Managerial and Financial ] [ Accounting Financial accountng proves gonaral Purpose fnancal Information o fhose Managoral accounting proves financial and rnomfnancialnfermation formanagers ofan cexganizaton ad ater ‘decision makers Planning and Control ] a Nature of Managerial Accounting Lean Business Model ination) [Satay Poative Behavior — Traceability ontrollabilty Relevance Function cost does not change with ume of acy rable cos changes in fn to changes in he vokime of actly ost eer toa combination ofP ] [ Classification by Behavior changes in Detevel of lx [ Classification by Traceability ] Direct costs Indirect con Single ost ebjct Behefting two or mor| Separtmente Classification by Controllability ] ‘The degree of control depends on the level of management in the organization, j=>r Classification by Function: ] [ Product Costs eoce Classification by Function: ] Period Costs Period and Product Costs in Financial Statements * ‘asecer eat | Ppp Less inna) ‘Suen Income Statement of a Manufacturer Income Statement of a Manufacturer et of goods sols for manufactures des only Slay fom cost of goods sold for Ft Income Statement of a ‘Manufacturer Direct Materials Matorials that aro separately and traced to a particular product. adilPy_neoueSiatement of ] Manufacturer Income Statement of a Manufacturer Direct Labor costs that are soparatoly and ly traced to finished product. Factory Overhead All manufacturing costs except ‘rect material and direct labor rt Income Statement of a ] Manufacture! r Manufacturing costs are often ‘combined as follows: ter ‘Svanand ‘Conversion Flow of Manufacturing ] Activities Manufacturing Statement ] ‘Summarizes the types and amounts of costs Factory Overhead ‘Total Manufacturing Costs Beginning Work in Process Ending Work in Process Cost of Goods Manufactured Job Order Costing 7 a Explain the cost accounting system Describe important features of job order production 3: Explain job cost sheets and how they ‘are used in job order cast accounting Job Order Production fon of large, unique, oF east tema. ‘Built to order rather than mass produced. + Many costs can be directly traced to each ob Used for produ ‘hgh Typleal fob order cost applications: Speciakorder printing, 5 Butlding construction Also used in sorvice Indus S Hosptale