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ACC 406 (70)

Study Guide

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Department
Accounting
Course
ACC 406
Professor
Alison Beavis
Semester
Fall

Description
Chapter 1 - Introduction 2 - Cost concepts and classifications 3 inventory accounts (Finished, WIP, Raw materials) 3 Cost components (DL, DM, OH) 7 manufacturing Accounting equations Manufacturing cost = DL + DM + OH (Variable, Fixed) Traditional Income Statement: Revenues Less: COGS = GM Less: Operating expenses = income Contribution format Income Statement: (Variable Overhead) Revenues Less: Variable costs = Contribution margin Less: Fixed costs = income Actual VS Estimated cost (Budgeted [9] Standard [10,11] Predetermined [5]) Total cost VS Average
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