ACCT 2001 : Accounting Test 1 Review
Document Summary
Key objective is to add value to the business: directing: coordinating a company"s diverse activities and human resources to produce a smooth-running operation. Indirect labor: work of employees that have no physical association with the finished product (maintenance, supervisors, manufacturing overhead, manufacturing overhead, costs that are not directly associated with the manufacture of the finished product. Indirect labor: depreciation on factory buildings and machines. Inventories: finished goods, work in process, raw materials, prepaid expenses, cost of goods manufactured, beg wip inv. Company"s potential profitability in order to achieve the company"s goals: balanced scorecard, a performance-measurement approach that uses both financial and non-financial measures to evaluate all aspects of a company"s operations in an integrated fashion. Chapter 2: cost accounting: measuring, recording, and reporting of product costs, companies determine the total cost and unit cost of each product, helps determine what products to produce, what price to charge, and the amounts to produce.
