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Survey of Accounting 3E by Thomas P Edmonds2

(BQ) Part 2 book "Survey of accounting" has contents: An Introduction to managerial accounting, relevant information for special decisions, planning for capital investments, performance evaluation, planning for profit and cost control, relevant information for special decisions,.and other contents. | edm10858_ch10_358-395.indd Page 358 07/12/10 9:03 AM user-f494 /207/MHBR182/mcc11447_disk1of1/0073511447/mcc11447_pagefiles To download more slides, ebooks, solution manual, and test bank, visit http://downloadslide.blogspot.com CHAPTER 10 An Introduction to Managerial Accounting LEARNING OBJECTIVES After you have mastered the material in this chapter, you will be able to: 1 Distinguish between managerial and financial accounting. 2 Identify the cost components of a product made by a manufacturing company: the cost of materials, labor, and overhead. 3 Explain the effects on financial statements of product costs versus general, selling, and administrative costs. 4 5 6 7 8 9 Prepare a schedule of cost of goods manufactured and sold. Distinguish product costs from upstream and downstream costs. Explain how product costing differs in service, merchandising, and manufacturing companies. Show how just-in-time inventory can increase profitability. Identify and explain the standards contained in IMA’s Statement of Ethical Professional Practice. Identify emerging trends in accounting (Appendix A). CHAPTER OPENING Andy Grove, Senior Advisor to Executive Management of Intel Corporation, is credited with the motto “Only the paranoid survive.“ Mr. Grove describes a wide variety of concerns that make him paranoid. Specifically, he declares: I worry about products getting screwed up, and I worry about products getting introduced prematurely. I worry about factories not performing well, and I worry about having too many factories. I worry about 358 edm10858_ch10_358-395.indd Page 359 07/12/10 9:03 AM user-f494 /207/MHBR182/mcc11447_disk1of1/0073511447/mcc11447_pagefiles To download more slides, ebooks, solution manual, and test bank, visit http://downloadslide.blogspot.com hiring the right people, and I worry about morale slacking off. And, of course, I worry about competitors. I worry about other people figuring out how to do what we do better or cheaper, and .