Lecture 09_01 & 03_10

Lecture 09_01 & 03_10 - vs. relevance-Precision vs....

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Managerial Accounting Wednesday September 1, 2010 Chapter 1 Managerial Accounting and Cost Concepts
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Topics for today’s lecture: 1.What is managerial accounting ? 2.Managerial accounting and manufacturing 3.When a cost becomes an asset , expense 1.Cost of goods sold in the income statement
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The work of management and need for managerial accounting -Planning -Budgets -Directing and motivating -Controlling
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Differences between financial and managerial accounting - Users : external vs. internal - Historical perspective vs. future orientation - Objectivity and verifiability
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Unformatted text preview: vs. relevance-Precision vs. good estimates-Company as a whole vs. segments -Bound by GAAP vs. relevance BE 1-1 Cost classification:-Direct materials-Direct labor-Manufacturing overhead manufacturing process videos BE 1-2 Product costs vs. period costs Product costs : all costs involved in making or acquiring a product Period cost : all selling and administrative costs Prime cost : DM + DL Conversion cost : DL + mfg OH BE 1-3 Calculating cost of goods sold ( This is different from cost of goods manufactured) BE 1-4...
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Lecture 09_01 & 03_10 - vs. relevance-Precision vs....

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