Ch 13 Online Review - 5-31.xlsx - Chapter 13 What is managerial accounting What is financial accounting Exhibit 13-1 Financial Accounting Managerial

Ch 13 Online Review - 5-31.xlsx - Chapter 13 What is...

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Chapter 13 What is managerial accounting? What is financial accounting? Exhibit 13-1 Financial Accounting Managerial Accounting Externally focussed Internally focussed Must follow externally imposed rules No mandatory rules Historical orientation Emphasis on the future Information about the firm as a whole Internal evalutation and decisions based on ve Direct vs Indirect Costs? Direct: can be traced directly to a the product we manufacture Indirect: not traced directly to the product we manufacture Opportunity Cost Direct materials Direct labor Overhead Total Product Costs Raw materials Work-in-process Finished goods How do materials/costs move through the manufacturing process? Per-unit cost Prime Costs vs Conversion Cost
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Prime costs: direct costs associated with manufacturing a product (DM and DL) Conversion costs: the cost of converting the raw materials to a finished good (DL Period Cost vs Manufacturing Cost Cost of Goods Sold vs Cost of Goods Manufactured Gross Margin Asset vs Expense
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ery detailed information
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L and Overhead)
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