ch14 - Chapte 14 The Navigator Scan Study Objectives Read...

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14 CHAPTER STUDY OBJECTIVES After studying this chapter, you should be able to: 1. Explain the distinguishing features of managerial accounting. 2. Identify the three broad functions of management. 3. Define the three classes of manufacturing costs. 4. Distinguish between product and period costs. 5. Explain the difference between a merchandising and a manufacturing income statement. 6. Indicate how cost of goods manufactured is determined. 7. Explain the difference between a merchandising and a manufacturing balance sheet. *8. Identify changes in managerial accounting. *9. Prepare a work sheet and closing entries for a manufacturing company. *Note: All asterisked (*) items relate to material contained in the Appendix to the chapter. The Navigator PREVIEW OF CHAPTER 14 Beginning with this chapter, we turn our attention to issues such as the costs of material, labor, and overhead and the relationship between costs and profits. In a previous financial accounting course, you should have studied the form and content of financial statements for external users such as stockholders and creditors. These statements represent the principal product of financial accounting. The chapters in this textbook focus primarily on the preparation of reports for internal users, such as the managers and officers of a company. These reports are the principal product of managerial accounting. The content and organization of this chapter are as follows: Managerial Managerial Cost Concepts Manufacturing Costs in Financial Comparing Man- agerial and Financial Management Functions Manufacturing Costs Product vs. Period Organizational Structure Income Statement Balance Sheet MANAGERIAL ACCOUNTING Accounting Basics Accounting Statements Costs Cost Concepts: A Review Service Industry Trends Managerial Accounting The Navigator Practices Managerial Accounting Today Business Ethics Chapte M ANAGERIAL ACCOUNTING The Navigator Scan Study Objectives Read Read Chapter Review Work Demonstration Problem Answer True-False Statements Answer Multiple-Choice Questions Match Terms and Definitions Solve
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14-2 Kimmel Accounting: Tools for Business Decision Making _____________________________________________________________________________ CHAPTER REVIEW Managerial Accounting Basics 1. (S.O. 1) Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users. Managerial accounting applies to all types of businesses service, merchandising, and manufacturing and to all forms of business organizations proprietorships, partnerships and corporations. Moreover, managerial accounting is needed in not-for-profit entities as well as in profit-oriented enterprises. Comparing Managerial and Financial Accounting
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ch14 - Chapte 14 The Navigator Scan Study Objectives Read...

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