Management Accounting
5. semester
5. semester
Set of flashcards Details
| Flashcards | 156 |
|---|---|
| Language | English |
| Category | Finance |
| Level | University |
| Created / Updated | 26.01.2017 / 22.01.2019 |
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Companies assign raw materials costs to jobs
In a job order cost system, debits to Work in Process Inventory originate from all of the following except
The predetermined overhead rate is computed by dividing estimated
If annual overhead costs are expected to be $1,000,000 and 200,000 total labor hours are anticipated (80% direct, 20% indirect), the overhead rate based on direct labor hours is
Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accouting are usually special-purpose reports.
Controlling is the process of determining whether planned goals are being met
Decision-making is an intergal part of the planning, directing and controlling functions
Manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufactruing overhead.
Both direct labor cost and indirect labor cost are product costs.
When the physical association of raw materals with the finished product is too small to trace in terms of cost, they are usually classified as indirect materials
Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.
The contribution margin is the amount of revenue remaining after deducting fixed costs
Margin of safety is the difference between actual sales and contribution margin.
The inventory accounts that show the cost of completed goods on hand and the costs applicable to prodcution that is only partially completed are, respectively
Many coampanies now focus on reducing defects in finished products with the goal of zero defects. This is called
The primary difference between standards and budgets is that a standard is a unit amount, whereas a budget is a total amount
An advantage of standard costs is that standard costs facilitate management planning by establishing expected future costs.
The direct labor price standard generally includes employer payroll taxes and fringe benefits, such as paid holidays and vacations.
(Actual Hours X Actual Rate) - (Standard Quantity X Actual Price) = Labor Price Variance.
Standard hours allowed are the hours that should have been worked for the units produced.
Variance reports facilitate the principle of "management by exception"
The income statments prepared under a standard cost accounting system, cost of goods sold is stated at standard cost.
Wich of the following is an advantage of standard costs?
If the predetermined overhead rate per hour is $6 for variable and 2$ for fixed overhead, standard direct labor hours per unit is 2 hours and actual direct labor hours per unit was 1.5 hours, then the overhead standard cost per unit is
The formula for the labor quantity (or efficiency) variance is
If actual overhead is $70,000, overhead applied is $67,000 and overhead budgeted for the standard hours allowed is $78,000, then the overhead controllable variance is
In a standard cost accouting system, a company purchased raw materials on account for $46,5000 when the standard cost was $44,000. The journal entry would not include a
Determining the unit cost of manufacturing a product is an output of financial accounting.
Raw materials are equal to direct materials minus indirect materials.
In calculating gross profit for a manufacturing company, the cost of goods manufactured is deducted from net sales.
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