Management Accounting
5. semester
5. semester
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Just-in-time processing strives to eliminate inventories by using a
In a process cost system, total costs are determined at the end of a period of time, such as a month
In a process cost system the unit cost is total manufacturing costs divided by the equivalent units produced during the period.
The accumulation of the costs of materials, labor, and manufacturing overhead is the same in a process cost system as in a job order cost system.
Two equivalent unit computations are necessary - one for materials and the other for conversion costs.
The cost reconciliateion schedule shows that the total costs accounted for equal the total costs to be accounted for.
Which of the following is not a step in preparing a production cost report?
A department has no beginning work in process, has started 80,000 units and completed 50,000 units. Its ending work in process is 30,000 units, 60% complete as to conversion costs and fully complete as to materials. Its equivalent units for conversion costs are
In process costing, the computation of unit production costs requires
Which of the following is not included in a production cost report?
Unit costs for materials and conversion costs amount to $4 and 5$ respectively. The ending work in process costs for 8,000 units (100% complete as to material and 70% complete as to conversion costs) amount to
Under a job order system, the company assigns costs to each job, or each batch of goods, to fill a specific customer order or replenish inventory.
A mixed cost contains both selling and administrative cost elements
Each debit to Work in Process Inventory must be accompanied by a corresponding posting to one or more job cost sheets
Manufacturing overhead costs cannot be traced directly to a specific job.
the requisition of factory supplies to production requires a debit to the Manufactruing Overhead account.
Actual overhead costs are debited to the Manufacturing Overhad account.
In preparing the costs of goods manufactured schedule in job order costing, manufacturing costs include direct materials used, direct labor used, and manufacturing overhead applied.
A job cost sheet is a form used to record the costs chargeable to a specific job and to determine the total and unit cost of the completed job.
If a salesperson incurs $ 2000 of expenses in servicing two customers and $4000 of expenses in servicing four customers, the fixed costs are $1000.
A job order cost sheet includes
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
