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Chapter 2

ACCT208 Chapter Notes - Chapter 2: Financial Statement, Income Statement, European Cooperation In Science And Technology


Department
Accounting
Course Code
ACCT208
Professor
Dragone Debra
Chapter
2

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Chapter 2: Cost Concepts and Relevant Income Statements - Accounting 208
I. What is Cost:
-has several different meanings
1. Cost objects direct and indirect costs
2. GAAP cost (how does cost appear on income statement)
II. COST CLASSIFICATIONS FOR ASSIGNING COSTS TO COST OBJECTS
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III. COST CLASSIFICATIONS FOR MANUFACTURING COMPANIES USING GAAP
A. Merchandising and Manufacturing Corporations
1. Handout #1
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B. Understanding Cost Concepts in Relation to Financial Statements (GAAP)
Product Costs (Manufacturing) Period (Non-Manufacturing)
Direct Materials (DM) Selling Expense
Direct Labor (DL) Administrative Expense
Overhead
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