Chapter 20 class

Got done the homework and gave out a quiz for chapter 19. Started the lecture for chapter 20.

Lost some people on the equivalent units part of process costing. We'll do more tonight so it makes more sense.

Love to get updates from students when they are not in class. I often think they just decided to skip so they don't have to sit through another boring accounting class.

I was thinking the below excuse would have been something Ashley could have come up with. Alas only our friend from the north would have something like this happen to her. I think she's telling the truth. How could you actually make this up and expect anyone to believe you.

Actual email from student:

I wanted to let you know I'm not sure I am going to be able to make it in to class today. It was very cold and snowing this morning so as I always have to when it's cold, I started my hay truck to warm up as it is a diesel. I thought the truck died in the driveway, but when I went out it was gone. The emergency break failed and the truck rolled through the yard, through a fence and down an embankment... and hit a tree... so, I am stuck waiting to see if it can even be fixed, and how long that will take.

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This email made my day.

Homework for chapter 20

I'll update further tomorrow. Chapter 20 homework.

Homework:


•P20-24A
•P20-25A
•P20-27A

Project cost

Went over project costing chapter after arguing about what's best for the economy, AIG executives etc.

Discussed some project questions and told everyone if they don't have any questions it's because they haven't started yet.

Tune gave us inside news that Semitool is laying off another 33% of their employee's. Yuck.

Got through the slides then ran through one homework question.

Probably be a quiz on this chapter.

Homework: Finish homework assigned in last post. Read Chapter 20

Test review and chapter 19

Spent a bit of time going over the test last Thursday. Cash flow was a big question. As a whole everyone did really well even though several of you said you failed this test.

Started Chapter 19 which is on project costing. This type of system is used whenever you want to identify the costs for a particular project, activity, etc. Usually it's pretty apparent as to when you would use project costing. Sometimes for efficiency reasons you don't want to do project costing as it does add some detail level that has to be maintained in your system.

We will go over process costing next chapter. We looked at manufacturing wake boards as a process costing system. For those of you that didn't know what a wake board is I explained that it was what you put deceased bodies on. I know most of you are very twisted and becoming more and more accountanting types as I heard lots of snorts and laughter.

Project is due April 30th. Keep on task and do a little bit each week so it's not overwhelming at the end.

Homework: Read chapter 19


•E19-20
•P19-25A
•P1927A
•P19-28A – Step 1, 2,4

New Orleans

Had a great time in New Orleans. See my other blog for in depth coverage of the conference.

Had a few good stories. This one is probably the funnest (non-incriminating), stolen from the other blog I do.

Food at conference overall has been good. Great food around the area. Went to Palace Cafe last night and had a great seafood plate. The night started with a dinner invite with Rick from Ascentis. We cabbed it to some local restaurant up Canal Street. After sitting down to a meal we discovered they only accepted cash. Rick didn't have cash so we ended up waiting outside for a half an hour for another cab. Beautiful night so it was nice to be outside. After a great meal at Palace Cafe Rick tried to pay with his one and only credit card. Which ended up being declined. We watch a grown man sweat, turn green, cry and almost pass out and am pretty sure he was begging the waiter for a job in the back to do dishes. We let him off the hook but probably will have some explaining to do to Linda for the hefty bill. ha.

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Rich came by the next day (I changed the name from Rich to Rick to protect him a little bit and I doubt anyone is reading this blog so no need to be too secretive) and he gave us peace offerings of coffee mugs and pens. Nice guy and I felt bad for him but for some reason we couldn't stop laughing at him (with him) while this was all taking place.

My roommate did snore. I was surprised I got any sleep actually. We didn't come in before 2 am any night so it didn't make much difference anyways.

Giving a test tonight. Mary-Liz is MIA. Anyone find out the scoop on her?

Everyone said they spent the whole week studying for this test. I expect high flying grades. Although Ashley did admit she did most of her studying on chair 1, 4, and 7.

Scratched 2 MC questions already and the class in only 25 mins in. Could be interesting marking this one.

Homework: Read Chapter 19

Materials, WIP and Finished Goods

I caught 3 or 4 people nodding off last night. I started making faces at everyone to see who was paying attention. I didn't see any reaction and think a few people were thinking I was having face spasms. I also said something like raw materials could be nails, lumber, dogs, cats...didn't even see anyone flinch. At least I can entertain myself. I'm always glad when someone leaves then comes back. I often think "that's the last I'll see of Michael" then in 10 mins or so he wanders back in. ha.

Chapter 18 is the introduction to management accounting. We don't get too detailed but give you the outline of what happens in a cost accounting system. Future chapters will go into Process costing, job costing, analyzing, break even etc.

Mary-Liz sounds like she's had some experience with all this. We are talking A, B, and C's and she's near the X, Y, Z's. It's basic at this point. Don't get frustrated.

Homework next class and Test overview. Don't miss the fun.