managerial accounting

what is managerial accounting ?
Someone who provides accounting information to a company’s internal users.
three broad objectives of a managerial accountant
A Managerial Accountant provides information for the planning and controlling of an organizations action. Also provides detailed information for effective decision-making.
who are the users of managerial accounting information ?
Managerial Accounting provides information to a company’s internal user. For instance, an internal user could be described as an executive, manager, or worker.
connections between planning, feedback, and controlling
After a managerial accountant provides information on the planning, he must now be apart of the controlling to help pursue the plan. Within the plan, there are many alternative routes you can take. As a managerial accountant, you must effectively decide which route is best for the plan at hand.
what is ethical behavior
It is acting in a way that is proper, right, and just.
3 forms of accounting certification
Certification in Management Accounting
Certification of Public Accounting
Certification in Internal Auditing
Product (manufacturing) Costs consist of
Direct materials, direct labor, manufacturing overhead, operating expense
Direct costs
Costs that can be easily traced to a particular project or activity.
Indirect costs
cost that cannot be easily traced to a cost object
Total product cost
DM+DL+MO
Per-unit price cost
Total product cost/ number of units produced
Prime cost
DM+DL
Conversion Cost
DL+MO
Gross Margin
Sales revenue – cogs
Sales revenue
price x units sold
Total variable cost
Variable rate x units of output
Total costs
Total fixed cost + total variable cost
High Low method (variable rate)
High point cost – low point cost /
high point output – low point output
Fixed cost
Total cost high point – (variable rate x output at high)
Cost of goods sold
+beginning finished goods inventory
+cost of goods manufactured
-ending inventory
Cost of goods manufactured
+direct labor
+manufacturing overhead
+beginning work in process inventory
– ending work in process inventory
AICPA
American Institute of Certified Public Accountants