BE7 - principles. Standard is relevance to decisions. d) MO...

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Homework # 7 Brief Exercises BE20-1 Financial Accounting Managerial Accounting Primary users Type of reports Financial statements. Internal reports. Frequency of reports Quaterly and annually. As frequently as needed. Purpose of reports General-purpose. Content of reports Pertains to business as a whole Highly aggregated (condensed) Very detailed. Verification Audit by CPA No independent audit BE20-2 Standards of Ethical Conduct for Management Accountants: 1) Competence 2) Confidentiality 3) Integrity 4) Objectivity BE20-3 a) Planning b) Directing and motivating c) Controlling BE20-4 a) DM b) DL c) MO d) MO BE20-5 a) DM b) DM c) DL External users: stockholders, creditors, and regulators. Internal users: officers and managers. Special-purpose or specific decisions. Pertains to subunits of a business. Limited to double-entry accounting and cost data. Extends beyond double-entry accounting to any relevant data. Generally accepted accounting
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Unformatted text preview: principles. Standard is relevance to decisions. d) MO e) MO f) DM g) DM h) MO BE20-6 a) Product costs b) Period costs c) Period costs d) Period costs e) Product costs f) Product costs BE20-7 Product Costs a) X b) X c) X d) X BE20-8 a) = DM costs + DL costs + MO costs 648,000 180,000 260,000 208,000 b) = + 673,000 648,000 25,000 BE20-9 Scheer Company Balance Sheet (partial) Current assets Cash 62,000 Accounts receivable 200,000 Inventories Finished goods 95,000 Work in process 87,000 Raw materials 68,000 250,000 Prepaid expenses 38,000 Total current assets 550,000 Direct Materials Direct Labor Factory Overhead Total manufacturing costs Total cost of work in process Total current manufacturing costs Beginning work in process inventory BE20-10 a) 125000 b) 101000 c) 134000 BE20-11 a) 159000 b) 123000 c) 248000...
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This note was uploaded on 09/20/2011 for the course ACCT 221 taught by Professor Prof during the Spring '10 term at Alabama State University.

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BE7 - principles. Standard is relevance to decisions. d) MO...

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