ACCT 2020 Lecture Notes - Lecture 1: Carpet Cleaning, Gross Profit, Customer Service
Document Summary
Managerial accounting- accounting recording, calculating, and analyzing for the purpose of internal management and decision making. Tangible products bought from other companies to resell. Tangible products the company makes and sells, themselves. One kind- inventory (what they bought to resell) 3 kinds: work-in- process inventory, finished inventory (on income statement, raw materials (what you assemble with) Value chains: research and development, design, production or purchases (only product cost distinguisher, revenues cogs = gross profit, (cogs) production/purchases = product costs aka inventory. + period costs : gross profit operating expenses = income, marketing (including salespeople, distribution (send the product or service to customer, customer service (any cost after selling) (ex. Cost object- anything that a/the manager wants to know the cost of: a single unit of a line of product* (direct and indirect costs, line of products, north america"s geographic facilities, department (ex.
