MGMT 346 Study Guide - Midterm Guide: Net Income, Regression Analysis, Income Statement
Document Summary
Ch 1: recall the difference between managerial & financial. Managerial accounting is defined as the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information: it is used by management to plan, evaluate, and control within an organization. Financial accounting is concerned with the historical aspects of external reporting: it provides financial information to outside parties such as investors, creditors, and governments. A summary of the differences between managerial & financial accounting: Focuses on parts as well as the whole of a business. Ch 2: define key cost terms | classify costs | calculate costs of. Goods manufactured and sold: manufacturing costs are costs associated with the manufacturing activities of the company. Direct materials are all materials that become an integral part of the finished product. Indirect materials include glues, nails, and other minor items. Direct labor is the labor that is involved directly in making the product.
