hho8e_ewp_15-14 - E15-14(5 min a b c d e f Companies must...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
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 management. 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 benefits of the system.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
E15−19 (15-20 min) Flynt Corp. White Corp. Fit Apparel Beginning work in process inventory $10,700 $40,000 $2,100 Direct materials used $14,900 $35,000 $7,800 Direct labor 10,100 20,100 1,100 Manufacturing overhead $20,700 10,700 900 Total manufacturing costs incurred during year 45,700 65,800 9,800 Total manufacturing costs to account for $56,400 $105,800 $7,700 Less: Ending work in process inventory (4,500) (25,700) (2,800) Cost of goods manufactured $51,900 $80,100 $4,900
Image of page 2
E15−20 (15-20 min) Req. 1 Clarkson, Corp.
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern