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Chapter 1

Managerial Accounting

QuestionAnswer
What is managerial accounting? The field of accounting that focuses on providing information for internal decision makers
Why is managerial accounting important? It helps managers make decisions in order to be successful
What is the purpose of an organizational chart? helps show the relationship between departments and divisions and managers who are responsible for each section.
What are the managerial accounting functions? Planning (strategic or operational), directing, and controlling
Who created the ethical standards of managers? The Institute of Management Accountants (IMA)
What are the three categories of businesses? Service, merchandising and manufacturing
3 kinds of inventory that manufacturing companies have Raw materials inventory, Work-in-Process inventory, and Finished Goods Inventory
Raw Materials Inventory is materials used to manufacture a product
Work-in-Process Inventory consists of goods that have been started in the manufacturing process but are not yet complete
. Finished Goods Inventory represents completed goods that have not yet been sold.
What make up Direct Materials? Raw materials used in production
Direct Labor Labor of employees working on the products
Manufacturing overhead (MOH) consist of indirect materials, indirect labor, and factory costs (rent, utilities, insurance, etc)
Prime Costs combine... Direct materials and direct labor
Conversion costs combine direct labor and MOH
Direct materials, direct labor, and MOH make up product or period costs? Product
Period costs are non manufacturing costs, expenses include taxes and interest
Created by: akc02040
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