busi101(1)chapter 1 - BUSI BUSI 100 Financial Accounting...

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BUSI 8/25/2010 BUSI 100 BUSI 101 Financial Accounting Managerial Accounting “External” “Internal” Ethics 4 categories: competence, confidentiality, integrity,credibility Three Management Functions: functioning, directing and motivating, controlling Three Types of Business: services, merchandising, manufacturing Three Manufacturing Cost (1) Direct Materials (Cost): Raw materials that can be physically and directly associated with manufacturing the finished product (2) Direct Labor (Cost): The work of factory employees that can be physically and directly associated with converting raw materials into finished goods.(wages for workers) (3) Factory Overhead: Manufacturing costs that are indirectly associated with the manufacture of the finished product. (depreciation, property taxes on factory building, maintenance salaries, manufacturing supervisor's cost, manufacturing utilities, rent on manufacturing equipment) Prime cost= Direct Cost + Direct Labor Conversion Cost= Direct Labor + Factory Overhead
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This note was uploaded on 05/09/2011 for the course BUSI 101 taught by Professor Dj during the Spring '11 term at University of North Carolina School of the Arts.

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busi101(1)chapter 1 - BUSI BUSI 100 Financial Accounting...

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