Review%20for%20first%20midterm%20-%20ACCT%202332%20-%20Spring%2010

Review%20for%20first%20midterm%20-%20ACCT%202332%20-%20Spring%2010

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Review for first midterm
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Chapter 1 Planning, control and decision making cycle Managerial vs. financial accounting Budget planning (Santiago Salsa) Sunk cost Opportunity cost Direct vs. indirect cost Software systems: SCM, CRM, ERP Company structure: CFO, controller, treasurer
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Budgets and planning – an example Giuseppe Pasta makes frozen pasta meals. In May it produced 12,000 meals with the following costs: Ingredient cost $16,000 Labor cost 9,000 factory maintenance (fixed) 4,000 Machine Depreciation 2,500 Building Depreciation 3,500 Other (fixed) 1,000 Total $36,000 a. What is the cost per unit. b. If Giuseppe decides to produce 12,500 meals in June, how much would costs increase by?
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Chapter 2 Manufacturing vs. non-manufacturing cost. Only manufacturing goes to inventory (product cost) while non-manufacturing expensed. Cost flows between inventories: COG manufactured, COGS, journal entries for cost flows. Job order vs. process costing companies.
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This note was uploaded on 05/06/2010 for the course ACCT 2332 taught by Professor Howard during the Spring '10 term at University of Texas-Tyler.

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Review%20for%20first%20midterm%20-%20ACCT%202332%20-%20Spring%2010

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