Premium Essay

Ac 505 Managerial Finance

In: Business and Management

Submitted By Sammy1212
Words 842
Pages 4
Pop Quiz:
1. What type of accounts appear on the balance sheet?
- Assets & Liabilities & Shareholders Equity
2. What is the accounting equation:
- Assets = Liabilities + Capital
3. How is the net income calculated?
- Revenue (gross income) – expenses
4. Prepare the journal entry to record purchase of supplies on account for $300
A/P Supplies Credit $300
Debit $300

Financial Accounting Managerial Accounting
Outsiders Insiders
Summarized Detailed
Historic Forward Looking
GAAP – Rules of Accounting Not GAAP

Discussion Topic One:
1. Answer: Basically the same, but details will be different. Cost of goods sold – manufacturer is different. Basics are the same, cost of goods sold different from organization to organization.
2. Answer: They can be related to different industries.

Discussion Topic Two:
Marketing strategy? IE sell lower end/cost goods – why?

Variable Costs Pg. 48 – Cost that varies in total in direct proportion to changes in the level activity
Fixed Costs Pg 49 – Costs that remain the same. Fixed within a relevant range. - Fixed costs per unit can change with different levels of activity.

Product Costs Pg. 38 = Inventoriable Costs (costs that go into inventory)
Direct Materials: major components of finished products (high cost)
Direct Labor: get involved with product ex. Assembly worker
Overhead: Indirect manufacturing cost ex. Supervisor, onsite accountant( no direct contact with merchandise). Small costs = overhead
Prime costs = direct material + direct labor
Conversion costs = direct labor + overhead
Period/non-manufacturing costs Period = selling costs ex. Advertising, sales, commission General & Administrative = ex. Postage, CFOs, work @ headquarters, utilities @ headquarters → not in manufacturing department.
Raw Materials Inventory – bought inventory but haven’t started processed yet.
Work

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