Accounting 2242-assignment 1

Accounting 2242-assignment 1 - Zhe(Jay Shen A00265115...

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Zhe(Jay) Shen A00265115 Accounting 2242.1 Assignment 1 Due date: May 18, 2006 Question 1-Definitions Provide definitions for the following: Managerial Accounting The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making. Financial Accounting The phase of accounting concerned with providing information to shareholders, creditors, and others outside the organization. Budget A detailed plan for the future, usually expressed in formal quantitative terms. Just-in-time Inventory A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand. Ethics Ethical accounting practices build trust and promote loyal, productive relationships with users of accounting information. Many companies and professional organizations have written codes of ethics that serve as guides. Conversion costs Direct labour cost plus manufacturing overhead cost. Prime costs Direct materials cost plus direct labour cost. Variable costs A cost that varies, in total, in direct proportion to changes in the level of activity. A variable cost is constant per unit. Fixed costs A cost the remains constant, in total, regardless of changes in the level of activity within the relevant range. If a fixed cost is expressed on a per unit basis, it varies
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Accounting 2242-assignment 1 - Zhe(Jay Shen A00265115...

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