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ISU ACC 132 - Cost Classifications
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ACC 132 Lecture 2 Outline of Last LectureI. What is Managerial AccountingII. Difference between managerial vs financial III. Why’s it important to your career?a. Business Majorsb. Accounting MajorsIV. Ethical StandardsV. Terminology Outline of Current Lecture II. Cost Classifications for Assigning Costs to Cost ObjectsA. Cost objectB. Direct costsIII. Manufacturing CostsIV. Nonmanufacturing CostsV. TerminologyCurrent LectureCost Classifications for Assigning Costs to Cost ObjectsCost Object- is anything for which cost data are desired including- Products- Customers- Jobs- OrganizationDirect costs- is a cost that can be easily and conveniently traced to a specific cost objectManufacturing CostsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Direct materials- Direct labor (cost can be traced)- Manufacturing overheadNonmanufacturing Costs- Selling costs- Administrative costsTerminologyIndirect Costs: cost that can’t be traced easily to a specific objectCommon Costs: incurred to support a number of costs objects but can’t be traced individually (indirect costs)Raw Materials: any materials used in the final product (manufacturing


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ISU ACC 132 - Cost Classifications

Type: Lecture Note
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