ACC-1B Lecture Notes - Lecture 1: Operations Management, Financial Accounting

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Work in process inventory (wip inventory) the cost of products that are partially complete. Controlling the function of keeping activities in accordance with plans. Managerial accounting primarily concerned with internal users and reports pertain to subunits of the entity. Direct materials materials that can be physically and directly associated with manufacturing a product. Raw materials that can be traced to a profit. Planning the function of setting goals and objectives. Manufacturing overhead indirect costs of manufacturing a product all manufacturing costs except direct materials and direct labor. Financial accounting primarily concerned with external users and reports pertain to the entity as a whole. Value chain all business processes associated with providing a product or service. Directing the function of coordinating diverse activities to produce a smooth running operation. Planning directing controlling = key roles of a management accountant. Manufacturing costs activities and processes that convert raw materials into finished goods . Product costs direct materials, direct labor, manufacturing overhead.

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