Accounting Exam #4 Questions and
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Managerial Accounting - Focuses on preparing information that is
useful for management to make numerous decisions during related to the
day-to-day operations of a business and in planning for the future
Financial Accounti...
Managerial Accounting - ✔✔Focuses on preparing information that is
useful for management to make numerous decisions during related to the
day-to-day operations of a business and in planning for the future
Financial Accounting - ✔✔External users, GAAP must comply, uses
historical data, summary info, reports are periodic, typically annually
Managerial accounting elements - ✔✔internal users, GAAP doesn't have to
comply, historical and estimated data to help predict future, more detailed
depending on needs of management, reported based on management
needs
Merchandising business - ✔✔Purchase --> Merchandise inventory -->
merchandise available for sale --> cost of merchandise sold
Manufacturing Business - ✔✔materials inventory (materials storeroom) -->
work in progress inventory (production process - direct labor, factory
, overhead) --> finished goods inventory (warehouse) --> cost of goods sold
(music store)
unfinished = raw material
partially finished = work in progress
Product costs - ✔✔consist of costs of manufacturing products - material
cost; labor cost; factory overhead, direct labor, direct material
period costs - ✔✔consists of costs associated with selling product and
managing company - selling and administrative expenses
example: research and developmental costs are ADMIN
Direct materials - ✔✔materials that can be clearly traced to the product that
are an integral part of the finished product and form a significant portion of
the total product cost
Indirect materials - ✔✔Materials that cannot be clearly traced to the product
and are not an integral part of the finished product and are an insignificant
portion of the total product cost
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