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Busi 101 Notes 1:10:11

Busi 101 Notes 1:10:11 - Busi 101 Notes Financial...

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Busi 101 Notes 1/10/11 Financial accounting: external Managerial accounting: internal Ethics: check appendix B 4 categories of ethics: competence, confidentiality, integrity and credibility 4 management functions: planning, directing, motivating, and controlling 3 types of businesses: service firms, merchandising, and manufacturing Merchandising: stores such as department stores, large inventory Manufacturing: unfinished inventory that they process 3 manufacturing costs: direct materials, direct labor, factory overhead Direct materials: materials forming integral parts of production Direct labor: labor expended upon direct materials Factory overhead: ALL manufacturing factors besides DM and DL Direct materials and direct labor are prime costs Direct labor and factory overhead are conversion costs Ex: Prime costs: 4700 Conversion Costs: 2200 Direct Materials: 3 times Factory overhead What is… Direct materials?
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