Class Notes Chapters 5, 6 and 7

Class Notes Chapters 5, 6 and 7 - The University of Texas...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting Class Notes – Chapters 5, 6, and 7 Overview If you're planning a vacation, you'd need to know what things such airfare, accommodations and meals will cost. For example, the cost to travel by air is a fixed amount; whereas, the cost to travel by car will vary based on the distance driven. With a better understanding of how costs behave, you can get a better idea of what your vacation will really cost. In this section, you'll learn how a business can analyze its costs to better understand how changes in its operations will impact the company's income statement and balance sheet; you’ll also learn how those costs flow through a company’s financial statements. Transaction Analysis Model Cost Classifications (for Financial Statements) What are product costs? What are direct materials costs?
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