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,ACCESSTestBankforFundamentalManagerialAccountingConcepts10th Edition
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dmonds
Chapter 01 - Management Accounting and Corporate Governancea a a a a a a




TeachingNotesforChapter1 a a a a




Managerial accounting requires teaching methods different from those used in financial acco a a a a a a a a a a a




unting. In the introductory financial accounting course, instructors teach students about acco
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unting standards. A primary goal in teaching managerial accounting is to de velop students’ c
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onditional assessment skills (critical- a a a




thinking skills). For example, in a later chapter, students are frequently confused by th e fact
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that, in different situations, a given cost can be classified as fixed or variable, dir ect or indirect,
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relevant or not relevant. The salary cost of store managers may be fixed with respect to the nu
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mber of customers that enter their stores. However, managers’ s alary cost is variable relative t
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o the number of stores a company operates. A manager’s salary cost is directly traceable to a p
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articular store but not traceable to a sale occurrin g in the store. Students must learn to assess t
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he conditions that determine cost classific ation. Chapter 1 offers the first opportunity to deve
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lop the students’ conditional assess ment skills. Here, students learn that depreciation can be
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classified as an asset or an ex pense, depending on certain conditions. If a depreciable asset is u
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sed to produce invent ory, the depreciation cost will first be classified as an asset (inventory) a
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nd later as an expense (cost of goods sold). If the depreciable asset is used to support selling and
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ad ministrative activities, depreciation will be reported directly on the income statement a s
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depreciation expense. a




Students typically enter managerial accounting with rigid ideas about expense reco gniti a a a a a a a a a a a




on. In financial accounting they learned that depreciation and employee compensat ion costs
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are expensed directly on the income statement. The idea that depreciation rel ated to manufact
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uring equipment and wages of production workers will pass through a n inventory account b
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efore being expensed as cost of goods sold is contrary to their ex isting knowledge base. Expa
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nding that knowledge base requires a significant commitm ent of teaching time. Your student
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s are developing their analytical skills. They are lear ning how to assess the conditions that infl
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uence cost classification. This type of learnin g requires more time than merely memorizing d
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efinitions. If you sometimes feel that p rogress is too slow, remember that you are building a fo
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undation upon which subseque nt learningAwill rest. There is no more important teaching task
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than helping students fo rm a sound conceptual framework. We recommend using approxim
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ately three hours of class time for Chapter 1.
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1-1
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,ACCESSTestBankforFundamentalManagerialAccountingConcepts10thEdit ion
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Edmonds
Chapter 01 - Management Accounting and Corporate Governance
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DetailedOutlineofaLessonPlanforChapter1 a a a a a a a a




A comprehensive lesson plan forAthe firstAday of class begins in the Introduction to this manual. Pl ease rea
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d it before implementing steps II–VIII of the following lesson plan.
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I. Distinguish between managerial and financial accounting. The best way to d iffer a a a a a a a a a a a




entiate between managerial and financial accounting is to highlight differen ces where
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they occur in the subject matter throughout the course. For example, when using estim
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ated data in a decision- a a a a




making context, point out that managerial accounting is future- a a a a a a a a




oriented rather than historically based. A long monologue about the differences betwe
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en financial and managerial accounting will only bore your students. In a brief introdu
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ction to this topic, you might discuss the information needs for inte rnal users (manager
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s) to plan, direct, and control. The information needed by a manager depends on his/he
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r position in the organization and the particular decis ion facing the manager. If you wa
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nt to spend more time on the topic, Exercise 1-1A from the end-of-
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chapter materials in the text might be an appropriate in- class activity at this point.
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II. Use Demonstration Problem 1-1 as a problem-
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based learning exercise. (See the introduction to this manual for details about p roble
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m-based learning.) a




III. After giving the students a few minutes to digest the problem and formulat e solu
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tions, engage them in some form of collaborative learning experience.
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IV.
Introduce the concept of product costing by providing the solution t o req a a a a a a a a a a a a




uirement a of Demonstration Problem 1-1. a a a a a




V. Continuing Demonstration Problem 1- a a a




1, determine the cost per unit and the sales price using a cost-
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plus pricing strategy.
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VI. Show how product costs are expensed through cost of goods sold. a a a a a a a a a a




VII.
Introduce the cost category of selling, general, and administrative co sts ( a a a a a a a a a a a




SG&A costs). a




VIII. Use Problem 1-19A as an in-class reinforcement exercise.
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IX. Copy and distribute Demonstration Problem 1-2. Demonstration Problem 1-
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2 expands the classification concepts introduced in Demonstration Problem 1-
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1 to include accounting for the depreciation of manufacturing equipment. Explain t hat de
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preciation on manufacturing facilities and equipment is a product cost. Point out that the e a a a a a a a a a a a a a a




ntry to record depreciation on manufacturing equipment represents a n asset exchange t
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ransaction. The book value of manufacturing equipment decreas es, and the balance in the a a a a a a a a a a a a a a




Inventory account increases. Students are so accustomed to the idea that depreciation is a a a a a a a a a a a a a a




n expense, they are not likely to grasp the product cost concept until they work a problem.
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After your explanation, assign a a a

, 1-2
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