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Lecture 5

BUS 202 Lecture 5: Out+05+202+2017+Completed

by OneClass1134084 , Spring 2017
33 Pages
39 Views
Spring 2017

Department
Business
Course Code
BUS 202
Professor
Joseph D' Adamo
Lecture
5

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University of Rhode Island
BUS 202 Managerial Accounting 2016 - 2017
Joseph M. D’Adamo
Course Outline #5: Product Cost Systems
Page 1 of 33
I. Internal Reporting
A. Internal Reporting to Support Different Levels of Management and Employees
1. Upper-Level Managers
Need information about the whole entity
Information to support strategic decision-making
Aggregate information about the business with access to details
Executive Information Systems
2. Middle-Level Managers
Need information about segments of the entity
Information to support planning, evaluation and control
Aggregate information about business segments with access to details
Decision Support Systems and Transaction Processing Systems
3. Lower Level Managers and Employees
Need detailed information about specific activities
Information to support current functions
Real-time information
Transaction Processing Systems
Course Outline #5: Product Cost Systems
Page 2 of 33
B. Internal Reporting to Support Different Management Functions
1. Basic Management Functions
a. Planning
Information about past and present conditions and estimates of the
future
Information to evaluate alternative courses of actions and their likely
effects
b. Directing and Motivating
Information to implement plans and observe their effects
Encourage desirable behaviors and discourage undesirable behavior
c. Evaluating and Controlling
Authority = granted right to make certain decisions and carry out certain functions within
limits/constraints
Responsibility = exercising granted rights within limits/constraints of grantors
Accountability = evaluate and hold responsible for the actual exercising of the granted rights
2. Types of Managerial Accounting Information
a. Profits: Past (actual) and Future (expected amounts)
Measured using GAAP concepts (accrual basis) but not required
Reported using GAAP and non-GAAP formats
Course Outline #5: Product Cost Systems
Page 3 of 33
b. Cash Flows: Past (actual) and Future (expected amounts)
GAAP classifications not required
Cash budget more important than historical cash flow statement
c. Activities
Measurements in dollars AND units, hours, pounds, gallons, etc.
Reported by responsibilities i.e. by products, departments, etc.
d. Costs
Measured and classified in a variety of ways
II. External Financial Reporting vs. Internal Reporting
PRIMARILY GAAP F/S from Financial Managerial Accounting Reports and Analyses
Internal Reporting
o More forward-looking information with many
estimates
o Various report formats with highly-flexible
content and measurements
o Measurements in $’s, units, hours, etc.
o Information about a single business and its
relationships with other businesses,
customers, etc.

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Description
University of Rhode Island BUS 202 Managerial Accounting 2016 2017 Joseph M. DAdamo Course Outline 5: Product Cost Systems Page 1 of 33 I. Internal Reporting A. Internal Reporting to Support Different Levels of Management and Employees 1. UpperLevel Managers Need information about the whole entity Information to support strategic decisionmaking Aggregate information about the business with access to details Executive Information Systems 2. MiddleLevel Managers Need information about segments of the entity Information to support planning, evaluation and control Aggregate information about business segments with access to details Decision Support Systems and Transaction Processing Systems 3. Lower Level Managers and Employees Need detailed information about specific activities Information to support current functions Realtime information Transaction Processing Systems
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