(BQ) Part 2 book "Survey of accounting" has contents: An Introduction to managerial accounting, relevant information for special decisions, relevant information for special decisions, relevant information for special decisions, planning for capital investments,.and other contents. | Page 362 12/6/08 8:09:18 AM user-s175 /Users/user-s175/Desktop 10 To download more slides, ebooks, solution manual, and test bank, visit CHAPTER An Introduction to Managerial Accounting LEARNING OBJECTIVES After you have mastered the material in this chapter you will be able to: 1 Distinguish between managerial and financial accounting. 2 Identify the cost components of a product made by a manufacturing company: the cost of materials, labor, and overhead. 3 Explain the effects on financial statements of product costs versus general, selling, and administrative costs. 4 5 6 7 8 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). CHAPTER OPENING Andy Grove, Senior Advisor to Executive Management of Intel Corporation, is credited with the motto “Only the paranoid survive.“ Mr. Grove describes a wide variety of concerns that make him paranoid. Specifically, he declares: I worry about products getting screwed up, and I worry about products getting introduced prematurely. I worry about factories not performing well, and I worry about having too many factories. I worry about Page 363 12/6/08 7:50:47 PM s-206 /Users/s-206/Desktop To download more slides, ebooks, solution manual, and test bank, visit hiring the right people, and I worry about morale slacking off. And, of course, I worry about competitors. I worry about other people figuring out how to do what we do better or cheaper, and displacing us with our customers. Do Intel’s historically based financial statements contain the information Mr. Grove needs? No. .
