Introduction to Managerial Accounting Richard E. McDermott, Ph.D. Spring 2013

Syllabus Richard E McDermott, Ph.D. 251 Wattis Building Cell phone:

Syllabus Professor's website: Homework will be done using McGraw- Hill’s Connect program. To access go to: hill.com/class/r_mcdermott_spring_2013http://connect.mcgraw- hill.com/class/r_mcdermott_spring_2013

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

Quizzes and Examinations Quiz schedule Size Questions Location Format

Quizzes and Examinations Publication of scores Grading Missed quizzes Quizzes dropped Counsel on taking quizzes

Homework This is a paperless class No hard copies Due dates and penalties Dropped homework assignments

Announcements In class Webpage s

Grading Item Percent of Grade Quizzes 75% Final Exam 10% Homework 15% Total100%

Civility and Professionalism in Classroom

Accounting Taxonomies

Differences Between Financial and Managerial Accounting Users of Reports ◦ Financial—outside users ◦ Managerial—inside users Focus ◦ Financial—emphasis on past transactions ◦ Managerial—emphasis on future decisions

Differences Between Financial and Managerial Accounting Rule 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 Financial and Managerial Accounting Precision versus timeliness ◦ Financial—precision ◦ Managerial—timeliness GAAP/IFRS ◦ Financial—follows GAAP/IFRS ◦ Managerial—need not follow GAAP/IFRS

Differences Between Financial and Managerial Accounting External reporting ◦ Financial—mandatory for financial reporting ◦ Managerial—not mandatory for managerial reporting

Differences Between Financial and Managerial Accounting Types of reports ◦ Financial—companywide ◦ Managerial—company divisions or segments

Studying for Accounting 2020 Read 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 For All materials in textbook unless specifically excluded All material from lecture All materials in PowerPoints and examples posted on web

In some ways Accounting 2020 is closer to a math of business class than a financial accounting class. E = MC 2

Professor Background

FIRST Quiz Date Location Format Length Content

Questions?

Let’s Look at the Flow of Costs Through a Factory To review the following lecture from home download the PowerPoint slide show: to “Acc 2020” to “McD Mfg” to download presentation.