Know the differences between Absorption and Variable Costing
Absorption Costing: The costs of all manufacturing components consisting of direct material,
direct labor, variable overhead and fixed overhead is viewed as inventorial and costs in
Know the differences between Financial & Managerial Accounting.
Financial accounting is mainly used by external users, investors, and creditors who want a
snapshot of a business as a whole. This type of accounting deals with historical, quantitive,
Know the ABC flow of costs thru to the financial statements.
(MLO, WIP, Fin Gds, CGS, NI)
ABC=Activity Based Costing
Activity Based Costing is defined as a cost accounting system that focuses on an organizations
activities and collects costs on the basis