling
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After a managerial accountant provides information on the planning, he must now be apart of the controlling to help pursue the plan. Within the plan, there are many alternative routes you can take. As a managerial accountant, you must effectively decide which route is best for the plan at hand.
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what is ethical behavior
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It is acting in a way that is proper, right, and just.
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3 forms of accounting certification
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Certification in Management Accounting Certification of Public Accounting Certification in Internal Auditing
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Product (manufacturing) Costs consist of
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Direct materials, direct labor, manufacturing overhead, operating expense
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Direct costs
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Costs that can be easily traced to a particular project or activity.
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Indirect costs
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cost that cannot be easily traced to a cost object
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Total product cost
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DM+DL+MO
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Per-unit price cost
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Total product cost/ number of units produced
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Prime cost
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DM+DL
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Conversion Cost
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DL+MO
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Gross Margin
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Sales revenue - cogs
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Sales revenue
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price x units sold
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Total variable cost
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Variable rate x units of output
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Total costs
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Total fixed cost + total variable cost
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High Low method (variable rate)
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High point cost - low point cost / high point output - low point output
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Fixed cost
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Total cost high point - (variable rate x output at high)
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Cost of goods sold
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+beginning finished goods inventory +cost of goods manufactured -ending inventory
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Cost of goods manufactured
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+direct labor +manufacturing overhead +beginning work in process inventory - ending work in process inventory
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AICPA
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American Institute of Certified Public Accountants
