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After studying this chapter, you should be able to: 1 Explain the characteristics and purposes of cost accounting. 2 Describe the flow of costs in a job order cost accounting system. 3 Explain the nature and importance of a job cost sheet. 4 Indicate how the predetermined overhead rate is determined and used.

58 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 756 | Lượt tải: 0

After studying this chapter, you should be able to: 1 Explain the distinguishing features of managerial accounting. 2 Identify the three broad functions of management. 3 Define the three classes of manufacturing costs. 4 Distinguish between product and period costs. 5 Explain the difference between a merchandising and a manufacturing income st...

58 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 1030 | Lượt tải: 0

Sustainable Income is best use of past data to forecast profitability. is the ability to generate future profits. comes from recurring items such as: - net income from operations - recurring non-operating items (such as investment income or interest expense) GAAP Rule: Statements must separate out non-recurring irregular items.

24 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 750 | Lượt tải: 0

GAAP Rule: If a company trades or borrows in an investing or financing activity but doesn’t use only cash, report these activities in either a separate schedule at the bottom of the statement of cash flows or in the footnotes to the financial statements.

30 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 749 | Lượt tải: 0

CORPORATION is: Separate Legal Entity created by law - Enter into contracts - Declare bankruptcy - Corporation pays tax on net income - Shareholders pay tax only if dividends are paid - Continuous life Not hard to form - File for state charter - Articles, By-laws, Initial stockholders - Authorization to issue stock

25 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 686 | Lượt tải: 0

REPORTING AND ANALYZING LIABILITIES Claims on total assets - obligations to employees (current and retired), governments, suppliers, banks and financiers, law suit settlements, customers, etc “Current” if due within 1 year

28 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 749 | Lượt tải: 0

Purchase - companies must record plant assets at cost. Cost consists of all expenditures necessary to acquire an asset and make it ready for use. Improvements, called capital expenditures, are added to the asset account. Extend life, efficiency or capacity Repairs, maintenance and recurring costs are expensed immediately. Called revenue expe...

25 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 764 | Lượt tải: 0

Balance sheet: What amount should be used? Income statement: When should bad debt expense be recorded? Example: Assume Chuck Co. has: $1,000,000 of sales in December 2015, its first year. All are on credit, terms net 90 days. Gross profit is 40%, operating expenses are $30,000. Now assume that half of all A/R are uncollectible due to poor cre...

27 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 838 | Lượt tải: 1

all the related methods and measures adopted within a business to: safeguard its assets - Employee and external theft, unauthorized use enhance accuracy and reliability of accounting of its accounting records. - Mistakes, errors, fraudulent misrepresentations

24 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 697 | Lượt tải: 0

This is the only account which appears on both the Income Statement and the Balance Sheet. Inventory errors occur often. - Unintentional - Fraudulent manipulation Consider the effects of inventory errors.

24 trang | Chia sẻ: nguyenlinh90 | Ngày: 18/07/2019 | Lượt xem: 737 | Lượt tải: 0