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Overhead:
Direct Material Cost:
Direct material cost is the cost that a company incurs while manufacturing a certain product or service. It includes all the cost and expenses that are directly associated with the production such as raw materials.
Direct Labor Cost:
Direct labor cost is the cost that a company incurs in giving wages to the people that are directly associated with the production work.
Journal Entries:
Journal entries are the entries that are made in the books of accounts to record every transaction that happens in the business in the chronological order.
Accounting rules for journal entries:
- To Increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
- To Decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.
Adjusted
It is a statement which contain balances of all account after all the
Income Statement:
It is a financial statement which show the
It shows the financial position of a firm. It consists of asset and liabilities.
1.
To Prepare: Journal Entries.
2.
To prepare: T account for factory overhead and
3.
To Prepare: Trial balance.
4.
To prepare: The income statement.
5.
To prepare: Balance sheet.
5
To Explain: The impact of error on the income statement and the balance sheet at December 31, 2017.
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Chapter 15 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING 180
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