Your Friend Who Has Had the First Accounting Course Understands

question 78

Essay

Your friend who has had the first accounting course understands the items that appear on the balance sheet and income statement.However,when you told her your homework involved preparing a Schedule of Cost of Goods Manufactured she was confused and ask if that was the cost of goods sold that appears on the income statement.Explain to your friend the purpose of the Schedule of Cost of Goods Manufactured,how it is prepared,and its relationship to the balance sheet and income statement.

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Definitions:

Hidden Curriculum

The implicit, informal, and usually unintended teachings, principles, and viewpoints absorbed by students in an educational setting.

Conflict Theory

A perspective in sociology that sees social life as a competition, and focuses on the distribution of resources, power, and inequality.

Self-Fulfilling Prophecy

A belief or expectation that invokes a behavior which makes the originally false belief come true.

Generalized Other

A concept in sociology that represents the expectations, attitudes, and viewpoints of the society as a whole that individuals take into account in their behavior.