Contabilidad

Workshop One

Universidad Metropolitana



 
Workshop One
Specifics Objectives
1. Describe the difference and similitude between financial and managerial accounting.
2. Classify the types of expenses or costs accounting applies to its functions and behavior.
3. Define and explain the traditional methods to assign costs to a product or service based on job order costing, processcosting, and activity based costing.
4. Calculate the Overhead Application Rate under the method of job order costing. Will apply the overhead and indicate the presentation in the financial statements of the over and under application of overhead.
5. Determine the equivalent units, assign the costs, and will calculate the unit cost under the method of process costing.
6. Compare the traditionalmethods to assign costs to product or service in a job order costing system, process costing, versus the activity based costing [ABC].
7. Describe how the activities could be classified in homogeneous groups to reduce the number of costs application rates under the activity-based costing method (ABC).
8. Utilize the available information-sources, like the Internet, in the preparation of thereports about the managerial accounting subjects.

Specifics Language Objectives
1. Express their ideas in spoken English effectively using graphic organizers.
2. Develop ideas to solve problems in an effective way.
3. Summarize main ideas using correct grammar and spelling in English after reading a selection.
4. Use cooperative learning strategies to analyze and discuss a topic.
5.Use the reading process effectively.
6. Write a reflective diary using appropriate vocabulary, grammar, and style.

Assignments before Workshop One
1. Read the module. Pay special attention to the rubrics, since they will be used to assess your knowledge, language and class participation.
2. Watch the following video. Take notes and bring them to the class.http://www.youtube.com/watch?v=pBCRmjnwWgo/
Definition of Managerial Accounting
Also called Management Accounting
A field of accounting that provides economic and financial information for managers and other internal users. “Providing information to manager, people who makes decision running the business”
Management Functions:
Planning: means looking ahead and chalking out future courses of action to be followed. It is apreparatory step. It is a systematic activity which determines when, how and who is going to perform a specific job. Planning is a detailed programme regarding future courses of action. It
Directing: is said to be a process in which the managers instruct, guide and oversee the performance of the workers to achieve predetermined goals. Directing is said to be the heart of management processControlling: consists of verifying whether everything occurs in confirmities with the plans adopted, instructions issued and principles established. Controlling ensures that there is effective and efficient utilization of organizational resources so as to achieve the planned goals.
Managerial cost concepts. Production costs. Manufacturing!
Manufacturing consists of activities to convert raw materialsinto finished goods.
• In contrast, a merchandising firm sells goods in the form in which they were bought.
• Service companies don’t manufacture anything.

3. Find information about managerial accounting and finance accounting. Make a two paragraph summary explaining the similitudes and differences between these two types of accounting.
Managerial accounting has a strong future orientation. Incontrast, financial accounting emphasis is on summaries of financial consequences of past activities providing summaries of past financial transactions. Financial accounting the objectivity and verifiability of data are emphasized and reports to those outside the organization owners, lenders, tax authorities and regulators. Managerial accounting objectives relevance of items relating to...