Overview of Business Concepts and Managerial Accounting Practices
Lecture 32
An overview of Topics
Chapter 01
Businesses, Multinational Corporations
and Basics Concepts of Accounting
Lecture 01
•
Course Outline
•
Types of Businesses
•
Types of Business Organizations
•
Formation of Corporations
•
What is MNC and Goals of MNC
•
Constraints interfering with the MNC’s Goal
•
Managing within the constraints
Lecture 02
•
Theory of Comparative Advantage
•
International Business Methods
•
Business Strategies
•
Business Stakeholders
•
Organizational Goals
•
The Process of Providing Information
•
Purpose of Information
•
The Purpose of Accounting
•
Accounting System
•
Financial Statements
•
Managerial Accounting and Financial Accounting
•
End of Chapter
The Changing Role of
Managerial Accounting in
Dynamic Business Environment
Lecture 03
•
Managing Resources, Activities and People
•
How managerial Accounting Adds value
•
Balance Scorecard
•
Planning and Control Cycle
•
Line and Staff Positions
•
Location of Managerial Accountant
•
Organizational chart
•
Major Themes in Managerial Accounting
•
Evolution and Adaptation in Managerial Accounting
•
Value chain and Theory of Constraints
•
Strategic Cost Management and the Value Chain
•
Ethical Climate of Business
•
Managerial Accounting as a Career
•
Focus on Ethics
Lecture 04
•
Service vs Merchandising Business
•
Accounts on the Income Statement
•
Terms used in merchandizing
•
Sample income statement
•
Computation of Costs
•
Balance Sheet Accounts
•
Closing Entries
Lecture 05
•
Comparing Merchandising and Manufacturing
Activities
•
Manufacturing Costs
•
Classifications of Costs
•
Nonmanufacturing Costs
•
Product Costs Versus Period Costs
•
Comparing Merchandising and Manufacturing
Activities Financial Statement
•
Manufacturing Cost Flows
Lecture 06
•
Inventory Flows
•
Product Costs
•
Cost Classifications for Predicting Cost Behavior
•
Variable Cost
•
Fixed Cost
•
Cost Classifications for Predicting Cost Behavior
•
Direct Costs and Indirect Costs
•
Cost Concepts
Lecture 07
•
Cost, Product Cost, Period Cost
•
Components of Manufacturing Products
•
Cost of Good Manufactured
•
Cost of Goods Sold
•
Manufacturing Cost Flows
•
Income Statements
Lecture 08
•
Practice Questions
–
Cost of Goods Sold
–
Income Statement
–
Missing Data Cost of Goods Sold
–
Missing Data Income Statement
Lecture 09
•
Problem Questions
–
Missing Data Cost of Goods Sold
–
Missing Data Income Statement
•
End of Chapter
Systems Design:
Job-Order costing
Lecture 10
•
Types of Costing Systems Used to Determine
Product Costs
–
Job-Order Costing
–
Process Costing
•
Sequence of Events in a Job-Order Costing
System
•
Practice Question
Lecture 11
•
Application of Manufacturing Overhead
•
The Need for a Predetermined Manufacturing
Overhead Rate
•
Overhead Application Example
•
MCQs Questions
Lecture 12
•
Problem Question
•
Job-Order Costing Document Flow Summary
•
Job-Order System Cost Flows
•
Overhead Application Example
•
Over-applied and Under-applied
Manufacturing Overhead
•
MCQs Test Questions
Lecture 13
•
Journal Entries
–
Cost Flows – Material Purchases
–
Cost Flows – Material Usage
–
Cost Flows – Labor
–
Cost Flows – Actual Overhead
–
Cost Flows – Overhead Applied
–
Cost Flows – Period Expenses
–
Cost Flows – Cost of Goods Manufactured
–
Cost Flows – Sales
•
Exercise Question
•
End of Chapter
Systems Design:
Process Costing
Lecture 14
•
Types of Costing Systems Used to Determine
Product Costs
•
Differences Between Job-Order and Process
Costing
•
Sequential Processing Departments
•
Parallel Processing Departments
•
Flow of Materials, Labor and Overhead Costs
•
Materials, Labor, and Overhead Cost Entries
Lecture 15
•
Equivalent Units of Production
•
MCQs Test
•
Weighted Average Method
•
Production Report
•
Production Report Example
Lecture 16
•
Question with Complete Data
•
Question with Missing Data
Lecture 17
•
Operations Costing
•
Compare and contrast operation costing
with job costing and process costing
•
Practice Questions
•
End of Chapter
Systems Design:
Activity based Costing
Lecture 18
•
Systems Design: Activity-Based Costing
•
Assigning Overhead Costs to Products
•
Plantwide Overhead Rate
•
Departmental Overhead Rates
•
Activity-Based Costing (ABC)
•
Designing an ABC System
•
Hierarchy of Activities
•
Activity-Based Costing at Classic Brass
•
Using Activity-Based Costing
•
Direct Labor-Hours as a Base
•
Computing Activity Rates
Lecture 19
•
Targeting Process Improvements
•
Evaluation of Activity-Based Costing-Pros and
Cons
•
ABC and Service Industries
•
Cost Flows in an ABC System
•
Over/Under applied FOH
•
Practice Questions
Lecture 20
•
Problem Questions
–
Simple Data Question
–
Comprehensive Data Question
Lecture 21
•
Problem Questions
–
Simple Data Question
–
Comprehensive Data Question
End of Chapter
Cost-Volume-Profit-Analysis
Lecture 22
•
Cost-Volume-Profit Relationships
•
The Basics of Cost-Volume-Profit (CVP) Analysis
•
The Contribution Approach
•
Contribution Margin Ratio
•
MCQs Test
•
Changes in Fixed Costs and Sales Volume
•
Break-Even Analysis
–
Equation Method
Lecture 23
•
Contribution Margin Method
•
MCQs Test
•
CVP Relationships in Graphic Form
•
CVP Graph
•
Target Profit Analysis
•
The CVP Equation
•
The Contribution Margin Approach
•
The Margin of Safety
•
Practice questions
Lecture 24
•
The Concept of Sales Mix
•
Multi-product break-even analysis
•
Assumptions of CVP Analysis
Lecture 25
•
Operating Leverage
–
Verify increase in profit
•
MCQs Question
•
Practice Question
•
End of Chapter
Joint Product and By
Product Costing
Lecture 26
•
Main Products and Byproducts
•
Joint Cost Terminology
•
By-Product Costs: Characteristics
•
By-products cost allocation
•
Joint Production Process
•
By-Products
•
Joint Cost Allocation Methods
•
Criteria to Guide Cost-Allocation Decisions
•
Criteria of cost allocation-issues
•
Joint-Cost Basics
Lecture 27
•
Splitoff Point
•
Joint Products and By-products
•
Why Allocate Joint Products?
•
Approaches to Allocating Joint Costs
•
Sales Value at Splitoff Method
Lecture 28
•
Practice Question
•
Joint Cost Calculation at Splitoff Point
•
Gross Margin Calculation
Lecture 29
•
Estimated Net Realizable Value (NRV) Method
•
Separable Cost
•
Gross Margin Calculation
•
Practice Question
Lecture 30
•
Physical Measures Method
•
Comparison of Methods
•
Irrelevance of Joint Costs for Decision Making
•
Average Unit Method
•
Weighted Average Unit Method
•
Practice Question
•
End of Chapter
Chapter
8
Budgetary Planning and Control
Lecture 31
•
Budget Definition
•
Budgets – what they are
•
Reasons for preparing budgets
•
When are budgets prepared ?
•
The role of the finance department
•
Budgeting approaches
–
Historic/incremental budgeting
–
Zero-based budgeting
–
Activity-based budgeting
–
Cash Budgeting
–
Research and Development Budgets
–
Capital Expenditure Budgets
•
Budgetary control – what it is ?
•
Variance Analysis
–
Volume Variance
–
Spending Variance
Lecture 32
•
An Overview of all lectures
God Bless You
and
Good Luck
This content provides an in-depth overview of topics related to businesses, multinational corporations, and fundamental accounting concepts. It covers various lectures and chapters discussing types of businesses, international business methods, managerial accounting, cost management, and ethical considerations in business. The material delves into the changing role of managerial accounting in dynamic business environments, emphasizing the value it adds through managing resources, activities, and people. Additionally, it compares merchandising and manufacturing activities, explores inventory flows and cost classifications for predicting cost behavior.
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Presentation Transcript
Lecture 32 An overview of Topics
Chapter 01 Businesses, Multinational Corporations and Basics Concepts of Accounting
Lecture 01 Course Outline Types of Businesses Types of Business Organizations Formation of Corporations What is MNC and Goals of MNC Constraints interfering with the MNC s Goal Managing within the constraints
Lecture 02 Theory of Comparative Advantage International Business Methods Business Strategies Business Stakeholders Organizational Goals The Process of Providing Information Purpose of Information The Purpose of Accounting Accounting System Financial Statements Managerial Accounting and Financial Accounting End of Chapter
Chapter 2 The Changing Role of Managerial Accounting in Dynamic Business Environment
Lecture 03 Managing Resources, Activities and People How managerial Accounting Adds value Balance Scorecard Planning and Control Cycle Line and Staff Positions Location of Managerial Accountant Organizational chart Major Themes in Managerial Accounting Evolution and Adaptation in Managerial Accounting Value chain and Theory of Constraints Strategic Cost Management and the Value Chain Ethical Climate of Business Managerial Accounting as a Career Focus on Ethics
Lecture 04 Service vs Merchandising Business Accounts on the Income Statement Terms used in merchandizing Sample income statement Computation of Costs Balance Sheet Accounts Closing Entries
Lecture 05 Comparing Merchandising and Manufacturing Activities Manufacturing Costs Classifications of Costs Nonmanufacturing Costs Product Costs Versus Period Costs Comparing Merchandising and Manufacturing Activities Financial Statement Manufacturing Cost Flows
Lecture 06 Inventory Flows Product Costs Cost Classifications for Predicting Cost Behavior Variable Cost Fixed Cost Cost Classifications for Predicting Cost Behavior Direct Costs and Indirect Costs Cost Concepts
Lecture 07 Cost, Product Cost, Period Cost Components of Manufacturing Products Cost of Good Manufactured Cost of Goods Sold Manufacturing Cost Flows Income Statements
Lecture 08 Practice Questions Cost of Goods Sold Income Statement Missing Data Cost of Goods Sold Missing Data Income Statement
Lecture 09 Problem Questions Missing Data Cost of Goods Sold Missing Data Income Statement End of Chapter
Chapter 3 Systems Design: Job-Order costing
Lecture 10 Types of Costing Systems Used to Determine Product Costs Job-Order Costing Process Costing Sequence of Events in a Job-Order Costing System Practice Question
Lecture 11 Application of Manufacturing Overhead The Need for a Predetermined Manufacturing Overhead Rate Overhead Application Example MCQs Questions
Lecture 12 Problem Question Job-Order Costing Document Flow Summary Job-Order System Cost Flows Overhead Application Example Over-applied and Under-applied Manufacturing Overhead MCQs Test Questions
Lecture 13 Journal Entries Cost Flows Material Purchases Cost Flows Material Usage Cost Flows Labor Cost Flows Actual Overhead Cost Flows Overhead Applied Cost Flows Period Expenses Cost Flows Cost of Goods Manufactured Cost Flows Sales Exercise Question End of Chapter
Chapter 4 Systems Design: Process Costing
Lecture 14 Types of Costing Systems Used to Determine Product Costs Differences Between Job-Order and Process Costing Sequential Processing Departments Parallel Processing Departments Flow of Materials, Labor and Overhead Costs Materials, Labor, and Overhead Cost Entries
Lecture 15 Equivalent Units of Production MCQs Test Weighted Average Method Production Report Production Report Example
Lecture 16 Question with Complete Data Question with Missing Data
Lecture 17 Operations Costing Compare and contrast operation costing with job costing and process costing Practice Questions End of Chapter
Chapter 5 Systems Design: Activity based Costing
Lecture 18 Systems Design: Activity-Based Costing Assigning Overhead Costs to Products Plantwide Overhead Rate Departmental Overhead Rates Activity-Based Costing (ABC) Designing an ABC System Hierarchy of Activities Activity-Based Costing at Classic Brass Using Activity-Based Costing Direct Labor-Hours as a Base Computing Activity Rates
Lecture 19 Targeting Process Improvements Evaluation of Activity-Based Costing-Pros and Cons ABC and Service Industries Cost Flows in an ABC System Over/Under applied FOH Practice Questions
Lecture 20 Problem Questions Simple Data Question Comprehensive Data Question
Lecture 21 Problem Questions Simple Data Question Comprehensive Data Question End of Chapter
Chapter 6 Cost-Volume-Profit-Analysis
Lecture 22 Cost-Volume-Profit Relationships The Basics of Cost-Volume-Profit (CVP) Analysis The Contribution Approach Contribution Margin Ratio MCQs Test Changes in Fixed Costs and Sales Volume Break-Even Analysis Equation Method
Lecture 23 Contribution Margin Method MCQs Test CVP Relationships in Graphic Form CVP Graph Target Profit Analysis The CVP Equation The Contribution Margin Approach The Margin of Safety Practice questions
Lecture 24 The Concept of Sales Mix Multi-product break-even analysis Assumptions of CVP Analysis
Lecture 25 Operating Leverage Verify increase in profit MCQs Question Practice Question End of Chapter
Chapter 7 Joint Product and By Product Costing
Lecture 26 Main Products and Byproducts Joint Cost Terminology By-Product Costs: Characteristics By-products cost allocation Joint Production Process By-Products Joint Cost Allocation Methods Criteria to Guide Cost-Allocation Decisions Criteria of cost allocation-issues Joint-Cost Basics
Lecture 27 Splitoff Point Joint Products and By-products Why Allocate Joint Products? Approaches to Allocating Joint Costs Sales Value at Splitoff Method
Lecture 28 Practice Question Joint Cost Calculation at Splitoff Point Gross Margin Calculation
Lecture 29 Estimated Net Realizable Value (NRV) Method Separable Cost Gross Margin Calculation Practice Question
Lecture 30 Physical Measures Method Comparison of Methods Irrelevance of Joint Costs for Decision Making Average Unit Method Weighted Average Unit Method Practice Question End of Chapter
Chapter 8 Budgetary Planning and Control
Lecture 31 Budget Definition Budgets what they are Reasons for preparing budgets When are budgets prepared ? The role of the finance department Budgeting approaches Historic/incremental budgeting Zero-based budgeting Activity-based budgeting Cash Budgeting Research and Development Budgets Capital Expenditure Budgets Budgetary control what it is ? Variance Analysis Volume Variance Spending Variance
Lecture 32 An Overview of all lectures
God Bless You and Good Luck
