ACCT 2230 Chapter Notes - Chapter 1-5, 7-13: Accounts Payable, Time And Motion Study, Unemployment Benefits
20 Dec 2017
School
Department
Course
Professor
Document Summary
Financial reporting: emphasizes past transactions, data needs to be objective and verifiable, more emphasis on precision, focuses on the company as a whole, follows gaap, mandatory. Managerial accounting provides information to managers/people inside the organization who direct and control its operations. Financial accounting concerns providing information to shareholders, creditors and others outside an organization. Organizations structure is created by decentralization and line and staff position. Ethics: corporate governance: the system by which a company is directed and controlled, effective monitoring and performance. Classification of costs for manufacturing (product costs): show on balance sheet and income statement. Prime cost comes from direct material and labour. Conversion cost comes from direct labour, and manufacturing overhead. Become part of inventory on the balance sheet. Attach to units of product as they are purchased or produced. Non-manufacturing costs (period costs): show on income statement. Marketing or selling: securing customer orders, and getting product into their hands.
