Acct1511 Summer 2012

School of Accounting ACCT 1511: Accounting and Financial Management 1B Summer Session, 2012

Lecture Materials for Classes 10 -12 Management Accounting 10. Management Accounting: Review 11. Costing Systems 12. Budgeting for Planning and Control

Student Handout
Lecturer: Nicole Ang Website: http://lms-blackboard.telt.unsw.edu.au/webapps/portal/frameset.jsp

1

School of Accounting ACCT 1511: Accounting and Financial Management 1B Summer Session, 2012

Class 10 Review of Introduction to Management Accounting and Cost Concepts
Student Handout
Contents: 1. Learning Objectives (LO) 2. Tutorial Questions 3. Lecture Materials 4. Additional Reading Lecturer: Nicole Ang

Website: http://lms-blackboard.telt.unsw.edu.au/webapps/portal/frameset.jsp

2

1

Introduction and Learning Objectives

In this class you will be given a brief review of some of the basic cost concepts you were introduced to in ACCT1501. At the end of this class, you should be able to: • • Understand ways in which costs may be classified Identify and provide examples of the 3 cost types – direct materials (DM), direct labour (DL), and manufacturing overheads (OH) – involved in the product manufacturing process Prepare a simple schedule of cost of goods manufactured

•

Tutorial Questions for Class 11
None

3

Class 10

Management Accounting Class 10 Review Class 11 Costing systems Class 12 Budgeting

ACCT1511: AFM1B Management Accounting:
Review of Intro and Cost Concepts

1

2

Lecture Outline for Class 9

1. What is Management Accounting?
 Area of accounting concerned with the provision

 Cost concepts and classification
– Cost concepts – Classification

of information to all levels of management
 So that management is able to carry out g y

planning, directing and motivating, and controlling responsibilities.
 Key focus: Adding value!

3

4

Introduction to Cost Concepts and Classification

Cost Classification
Cost Classification