14 Managerial Accounting Concepts and Principles Part 1

This is part 1 of 3 parts introducing the concept of managerial accounting, defining certain terminology found in managerial accounting, comparing/contrasting manufacturing companies to service and merchandising companies (and the related financial statements). Included in part 2 is how to prepare the financial statements related to manufacturing companies. Part 3 includes examples on how to calculate the Cost of Goods Manufactured and Cost of Goods Sold in a manufacturing company.