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CHAPTER 18 “MANAGERIAL ACCOUNTING CONCEPTS/JOB COSTING”

CHAPTER 18 “MANAGERIAL ACCOUNTING CONCEPTS/JOB COSTING”

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Chapter 18 “Managerial Accounting Concepts/Job Costing” from Accounting Principles: A BusinessPerspective, Financial Accounting (Chapters 9-18) by Hermanson, Edwards, and Maher is availableunder Creative Commons license Attribution-Noncommercial-Share Alike 3.0. © Textbook Equity (2011)18 Managerial accounting concepts/job costing18.1 Learning objectivesAfter studying this chapter, you should be able to:•Compare and contrast managerial accounting and financial accounting.•Describe the basic components of a products cost.•Explain the difference between product costs and period costs.•Compare financial reporting by a merchandiser to that of a manufacturer andprepare a statement of cost of goods manufactured, an income statement, anda balance sheet for a manufacturer.•Explain the pattern of cost flows for a company.•Compare and contrast different production methods and accounting systems.•Describe job cost flows and determine the cost of jobs.•Explain how and why predetermined overhead rates are computed.•Describe the differences in net income under absorption costing and variablecosting (appendix).18.2 A manager's perspectiveAnn FrancisManager, Consumer Affairs AdministrationThe Coca-Cola CompanyRegardless of the area of business in which they choose to make their careers,students, especially when they reach the management level, will inevitably havefinancial responsibilities. As a manager, I need to understand some basic accountinginformation in order to make decisions and to process the information flow in andout of my office.For example, I manage a department budget, and it is my responsibility to trackcash inflow and outflow on a regular basis to ensure that the budget is administeredappropriately. I track all our invoices, then reconcile them with a "Deck" report,

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