Cost acounting prelim

23問 • 2年前

問題一覧

what Costs are identified with and can be traced to a cost object?

Direct costs

an enlarged type of general or financial accounting that provides management with fast information on the costs associated with providing a specific service, purchasing and selling goods, and creating goods

Cost accounting

typically purchases a good that is prepared for sale when it is delivered.

merchandiser

Professional Ethics-Competence

individuals will develop and maintain the skills needed to practice their profession. For instance, cost accountants working in companies involved in government contracts must be familiar with both GAAP and CASB standards.

deals with setting long-term goals and objectives to determine the overall direction of the business

Strategic planning

the process of keeping a close eye on how the business is doing and assessing whether the goals set during the planning phase are being met.

Control

a method for allocating costs to categories of distinctive products. It can be used when making things that customers have selected, like when making unique equipment.

Job Order Costing

is a hybrid costing approach that is frequently employed in repetitive industrial settings where completed goods have both common and distinctive qualities.

Operation costing

are a part of all business and non-business organizations, as well as service, retail, and manufacturing enterprises.

Costs

via the utilization of labor and factory overhead during the production process, are converted into completed goods.

direct material

The amount given as wages to individuals who work directly on the product

Direct labor

costs are a diverse group of product-related costs that are not easily or realistically traced back to finished goods.

Factory overhead

Total Manufacturing Costs (TMC) =

DM + DL + FOH

Prime Costs (PC)=

DM + DL

Conversion Costs (CC)

DL + FOH

Product Costs =

TMC

Period Costs =

Non-manufacturing Costs

are operating expenses that are associated with time periods, rather than with the production of goods and services.

Period Costs

are costs of warehousing, transporting and delivering a product or service.

Distribution cost

specifying cost behavior, the managerial accountant often limits the description to a specific range of activity. This is called t

relevant range

Items of cost which remain constant in total, irrespective of the volume of producti

Fixes Cost

costs that represent relatively long term commitments on the part of management as a result of a past decision.

Committed fixed costs

- These are items of cost which vary directly, in total, in relation to volume of production. If activity increases by 30%, total variable cost increases by 30% also. - Cost per unit remains constant as volume changes within a relevant range. - These include: Direct materials, direct labor, royalties, and commission of salesma

Variable Cost

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問題一覧

what Costs are identified with and can be traced to a cost object?

Direct costs

Cost accounting

typically purchases a good that is prepared for sale when it is delivered.

merchandiser

Professional Ethics-Competence

deals with setting long-term goals and objectives to determine the overall direction of the business

Strategic planning

the process of keeping a close eye on how the business is doing and assessing whether the goals set during the planning phase are being met.

Control

a method for allocating costs to categories of distinctive products. It can be used when making things that customers have selected, like when making unique equipment.

Job Order Costing

is a hybrid costing approach that is frequently employed in repetitive industrial settings where completed goods have both common and distinctive qualities.

Operation costing

are a part of all business and non-business organizations, as well as service, retail, and manufacturing enterprises.

Costs

via the utilization of labor and factory overhead during the production process, are converted into completed goods.

direct material

The amount given as wages to individuals who work directly on the product

Direct labor

costs are a diverse group of product-related costs that are not easily or realistically traced back to finished goods.

Factory overhead

Total Manufacturing Costs (TMC) =

DM + DL + FOH

Prime Costs (PC)=

DM + DL

Conversion Costs (CC)

DL + FOH

Product Costs =

TMC

Period Costs =

Non-manufacturing Costs

are operating expenses that are associated with time periods, rather than with the production of goods and services.

Period Costs

are costs of warehousing, transporting and delivering a product or service.

Distribution cost

specifying cost behavior, the managerial accountant often limits the description to a specific range of activity. This is called t

relevant range

Items of cost which remain constant in total, irrespective of the volume of producti

Fixes Cost

costs that represent relatively long term commitments on the part of management as a result of a past decision.

Committed fixed costs

Variable Cost