Flashcards in exam 1 Deck (25):
Financial accounting focuses on providing information to internal users.
Staff positions are directly involved in the company’s primary revenue-generating activities.
Preparation of budgets is part of ﬁnancial accounting.
Managerial accounting applies only to merchandising and manufacturing companies.
Both managerial accounting and ﬁnancial accounting deal with many of the same economic events.
Managerial accounting reports are prepared only quarterly and annually.
Financial accounting reports are general-purpose reports.
Managerial accounting reports pertain to subunits of the business.
Managerial accounting reports must comply with generally accepted accounting principles
The company treasurer reports directly to the vice president of operations.
Property taxes on the factory building.
Production superintendents’ salaries.
Memory boards and chips used in assembling computers.
Depreciation on the factory equipment.
Salaries for assembly-line quality control inspectors.
Sales commissions paid to sell laptop computers.
Electrical components used in assembling computers.
Wages of workers assembling laptop computers.
SOLDERING MATERIALS USED ON FACTORY ASSEMBLY LINES
SALARIES FOR THE NIGHT SECURITY GUARDS FOR THE FACTOR BUILDING
COST OF GOODS MANUFACTURED
DM + Dl + mo
RAW MATERIALS INVENTORY
RAW MATERIALS AVAILABLE - RAW MATERIALS PURCHASES
TOTAL COST OF WORK IN PROCESS
COST OF GOOD MANUFACTURED + WORK IN PROCESS
TOTAL MANUFACTURING COSTS
TOTAL COST WORK IN PROCESS - WORK IN PROCESS