ACC 212 Study Guide - Final Guide: Fixed Cost, Indirect Costs, Variable Cost

• School: University of Miami
• Department: Accounting Business Administration
• Course: ACC 212
• Professor: Mario Perez

Document Summary

Managerial accounting: internal users: accounting rules. Financial accounting: info must be conformed with gaap or ifrs. Managerial accounting: rules are not required: level of detail. Financial accounting: deals with the company as a whole, contains very little detail. Management accounting: info is designed to address specific issues much more detailed: timeliness. Financial accounting: statements are presented quarterly, annually. Managerial accounting: information is needed to made frequent decisions statements need to always be ready: orientation. Managerial accounting: both historical and future info. Financial accounting focuses on profitability, solvency (liability vs asset), and liquidity. Cost objective: an activity or item for which we desire to measure its cost. Activity: provides a service cost of providing the service. Item: sells product cost of buying or making the items. Product cost: cost of product, cost of inventory reported on the balance sheet until sold, then, it becomes cost of goods sold on income statement.