Introduction to Introduction to Managerial AccountingManagerial AccountingRichard E. McDermott, Ph.D.Spring 2013

SyllabusSyllabusRichard E McDermott, Ph.D.251 Wattis BuildingCell phone: 801-628-8413Email : remcdermott@weber.edu

SyllabusSyllabusProfessor's website: http://faculty.weber.edu/rmcder

mottHomework will be done using

McGraw-Hill’s Connect program.To access go to:

http://connect.mcgraw-hill.com/class/r_mcdermott_spring_2013

Office HoursOffice Hours

• Tuesday and Thursday: 2:00 to 3:00 PM• Monday Wednesday and Friday: 11:00 AM to 12:00 Noon

Quizzes and ExaminationsQuizzes and ExaminationsQuiz scheduleSizeQuestionsLocationFormat

Quizzes and ExaminationsQuizzes and ExaminationsPublication of scoresGradingMissed quizzesQuizzes droppedCounsel on taking quizzes

HomeworkHomeworkThis is a paperless classNo hard copiesDue dates and penaltiesDropped homework assignments

AnnouncementsAnnouncementsIn classWebpageEmails

GradingGrading

Item Percent

of Grade

Quizzes 75%

Final Exam 10%

Homework 15%

Total 100%

Civility and Professionalism Civility and Professionalism in Classroomin Classroom

Accounting TaxonomiesAccounting Taxonomies

Differences Between Differences Between Financial and Managerial Financial and Managerial AccountingAccountingUsers of Reports

◦Financial—outside users◦Managerial—inside users

Focus◦Financial—emphasis on past

transactions◦Managerial—emphasis on future

decisions

Differences Between Differences Between Financial and Managerial Financial and Managerial AccountingAccountingRule orientation

◦Financial—very rule oriented as emphasis is on objectivity and verifiability

◦Managerial—emphasis is on relevance for the decision at hand—different costs for different purposes

Differences Between Differences Between Financial and Managerial Financial and Managerial AccountingAccountingPrecision versus timeliness

◦Financial—precision◦Managerial—timeliness

GAAP/IFRS◦Financial—follows GAAP/IFRS◦Managerial—need not follow

GAAP/IFRS

Differences Between Differences Between Financial and Managerial Financial and Managerial AccountingAccountingExternal reporting

◦Financial—mandatory for financial reporting

◦Managerial—not mandatory for managerial reporting

Differences Between Differences Between Financial and Managerial Financial and Managerial AccountingAccountingTypes of reports

◦Financial—companywide◦Managerial—company divisions or

segments

Studying for Accounting Studying for Accounting 20202020Read the chapter several times.Work many problems.Come to class prepared to ask

questions.Focus on understanding underlying

concept rather than memorizing specific rules.

Spend 2 to 3 hours outside of class for every hour spent in class.

Ask questions.

You Are Responsible ForYou Are Responsible ForAll materials in textbook unless specifically excluded

All material from lecture All materials in PowerPoints and examples posted on web

In some ways Accounting In some ways Accounting 2020 is closer to a math of 2020 is closer to a math of business class than a business class than a financial accounting class.financial accounting class.

E = MC 2

Professor BackgroundProfessor Background

FIRST QuizFIRST QuizDateLocationFormatLengthContent

Questions?Questions?

Let’s Look at the Flow of Let’s Look at the Flow of Costs Through a FactoryCosts Through a Factory

To review the following lecture from home download the PowerPoint slide show: http://faculty.weber.edu/rmcdermott to “Acc 2020” to “McD Mfg” to download presentation.