Spent a bit of time going over the test last Thursday. Cash flow was a big question. As a whole everyone did really well even though several of you said you failed this test.
Started Chapter 19 which is on project costing. This type of system is used whenever you want to identify the costs for a particular project, activity, etc. Usually it's pretty apparent as to when you would use project costing. Sometimes for efficiency reasons you don't want to do project costing as it does add some detail level that has to be maintained in your system.
We will go over process costing next chapter. We looked at manufacturing wake boards as a process costing system. For those of you that didn't know what a wake board is I explained that it was what you put deceased bodies on. I know most of you are very twisted and becoming more and more accountanting types as I heard lots of snorts and laughter.
Project is due April 30th. Keep on task and do a little bit each week so it's not overwhelming at the end.
Homework: Read chapter 19
•E19-20
•P19-25A
•P1927A
•P19-28A – Step 1, 2,4
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