ACC 202
Managerial Accounting: Week 1 Assignment 1
Corriene Power
ACC202: Principles of Financial Accounting
Mr. Babawale Alao
January 27, 2011
10 – 1 Identifying Financial versus managerial accounting characteristics
a. Managerial Accounting
b. Financial accounting
c. Managerial Accounting
d. Financial accounting
e. Managerial Accounting
f. Financial Accounting
g. Financial accounting
h. Managerial accounting
i. Financial Accounting
j. Managerial accounting
10-3 Classifying Costs: Product or G, S, & A/ Asset or Expense
a. Production supplies- Product cost, asset
b. Depreciation on Administrative Building- G, S, & A, expense
c. Depreciation on manufacturing equipment – Product cost, expense
d. Research and development costs- G, S, & A, Expense
e. Cost to set up manufacturing equipment – Product cost, asset
f. Utilities used in factory- Product cost, expense
g. Cars for sales staff- G,S, & A, Expense
h. Distribution to stockholders- G, S, & A , Expense
i. General office supplies- G,S, & A, Expense
j. Raw material used in the manufacturing process- Product cost, asset
k. Cost to rent office equipment – G,S, & A, asset
l. Wages of production workers – Product cost, Asset
m. Advertising costs – G,S, & A, Expense
n. Promotion Costs- G,S, & A, Expense
10-6 Identifying Product Costs in a Manufacturing Company
a. The components of product costs for a manufacturing entity are materials, labor, and overhead.
b. Measuring product costs for a retail store involves marketing and selling costs and administrative costs. It is more complex for a manufacturing entity because costs range from direct materials, direct labor, indirect materials, indirect labor, equipment, equipment depreciation, rent, and utilities. With product costs in a manufacturing entity the costs must be in some way traced back to the product whether directly or indirectly.
c.
Corriene Power
ACC202: Principles of Financial Accounting
Mr. Babawale Alao
January 27, 2011
10 – 1 Identifying Financial versus managerial accounting characteristics
a. Managerial Accounting
b. Financial accounting
c. Managerial Accounting
d. Financial accounting
e. Managerial Accounting
f. Financial Accounting
g. Financial accounting
h. Managerial accounting
i. Financial Accounting
j. Managerial accounting
10-3 Classifying Costs: Product or G, S, & A/ Asset or Expense
a. Production supplies- Product cost, asset
b. Depreciation on Administrative Building- G, S, & A, expense
c. Depreciation on manufacturing equipment – Product cost, expense
d. Research and development costs- G, S, & A, Expense
e. Cost to set up manufacturing equipment – Product cost, asset
f. Utilities used in factory- Product cost, expense
g. Cars for sales staff- G,S, & A, Expense
h. Distribution to stockholders- G, S, & A , Expense
i. General office supplies- G,S, & A, Expense
j. Raw material used in the manufacturing process- Product cost, asset
k. Cost to rent office equipment – G,S, & A, asset
l. Wages of production workers – Product cost, Asset
m. Advertising costs – G,S, & A, Expense
n. Promotion Costs- G,S, & A, Expense
10-6 Identifying Product Costs in a Manufacturing Company
a. The components of product costs for a manufacturing entity are materials, labor, and overhead.
b. Measuring product costs for a retail store involves marketing and selling costs and administrative costs. It is more complex for a manufacturing entity because costs range from direct materials, direct labor, indirect materials, indirect labor, equipment, equipment depreciation, rent, and utilities. With product costs in a manufacturing entity the costs must be in some way traced back to the product whether directly or indirectly.
c.