Chapter 15 Study Notes - Introduction to Management Accounting

Chapter 15 Study Notes - Introduction to Management Accounting

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Chapter 15 INTRO TO MANAGERIAL ACCOUNTING KEY TOPICS IN CHAPTER Difference between Financial & Managerial Accounting Intro to Certain Managerial Accounting Concepts Measuring costs of a manufacturing company Inventoriable product costs –become part of inventory (balance sheet & then to Income stmt when sold (in COGS) Period costs—directly to income statement NOTE—both managerial & financial accounting are working with the same data—the amounts in the accounts; difference is how the info is summarized & presented due to different needs of: Outsiders --much more summarized; prescribed format of financial statements per GAAP) ; focused on business as a whole Managers inside business—much more detail; any kind of report they want (no “GAAP”) that will provide useful info for particular decision at hand. Can break out data many different ways; Info presented on a need to know basis; for example Compare across products or product lines for profitability
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/10/2008 for the course MGA 201 taught by Professor Anderson during the Fall '08 term at SUNY Buffalo.

Page1 / 2

Chapter 15 Study Notes - Introduction to Management Accounting

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online