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Managerial Accounting Concepts and Principles

After you have read this chapter you should be able to:

Conceptual objectives:

  1. Explain the purpose and nature of, and the role of ethics in, managerial accounting.
  2. Describe accounting concepts useful in classifying costs.
  3. Define product and period costs and explain how they impact financial statements.
  4. Explain how balance sheets and income statements for manufacturing and merchandising companies differ.
  5. Explain manufacturing activities and the flow of manufacturing costs.
  6. Describe trends in managerial accounting.

Analytical objectives:

  1. Compute cycle time and cycle efficiency, and explain their importance to production management.

Procedural objectives:

  1. Compute cost of goods sold for a manufacturer.
  2. Prepare a manufacturing statement and explain its purpose and links to financial statements.

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