Fundamentals of Cost Accounting

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Accounting 111 Pollard Chapter 1 Learning Objectives (L.O): 2 and 3 Assignment: Exercises 16 and 17 Problems 22, 23, 24, and 25 Read the sections of the chapter which cover the Learning Objectives listed above and review the PowerPoint slides for the chapter. Use this information to complete this chapter summary. Test your understanding of the material by completing the assignment for the chapter. L.O.2: Distinguish between the uses and users of cost accounting and financial accounting information. Characteristics Financial Accounting Cost Accounting Users External decision makers Internal decision makers Primary characteristic Comparable data Relevant data Follows GAAP? Yes No L.O.3: Explain how cost accounting information is used for decision making and performance evaluation in organizations Re-read text pages 3 (the opening vignette about Carmen’s Cookies), 10, and 11, and see the Power Point slides to answer the following questions: Using cost data for decision making: What is a cost driver? It is a factor that causes or drives costs
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Chapter 1 Key - Accounting 111 Pollard Chapter 1 Learning...

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