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Chapter 14 - Managerial accounting. After studying this chapter you will be able to understand: 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 fi nancial statements for a manufacturer. | MANAGERIAL ACCOUNTING Accounting, Fifth Edition 14 After studying this chapter, you should be able to: Explain the distinguishing features of managerial accounting. Identify the three broad functions of management. Define the three classes of manufacturing costs. Distinguish between product and period costs. Explain the difference between a merchandising and a manufacturing income statement. Indicate how cost of goods manufactured is determined. Explain the difference between a merchandising and a manufacturing balance sheet. Identify trends in managerial accounting. Learning Objectives Preview of Chapter 14 Accounting Fifth Edition Kimmel Weygandt Kieso Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users. Managerial accounting applies to all types of businesses. Corporations Proprietorships Partnerships Not-for-profit Managerial Accounting Basics LO 1 Explain the distinguishing features of managerial accounting. Comparing Managerial and Financial Accounting Illustration 14-1 Managerial Accounting Basics a. Is governed by generally accepted accounting principles. b. Places emphasis on special-purpose information. c. Pertains to the entity as a whole and is highly aggregated. d. Is limited to cost data. Managerial accounting: Review Question LO 1 Explain the distinguishing features of managerial accounting. Managerial Accounting Basics LO 2 Identify the three broad functions of management. Management Functions Planning Maximize short-term profit and market share. Commit to environmental protection and social programs. Add value to the business. Directing Controlling Coordinate diverse activities and human resources. Implement planned objectives. Provide incentives to motivate employees Hire and train employees. Produce smooth-running operation. Keeping activities on track. Determine whether goals are met. Decide changes needed to get back on track. May use an informal or formal system | MANAGERIAL ACCOUNTING Accounting, Fifth Edition 14 After studying this chapter, you should be able to: Explain the distinguishing features of managerial accounting. Identify the three broad functions of management. Define the three classes of manufacturing costs. Distinguish between product and period costs. Explain the difference between a merchandising and a manufacturing income statement. Indicate how cost of goods manufactured is determined. Explain the difference between a merchandising and a manufacturing balance sheet. Identify trends in managerial accounting. Learning Objectives Preview of Chapter 14 Accounting Fifth Edition Kimmel Weygandt Kieso Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users. Managerial accounting applies to all types of businesses. Corporations Proprietorships Partnerships Not-for-profit Managerial Accounting Basics LO 1 Explain the distinguishing features of managerial .
