[ACCT 2203] - Midterm Exam Guide - Ultimate 15 pages long Study Guide!

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7 Feb 2017
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ACCT 2203
MIDTERM EXAM
STUDY GUIDE
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Managerial Accounting Jan 2017- Spring 2017
Note to Student:
Hello, I Christia ad Ill be takig lass otes for you! You ay otie our day 1s e ay ot lie up properly-
This is because I have taken this class twice to improve my score. These notes are a combination of the two
semesters to make more inclusive notes. If there is a way I can set up my notes better, or include more of
something, message me on Facebook, one class, or email cstina43@yahoo.com. Thanks!
Product & Period Costs
Financial Review
Net Sales= Sales-Sales returns+ allowances-disouts
COGS= Cost of goods sold + freight in
Operating Expenses= Period costs (exp)
Selling Exp- sales salaries, wages + commissions, freight, maintenance, stores + websites, travel
and entertainment (for salespeople)
Admin Exp- Office wages + salaries, maintenance in offices, travel + entertainment for
admin, executive life insurance
Product Costs= (DM+DL+OH)
Direct Materials (DM)- any materials that are used in manufacturing. (i.e vanilla latte: cup,
steamer, espresso machine, syrup, whipped cream, wc canisters) Not including individual modifications.
If you want caramel in your vanilla latte- youll pay for caramel as its used, it will not increase the price of
eeryoe elses latte / they didt use it. It is too isigifiat to harge eeryoe for your arael.
Direct Labor (DL)- Barista, register attendant. They touched the product and helped it along the
assembly line. Each person that handled the product put a piece together in making it.
Overhead=ID+IM+FF
Indirect Materials (IM)- Machine parts, cleaners, steri-wipes/buckets, water for cleaning,
individual espresso beans, store cleaners and supplies. They are important in the making of the latte,
but do not have a direct impact on the price of your latte.
Indirect Labor (ID)- Managers, corporate, health inspectors, selling/licensing people. All
necessary for production, but not directly tied to the product- if your drink is too hot- youre not going to
yell at the building owner- youll yell at the barista. (If you get angry about the little things)
Factory Facilities Costs (FF)- Building permits, rent, insurance, company vehicles,
lighting, AC, Heat, Plumbling. God forbid your favorite coffee place (hmm ASPEN) screws up their
pluig…e.
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Inventory Accounts
Raw Materials
Work in Process
Finished Goods
A suspese aout like oerheads or suspese ill alays e losed to COGS at the ed of
the month
QUIZ 1 LOCATED ON BLACKBOARD IS DUE NEXT CLASS PERIOD! Print out answer sheet, fill out in pencil
and turn in at the beginning of class next period.
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