Lecture 32

An overview of Topics

Chapter 01

Businesses, Multinational Corporationsand 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

Chapter

2

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

Chapter

3

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

Chapter 4

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

Chapter 5

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

Chapter 6

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

Chapter 7

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

8Budgetary 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