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ACC 202 notes

by: Mara Notetaker

ACC 202 notes ACC 202

Mara Notetaker

GPA 3.58
Managerial Accounting
Dr. Catherine Ann Davenport

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About this Document

This covers chapter 2&3 of the course material and would be helpful with preparing for the first exam
Managerial Accounting
Dr. Catherine Ann Davenport
formulae for calculations included
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This 0 page Bundle was uploaded by Mara Notetaker on Saturday February 6, 2016. The Bundle belongs to ACC 202 at University of North Carolina at Greensboro taught by Dr. Catherine Ann Davenport in Spring 2016. Since its upload, it has received 65 views. For similar materials see Managerial Accounting in Accounting at University of North Carolina at Greensboro.


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Date Created: 02/06/16
Chapter 2 Service Merchandising and Manufacturing companies Service companies are in business to sell intangible services such as heathcare insurance banking consulting rather than tangible products They have little to no inventory inventory are used for internal operations Service companies make up the largest sector of the US economy They incur costs to provide services develop new series advertise and provide customer service Merchandising companies have inventory and resell tangible products they buy from suppliers eg retailers wholesalers middlemen Eg Staples Walmart BestBuy Manufacturing companies These companies convert raw materials into nished goods There are three kinds of manufacturing inventory on the balance sheet Raw material inventory They include physical materials used in the plants such as machine lubricants and janitorial supplies Work in progress inventory Goods that are partway through the manufacturing process but not yet complete Finished goods inventory Completed goods that have not yet been sold Value chain Manufacturing companies incur costs along the value chain Functions of value chain marketing design distribution customer service research amp development production purchase Cross functional team teams made up of personal from different departments that contribute to the value chain or manufacturing merchandising and service process Cost object Anything that managers want a separate measurement of cost This allocation process results in a less precise cost gure assigned Direct cost are precise cost that can be traced to the cost object indirect cost are less precise cost that can39t be directly traced to the cost object Includes freightin and import duties Company paid vacations retirement plan contributions payroll taxes health insurance are called Fringe bene ts Total cost include the costs of all resources used throughout the value chain Period costs include RampD marketing distribution and customer services costs Period cost are operating expenses selling general amp administrative expenses on the company39s income statement Generally Accepted Accounting Principles GAAP speci es which costs are inventoriable product cost through requiring company to use only it to report inventory on external nance statement lnventoriable product cost includes only the costs incurred during the quotproduction or purchasequot stage of value chain They are initially treated as an asset on the balance sheet Conversion cost are cost of transforming direct materials into nished goods The combination of direct labor and manufacturing overhead Prime cost Direct material direct labor Manufacturing overhead MOH Indirect materia Indirect labor Other MOH Chapter 3 Process costing is used by companies that produce large numbers of identical units through a series of uniform production steps or processes eg cheerios picante sauce Job costing is used by companies that produce unique service and products eg airplanes unique houses and jewelry Job cost record is used to track and accumulate all the costs for an individual job Raw materials are stored in a storeroom until a MATERIAL REQUISITION FORM is received requesting the transfer of materials to the production area Cost tracing is the assignment of direct costs to speci c jobs Indirect costs can39t be traced to speci c products so they are divided up using a process called Cost allocation Cost driver is any activity that drives cost An undercosted job could lead to actual losses or lower pro ts than expected an overcosted job could lead to higher pricing and becoming less competitive Jobs will typically be either overcosted or undercosted each situation has its drawbacks Predetermined MOH rate is used by managers to get timely information on the cost of producing various jobs Managers could use an actual rate if they waited until the end of the year to obtain the actual total manufacturing overhead costs incurred and the actual total quantity of the allocation base Managers are willing to sacri ce some accuracy for the sake of timeliness Predetermined MOH rate estimated manufacturing overhead costs estimated direct labor cost MOH allocated Predetermined MOH rate total estimated amount of allocated base END BALANCE MOH Allocated Actual Total job cost direct materials direct job ship overhead Bid pricetotal price to charge Job cost Markup for pro t Percentage of recycledcontentpounds of recycled contenttotal pounds Gross Pro t Sales price total job cost


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