Acct 611 Ch 1-4 Study Guide Spring 2011

Acct 611 Ch 1-4 Study Guide Spring 2011 - C hapters 1-4...

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Chapters 1-4 Study Guide Chapter 1 Know the difference between financial and managerial accounting Know about Managerial Accounting: A partnership with management Know Ethical Standards and ethical climate Chapter 2 What are product costs? Be able to identify. What are period costs? Be able to identify. What is Work-in Process? What are: Direct costs Indirect costs Sunk costs Opportunity cost? How do we figure cost of goods manufactured and cost of goods sold? What is direct labor cost? What costs are included in manufacturing overhead? Be able to identify. Chapter 3 What is a job cost record? What is on it? Be able to figure the total cost of a job including direct material, direct labor, and applied manufacturing overhead. What is normal costing? When are the Raw Materials, Work- in-Process, and Finished goods accounts debited? The answer is these are inventory accounts, which are debited when the balance is increased.
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When are the Raw Materials, Work-in- Process, and Finished Goods accounts credited? These inventory accounts are credited when we are decreasing the balance in these
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This document was uploaded on 02/15/2011.

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Acct 611 Ch 1-4 Study Guide Spring 2011 - C hapters 1-4...

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