Chapter 15 Exercises

Chapter 15 Exercises - E15-14 (5 min) a. b. c. Companies...

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E15-14 (5 min) a. Companies must follow GAAP in their FINANCIAL ACCOUNTING systems. b. Financial accounting develops reports for external parties, such as CREDITORS and SHAREHOLDERS c. When managers compare the company's actual results to the plan, they are performing the CONTROLLING role of man d. MANAGERS are decision makers inside a company. e. PLANNING provides information on a company's past performance. f. g. Choosing goals and the means to achieve them is the BUDGET function of management. MANAGEMENT ACCOUNTING systems are not restricted by GAAP but are chosen by comparing the costs versus the b the system.
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agement. enefits of
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E15−19 (15-20 min) Flynt Corp. Beginning work in process inventory $10,700 Direct materials used $14,900 Direct labor 10,100 Manufacturing overhead $20,700 Total manufacturing costs incurred during year 45,700 Total manufacturing costs to account for $56,400 Less: Ending work in process inventory (4,500) Cost of goods manufactured $51,900
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Fit Apparel
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This note was uploaded on 09/11/2011 for the course TERM 1 taught by Professor Smith during the Spring '11 term at FIT.

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Chapter 15 Exercises - E15-14 (5 min) a. b. c. Companies...

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