Week 2(2):My opinion for the book: Principles of management accounting

By reading this textbook, my first feeling of the book is, so many concepts here. Because accounting is a core course for business major students. So the concepts there we must remember in our mind deeply.
How can we enter the eli broad college? We have to get a very good score for the accounting202 course. This textbook really good at telling you the basic management accounting. What is management accounting. For example. it mentioned the concept opportunity cost. This concept first being taught when we study economics, but people always forgetting things,so the book reminds this concept again to help you remember this important but basic concept.
Also, the book contains many method to calculate profit and benefit you can earn when doing something, which is useful for our daily life.
In conclusion, this textbook is really good for business students, I really high recommend it.

Week 2(1): The 10 questions for the textbook I used.

I got a book named principles of management accounting. By reading this book, I have 10 questions here about the book. This book is the text book of acc202 at Michigan State University.

1. what is opportunity cost?
Opportunity cost is the potential benefit  that is given up when one alternative is selected over another. To illustrate this important concept, we need a lot of practice.

2. what is differential cost?
Differential cost is also known as incremental cost. A cost between any two alternatives is known as a differential cost.

3. what is Direct cost?
A direct cost is a cost that can be easily and conveniently traced to a specified cost object.the concept of direct cost extends beyond just direct materials.

4. what is fixed cost?
A fixed cost is a cost that remains constant, in total, regardless of changes in the level of activity. Unlike variable cost, fixed costs are not affected by changes in activity.

5.what is Managerial accounting?
Managerial accounting is concerned with providing information to managers. people inside an organization who direct and control its operations.

6.What is Direct labor?
Direct labor consists of labor costs that can be easily. Direct labor is sometimes called touch labor.

7.What is Manufacturing overhead?
Manufacturing overhead , the third element of manufacturing cost, includes all manufacturing costs except direct materials and direct labor.

8.What is product costs?
Product cost include all costs involved inacquinring or making a product. In case of manufactured goods.these cost consist of direct manufacturing.

9.What is period costs?
Period costs are all cost that are not product costs. For example, sales commissions and the rental cots of administrative offices are period costs. period costs are not included as part of the cost cost of either purchased.

10.What is prime cost?
prime cost is the sum of direct materials cost and direct labor cost.

The course Accounting 202 is a core course in business Eli broad college, so the text book is really important for the business major students to read. Many basic knowledge and concept must be remembered in our mind.

Citation: Principles of management accounting. Eric W.Noreen, Peter C.Brewer, Ray H,Garrison. The eli broad college of business Michigan State University.

Shuyang Wang's Research Blog

                                                             About Me

Hello, every one, my name is shuyang wang. I am a boy and come from beijing china. My major is Finance. I like skiing, swimming and play soccer. Hope to make friends who like these sports. 

Also, I like listening to music and watch movies. I like history and literacy. this is me, shuyang wang who comes from Beijing and willing to make friends with you guys.

Besides, the paragraph above is who am I as a person. Now I want to talk about who am I as a student. I am a student who good at physics and math. So that is why I choose finance as my major, I think this major requires much about math and caculate. 

Finally, time to write about who am I as a writer. I like writing, there is no doubt that writing is another communicate with people except talking face to face. In addition, writing can express more about your thinking. Because when you talking with person, it is very plain and simple. 

On the contrary, when writing , it shows your deeply thinking about the issue. So writing is important for people. Usually, I like to write a dairy to record the significant things happened in my life.

The purpose I want to learn Finance I think is my father work at a bank, when I was a child, I always heard some professional words from my father, at that time I began interesting on business I think.

My goal for this Blog is to introduce how a finance major students introduce the Finance major in a literacy way.

This is me, thank you for reading this. Nice to meet you.

shuyang Wang