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chapter%2020-1 - Chapter 2 Basic Managerial Accounting...

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September 7, 2011 Accounting 2102 1 Chapter 2 Basic Managerial Accounting Concepts
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September 7, 2011 Accounting 2102 2 Where do we start? Types of companies merchandising, manufacturing, service Financial goal of for profit companies What determines a company’s profit? Define revenue. Define expense. The financial accounting system accumulates costs. The managerial accounting system assigns costs.
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September 7, 2011 Accounting 2102 3 How do we assign costs? Determine our cost object . Categorize costs as period costs or product costs . Period costs Product costs Direct Indirect
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September 7, 2011 Accounting 2102 4 Loco for Cocoa, LLC Loco for Cocoa, LLC, a manufacturer of premium chocolate powder, began operations several years ago. Classify the following costs as either a product cost or a period cost. If the cost is considered a product cost, further classify the cost as either direct material, direct labor, or manufacturing overhead. Cost Description
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chapter%2020-1 - Chapter 2 Basic Managerial Accounting...

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