Exam (elaborations)
ACG2071 - Exam 1 (Ch 14,15,17) (1).
- Course
- Institution
ACG2071 - Exam 1 (Ch 14,15,17) (1).
[Show more]
Seller
Follow
modockochieng06
Content preview
ACG2071 - Exam 1 (Ch 14,15,17)managerial accounting - ANS-provides financial and nonfinancial info to organization managers
and other decision makers
managerial accounting description - ANS-1. users/decision makers = internal (employees,
managers, etc)
2. purpose of info = help managers make planning/control decisions
3. reporting flexibility = very (no GAAP)
4. info timeliness = available fast w/o audit
5. time dimension = future
6. info focus = projects, processes, divisions
7. info nature = monetary and non monetary
internal controls - ANS-protect assets
ensure reliable accounting
promote efficient operations
uphold company policies
fixed cost - ANS-does not change with activity level
variable cost - ANS-changes with activity
direct cost - ANS-traceable to single cost object
indirect cost - ANS-not traceable to single cost object
incl factory (manufacturing) overhead
product cost - ANS-FACTORY COSTS
direct materials, direct labor, overhead
inventory until sold
asset on BALANCE SHEET
aka: inventoriable cost
period cost - ANS-NONFACTORY COSTS
selling and general admin expenses
expensed as incurred on INCOME ST
expenses not attached to product
direct materials cost - ANS-expenditures for direct materials that are separately and readily
traced through the manufacturing process to finished goods
, direct labor cost - ANS-wages and salaries for direct labor that are separately and readily traced
through the manufacturing process to finished goods
factory overhead - ANS-all manufacturing costs that are not direct materials or direct labor and
cannot be traced
merchandisers - ANS-buy and sell finished goods
manufacturers - ANS-buy raw materials, produce and sell finished goods
difference btwn merchandisers and manufacturers - ANS-inventory
raw materials inventory - ANS-ON BALANCE SHEET
materials waiting to be processed
can be direct or indirect materials
work in process inventory - ANS-ON BALANCE SHEET
partially completed objects
material to which some labor and/or overhead have been added
finished goods inventory - ANS-ON BALANCE SHEET
completed goods for sale
goods that are completed and sold recorded on... - ANS-income statement
unused, incomplete, unsold goods are recorded on.... - ANS-balance sheet
merchandiser cost of goods sold = - ANS-begin merchandise inventory
+ cost of goods purchased
- end merchandise inventory
manufacturer cost of goods sold = - ANS-begin finished goods inventory
+ cost of goods manufactured
- end finished goods inventory
schedule of cost of goods manufactured - ANS-summarizes types and amounts of costs
incurred in a companys production process
steps to schedule of cost of goods manufactured - ANS-1. compute direct materials used
2. compute direct labor costs used
3. compute total factory overhead costs
4. compute cost of goods manufactured
total manufacturing costs = - ANS-direct materials + direct labor + overhead
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now