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Lecture Survey of accounting (3/e) - Chapter 10: An introduction to management accounting

In this chapter, you will be able to: Distinguish between managerial and financial accounting, identify the cost of manufacturing a product and show how these costs affect financial statements, prepare a schedule of cost of goods manufactured and sold,. | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 10: An Introduction to Managerial Accounting 1- Learning Objectives Distinguish between managerial and financial accounting. Identify the cost components of a product made by a manufacturing company: the cost of materials, labor, and overhead. Explain the effects on financial statements of product costs versus general, selling, and administrative costs. Prepare a schedule of cost of goods manufactured and sold. Distinguish product costs from upstream and downstream costs. Explain how product costing differs in service, merchandising and manufacturing companies. Show how just-in-time inventory can increase profitability. Identify and explain the standards contained in IMA’s Statement of Ethical Professional Practice. Identify emerging trends in accounting (Appendix A). In this chapter, the learning objectives are: Distinguish between managerial and financial accounting. Identify the . | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 10: An Introduction to Managerial Accounting 1- Learning Objectives Distinguish between managerial and financial accounting. Identify the cost components of a product made by a manufacturing company: the cost of materials, labor, and overhead. Explain the effects on financial statements of product costs versus general, selling, and administrative costs. Prepare a schedule of cost of goods manufactured and sold. Distinguish product costs from upstream and downstream costs. Explain how product costing differs in service, merchandising and manufacturing companies. Show how just-in-time inventory can increase profitability. Identify and explain the standards contained in IMA’s Statement of Ethical Professional Practice. Identify emerging trends in accounting (Appendix A). In this chapter, the learning objectives are: Distinguish between managerial and financial accounting. Identify the cost components of a product made by a manufacturing company: the cost of materials, labor, and overhead. Explain the effects on financial statements of product costs versus general, selling, and administrative costs. Prepare a schedule of cost of goods manufactured and sold. Distinguish product costs from upstream and downstream costs. Explain how product costing differs in service, merchandising and manufacturing companies. Show how just-in-time inventory can increase profitability. Identify and explain the standards contained in IMA’s Statement of Ethical Professional Practice. Identify emerging trends in accounting. 1- Product Costing Product Costing Managers need to know the cost of their products and services. Cost Plus Pricing A common business practice. 1- A major focus for managerial accountants is determining product cost. Managers need to know the cost of their products for a variety of reasons. For example, cost-plus pricing is a common business practice. Product .