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UGA - ACCT 2102 - Study Guide for Test 1 Accounting II - Study Guide

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UGA - ACCT 2102 - Study Guide for Test 1 Accounting II - Study Guide

School: University of Georgia
Department: Accounting
Course: Principles of Accounting II
Professor: Farmer
Term: Fall 2016
Tags: managerialaccounting
Name: Study Guide for Test 1 Accounting II
Description: This comprehensive study guide thoroughly covers chapters 1-4 of Accounting II.
Uploaded: 09/17/2017
0 5 3 73 Reviews
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background image Study Guide Test 1 Accounting II (Farmer) By Kevin Miller  Chapter 1: Financial vs. Managerial Accounting: Variables Financial Managerial Rules GAAP No Rules! Time Focus Past Future Users External (The Public) Internal (Managers, CEOs 
etc)
Output Financial Statement Unit costs, info on 
production etc
Preparers Accountants Everyone What do accountants do?  Audit and tax Plan Direct Control Audit: Backs up a company and helps protect it Tax: Helps minimize tax for businesses Plan: Decision making, budgeting, options Direct: Day to day paying taxes and bills Control: A comparison between planning and direct phase. Compares what we 
planned for vs. What we actually did.
**Chapter 1 is very brief and sets a broad stage for what Accounting II is like. Mainly
focus on how managerial and financial accounting is different**
Chapter 2: How is MOH applied? BY THE 
RATE!!!
Understanding Costs Product: Initially inventoried. Expensed when used. For manufacturers these are 
COST OBJECTS
background image Period: Expensed in the period when occurred --> Operating expenses or SG & A 
(Selling, general, and administration expenses) 
For a manufacturer: 1. Product 1.1. Direct 1.2. Indirect  1.2.1. Direct goes to Direct Materials and Direct Labor 1.2.2. Indirect goes to Manufacturing overhead (MOH) Product costs flow through accounts in a "left" to "right" direction Raw Materials Inventory --> Work in Progress inventory --> Finished goods inventory
--> COGS
RM --> WIP = Direct material WIP --> Finished goods = Manufacturing Costs (Cost of goods manufactured) Indirect costs: Factory expenses Depreciation expenses Factory janitor expenses **Anything that costs the company money based on the factory they use** These indirect costs are what you may need to find in order to calculate 
MOH for problems in chapter 2 and onwards!!!
Income Statement: Sales Revenue (total sales etc) --- Cost of Goods Sold ------------------------------------------ = Gross Profit --- SG&A Advertising expenses Salaries expenses Depreciation of Office equipment ------------------------------------------- = Operating Income To find COGS: Beginning Merchandise Inventory + Purchase – Ending Merchandise Inventory = 
COGS.........OR.......

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School: University of Georgia
Department: Accounting
Course: Principles of Accounting II
Professor: Farmer
Term: Fall 2016
Tags: managerialaccounting
Name: Study Guide for Test 1 Accounting II
Description: This comprehensive study guide thoroughly covers chapters 1-4 of Accounting II.
Uploaded: 09/17/2017
6 Pages 68 Views 54 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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