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Unit 1

Unit 1. Managerial Accounting for Business Professionals ACC 330. Dr. Doug Letsch. Agenda. Introductions Contact Information Expectations What is Managerial Accounting, an Introduction Questions. Contact Information.

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Unit 1

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  1. Unit 1 Managerial Accounting for Business Professionals ACC 330 Dr. Doug Letsch

  2. Agenda • Introductions • Contact Information • Expectations • What is Managerial Accounting, an Introduction • Questions

  3. Contact Information I am available at my office hours each week from 10am -11am (EST) in AIM Chat at DrDougLetsch@aim.com At other times, please post all course related questions in the Virtual Office under Course Home. If you have a special individual need, please call me at 903-638-0500 or send me an email. I am here to help!

  4. Expectations • Discussions must be completed during week assigned –three posts on three different days • Everyone must participate in the two team assignments in units 3 and 4 • Assignments must be submitted on time • Wiley Plus includes reviews and graded homework – complete everything in that area each week • Attend seminars and participate, or complete alternative assignment • If you are unsure of anything, ask, ask, & ask! The most important ingredient in success is YOU

  5. The Grading The most important ingredient in success is YOU

  6. Managerial Accounting Definition of Managerial Accounting A field of accounting that provides economic and financial information for managers and other internal users. Also calledManagement Accounting.

  7. Managerial Accounting Distinguishing Features Applies to all types of business - Service, Merchandising, and Manufacturing. Applies to all forms of business organizations – Proprietorships, Partnerships, and Corporations. Applies to not-for-profit as well as profit-oriented companies.

  8. Managerial Accounting Distinguishing Features (Continued) Changed role in collecting and reporting costs to management as a result of increasingly automated business environment. Now more responsible for strategic cost management – assisting in evaluating how well resources are employed by the company. Teams with people from production, marketing, engineering, etc. Aid in making critical strategic decisions.

  9. Comparing Managerial and Financial Accounting Similarities Both managerial and financial accounting deal with economic events of a business – Thus, interests overlap. Both require that economic events be quantified and communicated to interested parties – Determining unit cost is part of managerial accounting, Reporting cost of goods manufactured is a part of financial accounting.

  10. Comparing Managerial and Financial Accounting Differences

  11. Questions and Answers Are there any questions? Our next networking opportunity is Monday at 11am EST for the AIM Chat. See you there!

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