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Samenvatting Managerial accounting

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Samenvatting van 12 pagina's voor het vak Management Accounting aan de Artevelde

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  • March 14, 2022
  • 12
  • 2019/2020
  • Summary
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Managerial accounting
1. Identify features of managerial accounting and functions
of management
P and L = profit and lost = resultatenrekening
BS = balance sheet
SG and A = general and administration
Managerial accounting = provides economic & fin information for managers and other internal users

GOAL = to make informed business decisions




Management functions:
Planning
- To look ahead
- To establish objectives

Directing
- Coordinating a company’s diverse activities and human resources to produce a smooth-running
operation

Controlling
- Keeping the company’s activities on track
- Whether planned goals are met

Decision-making is the outcome of these functions

NW, it’s an output of financial accounting

W

W

NW, financial accounting

NW, financial accounting

, 2. Describe the classes of manufacturing costs and the
difference between product and period costs
Planning, directing, controlling? Good information about costs

Direct materials: raw materials that can be physically and directly associated with
the finished product during the manufacturing process

Direct labor: work of factory employees that can be physically and directly
associated with converting raw materials into finished goods

Manufactering overhead: costs that are indirectly associated with
manufacturing the finished product
 Indirect materials
 Indirect labor
o Not physically part of finished product
o Impractical to trace to finished goods

Find best method to allocate manufacturing overhead to products
1. predetermined overheid rate
2. activity based costing

recorded in inventory account, not an expense until goods are sold

3. Compute cog manufactured & prepare fin statement for
manufacturer
Cost of goods manufactured (COGM): p&l line reflecting costs to produce the manufactured products
Work in process (jan 1)
+ direct materials (raw materials (jan 1) +
raw materials purchases – raw materials (dec 31))
+ direct labor
+ manufacturing overhead
- work in process (dec 31)

Cost of goods sold (COGS): p&l line reflecting costs to produce the sold products
Finished goods (jan 1)
+ cost + goods manufactured
- finished goods (dec 31)
= financial statement for a manufacturer

4. Discuss trends in managerial
accounting
 Service industries
 Focus value chain = all business processes associated with providing product or performing service
o Lean manufacturing: reviewing all business processes to increase productivity & eliminate waste
o Just-in time (JIT): goods are manufactured or purchased just in time for sale
o Total quality management (TQM): to reduce defects in finished products, with goal of zero
defects
o Theory of constraints: indentify constraint and eliminate it, move on to fix the next constraint
o Entreprise resource planning (SAP)
o Activity-based costing (ABC)

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