Lecture 32

1. Lecture 32 An overview of Topics

2. Chapter 01Businesses, Multinational Corporationsand Basics Concepts of Accounting

3. 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

4. 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

5. Chapter2 The Changing Role of Managerial Accounting in Dynamic Business Environment

6. 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

7. 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

8. 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

9. 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

10. Lecture 07 • Cost, Product Cost, Period Cost • Components of Manufacturing Products • Cost of Good Manufactured • Cost of Goods Sold • Manufacturing Cost Flows • Income Statements

11. Lecture 08 • Practice Questions • Cost of Goods Sold • Income Statement • Missing Data Cost of Goods Sold • Missing Data Income Statement

12. Lecture 09 • Problem Questions • Missing Data Cost of Goods Sold • Missing Data Income Statement • End of Chapter

13. Chapter3 Systems Design:Job-Order costing

14. 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

15. Lecture 11 • Application of Manufacturing Overhead • The Need for a Predetermined Manufacturing Overhead Rate • Overhead Application Example • MCQs Questions

16. 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

17. 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

18. Chapter4 Systems Design:Process Costing

19. 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

20. Lecture 15 • Equivalent Units of Production • MCQs Test • Weighted Average Method • Production Report • Production Report Example

21. Lecture 16 • Question with Complete Data • Question with Missing Data

22. Lecture 17 • Operations Costing • Compare and contrast operation costing with job costing and process costing • Practice Questions • End of Chapter

23. Chapter 5 Systems Design:Activity based Costing

24. 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

25. 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

26. Lecture 20 • Problem Questions • Simple Data Question • Comprehensive Data Question

27. Lecture 21 • Problem Questions • Simple Data Question • Comprehensive Data Question End of Chapter

28. Chapter6 Cost-Volume-Profit-Analysis

29. 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

30. 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

31. Lecture 24 • The Concept of Sales Mix • Multi-product break-even analysis • Assumptions of CVP Analysis

32. Lecture 25 • Operating Leverage • Verify increase in profit • MCQs Question • Practice Question • End of Chapter

33. Chapter7 Joint Product and By Product Costing

34. 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

35. Lecture 27 • SplitoffPoint • Joint Products and By-products • Why Allocate Joint Products? • Approaches to Allocating Joint Costs • Sales Value at Splitoff Method

36. Lecture 28 • Practice Question • Joint Cost Calculation at Splitoff Point • Gross Margin Calculation

37. Lecture 29 • Estimated Net Realizable Value (NRV) Method • Separable Cost • Gross Margin Calculation • Practice Question

38. 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

39. Chapter 8Budgetary Planning and Control

40. 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

41. Lecture 32 • An Overview of all lectures

42. God Bless You and Good Luck