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About this document
- Pages
- 6 pages
- Price
- $6 one-time, yours to keep
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- Included in every plan
- Format
- Subject
- Accounting, Business
- Module
- ACC 201 · Week 2
This assignment helps you identify product and period costs, and prepare financial statements. It is for Week 2 of the ACC 201 module.
What's inside
- Identifying product and period costs
- Preparing financial statements
- Income Statement
- Statement of Changes in Stockholders’ Equity
- Balance Sheet
- Statement of Cash Flows
Who it is for: Students of ACC 201 Principles of Financial Accounting. (Undergraduate)
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Summary
Product and period costs are different types of expenses. Students learn how to identify them and see how they affect financial statements.
Product and period costs
Product costs are tied to making goods. Period costs are for selling and running a business. Students identify examples of each.
Financial statements for D&L Enterprises
Students see how to record changes in cash, inventory, and accounts. They see how these changes affect the balance sheet, income statement, and cash flow statement.
Income Statement
The income statement shows sales revenue, cost of goods sold, and net income. Students see how to calculate gross margin and net income.
Changes in stockholders' equity
Stockholders' equity changes with net income and retained earnings. Students see how to track these changes over time.
Key terms
- Product cost
- Costs that are directly tied to the production of goods.
- Period cost
- Costs that are not directly tied to production, such as selling and administrative expenses.
- Income Statement
- A financial statement that shows a company's revenues, costs, and net income.
- Balance sheet
- A financial statement that shows a company's assets, liabilities, and stockholders' equity.
- Statement of cash flows
- A financial statement that shows a company's cash inflows and outflows.
- Stockholders' equity
- The value of a company that belongs to its stockholders.
Questions this document helps with
- How do you know if a cost is a product cost?
- What is the difference between a balance sheet and an income statement?
- How do changes in inventory affect the statement of cash flows?
Summary written with AI from the document's text.
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