ACC 406 Lecture Notes - Lecture 1: Activity-Based Costing, Finished Good, Fixed Cost

• School: Ryerson University
• Department: Accounting
• Course: ACC 406
• Professor: Vincent Cappelli

Document Summary

______ accounting: providing accounting info for your companies internal users. Plan: set objectives ex (cut cost, increase sales etc. ) Financial: external focus, gaap, objective financial information, broad information, historical. Managerial: internal focus, no rules, financial and non-financial. If bill is , all y people split: activity based costing (abc, ex. Line position: direct responsibility for base objectives of a company (ex. production, workers, marketing (sellers)). Staff position: supportive in nature/indirect responsibility for basic objectives (ex. Treasure: deals with outside people (ex. banks, shareholders) Ethical behaviours: looks for 1) confidence 2) integrity 3) credibility 4) confidentiality: discretion. Most important task of managerial accounting is to 1) determine cost of products/services etc Cost objectives: assigns costs to a product, customer, department, plant. Assigning costs: costs are linked to an object. Direct costs: are easily traceable (material and labour) Indirect costs: not easily traceable (overhead, anything that isn"t materials and labour)