Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up...

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Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up Accumulating costs: linking costs to cost object Cost object: cheeseburger flying passenger to Tampa Building a Walgreens Rural King store in Paris

Transcript of Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up...

Page 1: Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up Accumulating costs: linking costs to cost object Cost.

Basic Managerial Accounting Concepts

Costs: provide future benefits Become expenses when used upAccumulating costs: linking costs to cost object Cost object:

cheeseburger flying passenger to Tampa Building a Walgreens Rural King store in Paris

Page 2: Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up Accumulating costs: linking costs to cost object Cost.

Basic Managerial Accounting Concepts

Methods of assigning costs: easy versus accurate Administration costs for student in BUS 2102 Direct costs: generally easy to trace

BUS 2102 class Indirect costs: more difficult to trace

BUS 2102 class Variable costs: Fixed costs: Opportunity costs:

Page 3: Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up Accumulating costs: linking costs to cost object Cost.

Basic Managerial Accounting Concepts

Product costs= Direct materials+

Cheeseburger Direct labor+

Cheeseburger Manufacturing overhead:

Indirect materials and indirect labor

Page 4: Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up Accumulating costs: linking costs to cost object Cost.

Basic Managerial Accounting Concepts

Period costs: not part of product costs Selling costs

Cheeseburger Administration costs

Cheeseburger Cost of services

Direct period costs Indirect period costs

Page 5: Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up Accumulating costs: linking costs to cost object Cost.

Basic Managerial Accounting Concepts

Preparing Income Statements Manufacturing Firms

Sales -COGS =Gross Profit

Page 6: Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up Accumulating costs: linking costs to cost object Cost.

Basic Managerial Accounting Concepts

Preparing Income Statements COGS

Beginning Inventory +COGM =COGA -Ending Inventory =COGS

Page 7: Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up Accumulating costs: linking costs to cost object Cost.

Basic Managerial Accounting Concepts

Preparing Income Statements COGS

Beginning Inventory +COGM =COGA -Ending Inventory =COGS

Page 8: Basic Managerial Accounting Concepts Costs: provide future benefits Become expenses when used up Accumulating costs: linking costs to cost object Cost.

Basic Managerial Accounting Concepts

Preparing Income Statements COGM

Beginning WIP +Direct Materials +Direct Labor Manufacturing Overhead =Manufacturing Costs -Ending WIP =COGM


Transportation Cost Analysis - Air Pollution Costs

Transportation Cost Analysis - Air Pollution Costs

Chapter 7. Costs - Iowa State University - · PDF fileChapter 7. Costs Short-run costs Long-run costs Lowering costs in the long-run 0. Economic cost and accounting cost “Opportunity

Chapter 7. Costs - Iowa State University - · PDF fileChapter 7. Costs Short-run costs Long-run costs Lowering costs in the long-run 0. Economic cost and accounting cost “Opportunity

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© 2012 Pearson Prentice Hall. All rights reserved. Accumulating and Assigning Costs to Products Chapter 4.

© 2012 Pearson Prentice Hall. All rights reserved. Accumulating and Assigning Costs to Products Chapter 4.

CAPITAL COST ESTIMATES INSTALLED EQUIPMENT COSTS.

CAPITAL COST ESTIMATES INSTALLED EQUIPMENT COSTS.

Costs Cost Offsets Final Report Novemberarchive.mhsoac.ca.gov/Meetings/PriorMeetings_2012/... · Costs and Cost Offsets Final Report ‐November 2012. 10. FSP Costs and Cost Offsets

Costs Cost Offsets Final Report Novemberarchive.mhsoac.ca.gov/Meetings/PriorMeetings_2012/... · Costs and Cost Offsets Final Report ‐November 2012. 10. FSP Costs and Cost Offsets

Study on Road Infrastructure Costs- Analysis of Unit Costs and Cost ...

Study on Road Infrastructure Costs- Analysis of Unit Costs and Cost ...

Low-Cost/No-Cost Strategies for Reducing Energy Costs

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Ch 8 - Analyzing Other Direct Costs · FAR describes other direct costs as costs not previously identified as a direct material cost, direct labor cost, or indirect cost. In other

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Understanding Production Costs - · PDF filefixed cost variable cost total cost ... production costs outpu t fixed cost variable cost ... marginal cost outp ut fixed cost variable

Understanding Production Costs - · PDF filefixed cost variable cost total cost ... production costs outpu t fixed cost variable cost ... marginal cost outp ut fixed cost variable

ACCOUNTING PRINCIPLES AND STANDARDS …...2016/06/03  · CHAPTER 12. MANAGERIAL COST ACCOUNTING Section 1.0 General Managerial cost accounting is the process of accumulating, measuring,

ACCOUNTING PRINCIPLES AND STANDARDS …...2016/06/03  · CHAPTER 12. MANAGERIAL COST ACCOUNTING Section 1.0 General Managerial cost accounting is the process of accumulating, measuring,

13.1 ECONOMIC COST AND PROFIT Explicit Costs and Implicit Costs An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred.

13.1 ECONOMIC COST AND PROFIT Explicit Costs and Implicit Costs An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred.

Cost Sharing, Transaction Costs, and Conservation

Cost Sharing, Transaction Costs, and Conservation

Ch2-Engineering Costs and Cost Estimating

Ch2-Engineering Costs and Cost Estimating

Accumulating and Assigning Costs to Products Chapter 4.

Accumulating and Assigning Costs to Products Chapter 4.

Business Costs - AWS · PDF fileKey Concepts –Short Run Costs Average Cost Total cost per unit of output = Total cost / output = TC/Q Average Fixed Cost Total fixed cost per unit

Business Costs - AWS · PDF fileKey Concepts –Short Run Costs Average Cost Total cost per unit of output = Total cost / output = TC/Q Average Fixed Cost Total fixed cost per unit

Costs Perloff Chapter 7. Economic cost business (accounting) costs: only explicit costs (out of pocket) economic costs: explicit cost + implicit cost.

Costs Perloff Chapter 7. Economic cost business (accounting) costs: only explicit costs (out of pocket) economic costs: explicit cost + implicit cost.

COSTS AND COST MINIMIZATION

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Chapter 2 Engineering Costs and Cost Estimatingsite.iugaza.edu.ps/wp-content/uploads/Chapter 2 Engineering Costs... · Chapter 2 Engineering Costs and Cost Estimating. 2 COSTS ...

Chapter 2 Engineering Costs and Cost Estimatingsite.iugaza.edu.ps/wp-content/uploads/Chapter 2 Engineering Costs... · Chapter 2 Engineering Costs and Cost Estimating. 2 COSTS ...

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CERTIFIED COST SUMMARIES: ALL COSTS INCURRED - …