Accounting test 1

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The 3 different costs related to making the product

DM, DL, MOH

when are costs incurred

along the value chain

why do service companies not have product cost?

because they dont sell tangible products

Similarity between financial and managerial accounting

both use information from the financial accounting system

Advisory Accounting

consulting side of accounting and focuses on using accounting knowledge to improve a companys operations; help with decision making

What costs are easy and convenient to trace

direct

product costs can be ____ or ____

direct, indirect

product costs = ______ costs (factory or office)

factory

public accounting

firms that have clients

two ways to increase profit

increase revenue decrease expenses

period costs are expensed when _____

incurred

managerial accounting consists of ____ users and _____ time

internal, future

product costs are first _____ then turned into ______

inventoried, COGS

product costs are related to _____ the product

making

which company has product costs

merchandiser and manufacturer

period costs = ______ costs (factory or office)

office

period costs are expensed as ______

operating expenses (SG&A)

What does the business cycle consist of (3)

plan, direct, control

Tax acocunting

prepares tax returns and minimizes future tax liabilities

cost helps set the ____

price

equation for profit

revenue - expenses

Audit accounting

reviewing the work of others to determine if the output is "free of material errors"

which company has period costs

service

product costs are expensed when items are ____

sold

managers group costs incurred along the value chain depending on ____

when the costs are incurred

industry accounting

working for a specific businesses' accounting firm


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