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10 Cards in this Set
- Front
- Back
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Financial accounting |
External Past Verifiability Precision Whole organization Uses gaap Mandatory |
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Difference |
Users Time focus Emphasis Precision Subject Gaap Mandatory |
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Managerial accounting |
Internal Future Relevance Timelines Segments Not gaap Not mandatory |
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Product costs |
Direct materials (variable) Direct labor (variable) Manufacturing overhead (fixed) |
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Period costs |
Selling costs Administration costs |
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Prime costs |
Direct material + direct labor |
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Conversion cost |
Direct labor + MOH |
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MOH |
Indirect materials, supervisors salaries, rent, utilities etc |
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Administrative costs |
Exec compensation, general accounting, sec, office supplies/office depreciation, PR |
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Contribution format |
Sales -vc — CM -FC — NOI |
