Difference Between Financial Accounting and Management Accounting
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Difference Between Financial Accounting and Management Accounting
R E V I E W Q U E S T I O N S
- Explain the difference between financial accounting and management accounting.
- Briefl y describe the key processes in fi nancial accounting.
- Explain the key organizational data in fi nancial accounting and the rela- tionships between them.
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78 CHAPTER 3 Introduction to Accounting
- What are charts of accounts and the general ledger? How are they related?
- What are subsidiary ledgers and reconciliation accounts? How are they related?
- What is an accounting document? What role does it serve?
- Explain parallel accounting. Why do organizations maintain multiple ledgers?
- What is the purpose of cost objects? Provide several examples of cost objects.
- An organization purchases supplies for $3,000 and pays for them via a check. Prepare the T accounts to illustrate the impact of this purchase on the general ledger.
- An organization purchases offi ce supplies as listed below. The vendor invoices the organization at a later date, and the organization makes pay- ment via a check. Prepare the T accounts to illustrate the impact of these purchases on the general ledger.
- Purchase offi ce supplies for $2,500 from Vendor Z.
- Purchase offi ce supplies for $1,200 from Vendor Y.
- An organization sells products to customers as explained below. The cus- tomers are sent invoices at a later date, and they make payment for the amount of the invoice. Prepare the T accounts to illustrate the impact of these purchases on the general ledger.
- Sell products for $3,500 to Customer A.
- Sell products for $3,500 to Customer B.
- Explain the relationships among asset accounts, asset classes, and gen- eral ledger accounts.
- Explain the three transaction types in asset accounting.
- What are depreciation areas? Why do fi rms maintain different deprecia- tion areas?
- Explain the components of the asset explorer.
- What are fi nancial statement versions? Explain how they are created.
E X E R C I S E S
Exercises for this chapter are available on WileyPLUS.
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CHAPTER 4 The Procurement Process 79
79
Accounts In The GL00 Chart of Accounts
3AA P P E N D I X
PROFIT AND LOSS ACCOUNTS
Account Number Short Text Long Text
600000 Sales Revenue Sales Revenue
610000 Sales Discount Sales Discount
620000 Misc. Revenue Miscellaneous Revenue
630000 Revenue Deductions Revenue Deductions
640000 G or L-Sale of Asset Gain or Loss on Sale of Assets
650000 Cust. Serv. Revenue Customer Service Revenue
650100 CS Rev Settlement Customer Service Revenue Settlement
700000 Labor Labor
720000 RM Consumpt Expense Raw Material Consumption Expense
720100 FP Consumpt Expense Finished Product Consumption Expense
720200 TG Consumpt Expense Trading Good Consumption Expense
720300 SF Consmpt Expense Semifi nished Consumption Expense
740000 Supplies Expense Supplies Expense
740100 Utilities Expense Utilities Expense
740200 Legal and Prof Expense Legal and Professional Expense
740300 Rent Expense Rent Expense
740400 Ins. Expense Liability Insurance Expense—Liability
740500 Payroll Expense Payroll Expense—Offi ce
740600 Payroll Expense Payroll Expense—Administrative
(Continued )
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80 CHAPTER 3 Introduction to Accounting
PROFIT AND LOSS ACCOUNTS (CONTINUED)
Account Number Short Text Long Text
740700 Sales Expense Sales Expense
740800 Tax Expense Tax Expense—Property
740900 Tax Expense Tax Expense—Income
741000 Misc. Expense Miscellaneous Expense
741100 Labor Expense Labor Expense
741200 COGS Expense Acc. Cost of Goods Sold Expense Account
741300 IT Expense Account Information Technology Expense Account
741400 PO Var. Expense Acc. Production Order Variance Expense Account
741500 Utilities Utilities (electricity & phone)
741600 Manufac. Output Sett. Manufacturing Output Settlement
741700 Mfac. Output Sett Var. Manufacturing Output Settlement Variance
760000 Purchase Price Diff. Purchase Price Difference
760100 Production Var. Production Variance
780000 R & D Research and Development
790000 COGS Cost of Goods Sold
BALANCE SHEET ACCOUNTS
Account Number Short Text Long Text
100000 Bank Bank Account
101000 Alt Bank Alternate Bank Account
110000 Trade Receivables Trade Accounts receivables
110100 Misc. A/R Miscellaneous Accounts Receivable
110200 Int. Receivable Interest Receivable
200000 Inv-RM Inventory-Raw Materials
200100 Inv-FG Inventory-Finished Goods
200200 Inv-TG Inventory-Trading Goods
200300 Inv-SFG Inventory-Semifi nished Goods
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Accounts in the GL00 Chart of Accounts 81
200400 Inv-PS Inventory-Production Supplies
200500 Inv-SP Inventory-Suspense (Heaven)
200600 Inv-OP Inventory-Operating Supplies
210000 PP Ins Prepaid insurance
215000 PP Rent Prepaid Rent
220000 N/R Notes Receivable
220100 Land Land
220200 Prod Mach/Equip/Fixt Production Machinery, Equipment and Fixtures
220300 Accum. Depr. Accumulated Depreciation-Production Mach. Equip. and Fixtures
220400 Offi ce Furniture Offi ce Furniture
220500 Accum. Depr. Accumulated Depreciation-Offi ce Furniture
220600 Offi ce Equip & Compu Offi ce Equip. and Computers
220700 Accum. Depr. Accumulated Depreciation-Offi ce Equipment
220800 Vehicles Vehicles
220900 Accum. Depr. Accumulated Depreciation-Vehicles
221100 Intangible Assets Intangible Assets
221200 Accum. Amort. – IA Accumulated Amortization-Intangible Assets
300000 Payables-TA Payables-Trade Accounts
300100 Payables-In Taxes Payables-Income Taxes
300200 Payable-Misc Payables-Miscellaneous
300300 Payables-Int Payables-Interest
300400 Payables-ST/N Payables-Short-Term Notes
300500 Payables-LT/N Payables-Long-Term Notes
300600 Payables-Comm Payables-Commissions
310000 GR/IR Account Goods Receipt / Invoice Receipt Account
320000 AT-Output Accrued Tax-Output
321000 AT-Input Accrued Tax-Input
322000 Unearned Revenues Unearned Revenues
329000 Common Stock Common Stock
329100 Additional Paid Capit Additional Paid-in-Capital
330000 Retained Earnings Retained Earnings
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Difference Between Financial Accounting and Management Accounting
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