I’m working on a Accounting question and need guidance to help me study.
Please watch the videos below and write three to four paragraphs for each video summarizing its contents.
This is the video #1:
In your posts you might want to discuss similarities and differences between financial accounting and managerial accounting, what managerial accountants do, why do they do it, how do they do what they do, etc.
This is the video #2:
In your posts you might want to discuss cost classifications for manufacturing companies, direct materials, direct labor, overhead, etc.
This is the video #3:
In your posts you make sure to explain what are product costs and what are period costs. Also explain how product and period costs fit in with direct materials, direct, labor and overhead.
This is the video #4:
In your posts you might want to discuss production process and how we account and record Direct Labor, Direct Materials and Overhead in Raw Materials, Work In Process, and Overhead Costs, make sure to discuss Debits and Credits in detail. Also Discuss Predetermined Overhead Rate and how it is calculated and how is it applied.
This is the video #5:
In your posts you might want to discuss how Overhead is applied in traditional systems, What is ABC as used in Overhead cost calculations and applications. Why do companies use ABC instead of Traditional systems. How are over applied and under applied overhead handled. Also, it will be good if you use examples.