ACCT 202 Lecture Notes - Lecture 2: Management Accounting
Document Summary
Chapter 14: what is managerial accounting? (p. 631, key thing to focus on, planning a. i. Budgeting: control, how to run your company, ethics, as a manager what would be the right thing to do, costs of a company (2 primary ways, product costs a. i. Ex:) toyota and we manufacture cars all these a. ii. 2. materials is everything we touch (wheels, door) People who are physically touching the product in the assembly line putting together the product: period costs b. i. Any administrative (cfo, cpa, finance dept, human resources-they know how to finance) or selling expenses (marketing, ad campaign) b. ii. The first people they would let go if a company was going bankrupt would be period costs jobs (they need the factory workers they really don"t need the ceo) b. ii. 1. Without product costs there would be no company: manufacturing overhead c. i. Everything else that would make go into making a product c. ii. Items that hold everything together (nuts, bolts, glue)
