Accounting ACCT 2620 Lecture Notes - Lecture 7: Balanced Scorecard, Job Shop, Mass Customization
Document Summary
Managerial acct: facilitate and influence decisions but don"t make them. More internal, not always in accordance with gaap. Balanced scorecard: how we look to owners, 4 different perspectives. Staff position (supervisors) vs. line position (actually making the goods) Managerial accountants= staff position but becoming more part of cross- functional teams. Cfo: prepare reports, supervising, planning and decision making. Internal auditor: reviewing acct reports and system to see if effective. Cost vs expense (cost incurred when making revenue) Product dl, dm, mfg oh indl indm other. Manufacturing: job shop, batch, assembly line, mass customization, continuous flow. Product costs: incurred from creating a product (ex. shipping and buying costs) Period costs: expenses during the period of creating the product (ex. lease and utilities) in service, all costs are period costs prime cost = dm + dl. Dm, dl, mfg oh wip inventory fin gds inv. On income statement: product costs cogs (when sold)
