Accounting 102 Study Guide
Biology 102 Study Guide
AC102, Managerial Accounting (Rice) Loyola College in Maryland Rice's AC102, Managerial Accounting Spring 2002 Course Home Page/Syllabus AC 102.08 (A), TR 3:05 - 4:20, Sellinger Hall 004 Instructor:, MBA, CPA Title: Assistant Professor of Accounting Office: Sellinger Hall, Room 325 Office Phone: (410)617-2478 Home Phone: (410)486-1920 Email: Office Hours: By appointment via GroupWise busy search MATERIALS: Accounting Principles, 7th ed., Hermanson, Edwards and Maher (Required) Working Papers, Vol. II (Required) Study Guide, Vol. II (Required) (Optional but free!) DESCRIPTION OF THE COURSE: This is the second course ever taught at Loyola College (started Spring 1999) using virtual lectures. What is meant by a virtual lecture along with the rationale for using the approach is fully explained. The course focuses on the concepts of managerial accounting including such topics as job order cost systems, standard costs and budgeting. Additionally, the course covers an introduction to the cash flow statement, financial statement analysis and income tax.
The course concentrates on the application of accounting theory, standards, principles, and procedures to accounting problems. It is designed both as an introduction to managerial accounting which may be followed by more in-depth study in subsequent accounting courses and as the second semester of a two-semester survey course in basic accounting for those who do not intend to continue their accounting education. OBJECTIVES OF THE COURSE: 1. To conclude the introduction of various financial accounting topics covered in the course.
To introduce students to various managerial accounting topics. To introduce students to computing and accounting for federal income taxes. To teach students to apply accounting theory, standards, principles and procedures to practical accounting problems in the elementary topical areas covered in the course. To teach students the fundamental rationale for the various financial and managerial accounting procedures and techniques in the course. To reinforce the use of the personal computer as a basic accounting tool.
To introduce students to the accounting environment through the use of the text, multimedia presentations and the Internet. To require students to more fully develop their critical thinking skills. To make learning accounting both interesting and fun.:-) NOTE: Your Rice ID# for this class is your SEAT# and SECTION. (e.g., 80C) OTHER SYLLABUS COMPONENTS: COURSE-RELATED LINKS: INTERNET ASSIGNMENTS:. # 1 - ( Due by midnight, Thursday, January 31). # 2 - Income Tax Assignment (Details later) OTHER LINKS OF POSSIBLE INTEREST: Please report broken links to.
Final Exam Study Guide Accounting 102 Chapter 22: Budgeting A budget is a formal document that quantifies a company’s plans for achieving its goals. A master budget is a comprehensive planning document for a company’s future that is made up of the following budgets: The first step in preparing the master budget is the sales budget, which shows the planned sales units and the expected dollars from these sales. A manufacturer prepares a production budget, which shows the number of units to be produced in a period. The direct materials budget shows the budgeted costs for the direct materials that will need to be purchased to satisfy the estimated production for the period. The direct labor budget shows the budgeted costs for the direct labor that will be needed to satisfy the estimated production for the period. The factory overhead budget shows the budgeted costs for factory overhead that will be needed to complete the estimated production for the period. The selling expense budget is an estimate of the types and amounts of selling expenses expected during the budget period.
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After developing budgets for sales, manufacturing costs, expenses, and capital expenditures, the next step is to prepare the cash budget, which shows expected cash inflows and outflows during the budget period. Chapter 23: Flexible Budgets and Standard Costs A fixed budget, also called a static budget, is based on a single predicted amount of sales or other activity measure. A flexible budget, also called a variable budget, is based on several different amounts of sales. Budget reports contain relevant information that compares actual results to planned activities. Variance Analysis: Standard Cost: the cost that management believes should be incurred to produce a product or service under anticipated Budgeted Cost: the term standard cost refers to the cost of a single unit, whereas the budgeted cost refers to the cost, at standard, of the total number of budgeted units.