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Accounting Resources

Lessons

Standard Cost Systems A Common Scenario Mike manages a production facility for Amalgamated Widgets, Inc. Under him are the following departments: purchasing, production, warehousing and shipping, maintenance and security. Mike gets a bonus each year, depending on how well he manages the production facility. He also has the authority to give bonuses to employees working under him when they... read more

Lessons

Operational Budgeting This lesson deals with preparing and using budgets. When preparing budgets managers won't be looking at specifics, they will look at the big picture. They won't look at something like the route a delivery driver takes each day. They will be more concerned with the total monthly fuel costs for all the delivery trucks. The manager in charge of delivery trucks and drivers... read more

Lessons

Incremental Analysis Practice Quiz Here are some sample incremental analysis practice problems. See if you can work the problem before looking at the solution. Incremental Analysis can be used for more than just complex business decisions. Here'?s a good example of a personal decision that can be evaluated using a differential accounting approach. Dorothy's Car Dorothy is an elderly... read more

Lessons

Incremental Analysis Managers often face complex business decisions. Incremental analysis provides a way to simplify even the most complex decisions. Incremental analysis (IA) is not a formula, but rather an approach to problem-solving. It relies heavily on variable accounting concepts: using variable & fixed costs. You have already studied variable costing concepts; IA will show you... read more

Lessons

Cost-Volume-Profit Analysis This lesson introduces cost-volume-profit analysis. CVP Analysis is a way to quickly answer a number of important questions about the profitability of a company's products or services. CVP Analysis can be used with either a product or service. Our examples will usually involve businesses that produce products, since they are often more complex situations. Service... read more

Lessons

Process Costing This lesson focuses on Process Costing. There are two main types of cost accounting systems. Companies select a method that best matches the flow of work in their business. These methods are used to allocate all production costs: labor, materials and overhead. Job order costing - work is broken into jobs; each job is tracked separately auto mechanics, carpenters,... read more

Lessons

Job Order Costing This lesson shows the use of several major types of cost accounting systems. All companies have to accumulate and allocate costs. Each company has to decide how it is going to do that. Companies pick a method that works well for them, and is cost effective. Accounting isn't hard; students just like to make it seem that way. Accounting is simply a way to organize information,... read more

Lessons

Management Accounting This lesson introduces you to some basic managerial accounting concepts. The introduction to management accounting begins with an overview of the design requirements of a managerial accounting system. The system must allocate decision-making authority over a company's resources. Second, it must furnish the information to support decision-making by managers. Finally,... read more

Lessons

Financial Statement Analysis This lesson deals with the analysis of financial statements by investors, creditors and other interested parties. Management is always one of those interested parties, because how others perceive the company will effect their business and stock price. The financial ratios described in this lesson are used on a daily basis by thousands of investors. There's... read more

Lessons

Statement of Cash Flows The terms "Cash Flow Statement" and "Statement of Cash Flows" are interchangeable. The Cash Flow Statement is relatively easy to prepare. It is better to use logic and "common sense" to understand what is happening and how information should be presented in this statement. The Income Statement and Balance Sheet are both prepared using... read more

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