E Mgt 322 Accounting for Engineering Management Bob Laney www'umr'eduemgt322

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E Mgt 322 Accounting for Engineering
ManagementBob Laneywww.umr.edu/emgt322
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Tex TextbookFinancial and Managerial
Accounting Needles,et alFifth Edition
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Course Goals

• Provide an understanding of basic accounting
• 1) Principles
• 2) Mechanics
• 3) Financial Statements

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Course Goals

• Introduce the concepts of product costing
• 1) Study Job Order Cost System concepts
• 2) Study Process Cost System concepts

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Couse Goals

• Study the budgeting process
• Introduce Standard costing and variance analysis

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Course Grade

• Case Presentations 20
• In-class exams 60
• Term Project 20

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Class Exercise

• A business is an organization that acquires
  resources, and uses those resources for the
  purpose of generating additional resources.
• A business generates resources by
• 1) Providing Services
• 2) Selling Merchandise
• 3) Manufacturing and selling merchandise

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Class Exercise

• Business resources are obtained by
• 1) Owner contribution
• 2) Creditor financing
• 3) Retained Earnings

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Exercise Requirements

• 1) Pick a start-up business
• 2)Determine what resources are needed and where
  we will obtain financing
• 3) Determine what information you would want
  about the business after the first six months