Exam
I
Exam
II
points
%
of
total
150
175
25
25
125
500
30%
35%
5%
5%
25%
100%
Individual
Write
up
I
Individual
Write
up
II
In
class
and
online
participation
TOTAL
This is financial accounting
This is managerial accounting !!
Managerial
Accounting
Purpose
Primary
Users
Focus/Emphasis
Rules
Time
Span
Behavioral
Issues
Decision
making
Internal
managers
Future-‐oriented
Do
not
have
to
follow
GAAP;
cost
vs.
benefit
Ultra
current
to
very
long
time
horizons
Designed
to
influence
employee
behavior
Financial
Accounting
Communicate
financial
position
to
outsiders
External
users
Past-‐oriented
GAAP
compliant;
CPA
audited
Historical
monthly,
quarterly
reports
Indirect
effects
on
employee
behavior
Around
1940
2011
IS
or
BS
as
product
cost
Always
IS
as
period
cost
Inventory
Product Costs Sale
Cost
of
Good
Sold
Expense
Incur
Balance
Sheet
Income
Statement
Income
Statement
Product
Cost
Period
Cost
Raw Material Work in Process Finished Goods
Cost of Goods Manufactured
Cost of Goods Sold
Cost of Goods Sold
WIP
Beginning balance Additions
Ending balance
Cost
of
Goods
Goods
Manufacturered:
Raw
Materials
Used
+
Direct
Labor
+
Manufacturing...