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Managerial Business

Product Costs Includes costs of purchasing/making a product. Ex: direct materials, direct labor & manufacturing. Recorded as assets on inventory accounts on balance sheet. Doesn't become expense until the company has sold the inventory (COGS) on income statement.
Period Costs non-manufacturing cost. selling & administrative expenses & other other expense such as taxes & interest. Ex: salaries and wages of the accounting staff, rent for the admin building, sales commissions paid to sales reps, utilities paid for marking office
Job order costing system companies that manufacture batches of unique or specialized products
Process costing system for the production of similar things
direct costs Allocated directly to the Work-in-Process Inventory account
indirect costs Allocated to the Manufacturing Overhead account
Manufacturing Overhead costs other than direct materials & direct labor including storing materials, machine setup & cleaning the work area resulting in indirect materials & labor, repair, utilities, rent, insurance, property taxes & depreciation on plant building & equipment
Job Cost Record as a company incurs costs related to a job, it adds cost to which then is added to WIP Inventory
Finished Goods Inventory When the job is finished the company totals the cost and transfers the cost from WIP Inventory to....
Cost of Good Sold, an expense When the job's units are sold, the costing system moves the costs from FG Inventory, an asset to....
Financial accounting Reports must follow GAAP, reports audited annually by independent certified public accountants, helps investors make investment decisions
Managerial Accounting Provides detailed reports on parts of the company, helps in planning and controlling operations
Prime Cost Direct Materials + Direct Labor
Conversion costs Direct Labor + Manufacturing Overhead
Creditors and Stockholders External parties for whom financial accounting reports are prepared
Controlling The role managers play when they are monitoring day to day operations and keeping the company on track
Managers Internal decision makers
Planning The management function that involves choosing goals and deciding how to achieve them
Created by: normh80