Cost Accounting Systems: Process, Job, and Hybrid Costing Methods for Manufacturing

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Sociology - Management

michael1tekrzp Created by 10 mon ago

Cards in this deck(29)

What term describes the number of physical units to which units in inventories are equal in terms of percentage completion?

What report summarizes the production and cost results for a period?

Which costing method does not separate prior period and current period activities and costs?

Which costing method separates prior period and current period activities and traces the costs to the respective units?

What are the costs incurred in one department and transferred to a subsequent department called?

What term refers to costs that were incurred in a previous accounting period?

What is an accounting system that traces costs to individual units or specific jobs or batches of goods?

Which accounting system is used when identical units are produced through a series of uniform production steps?

What is a hybrid of job and process costing called?

What process begins by attempting to increase price to meet reported product cost?

What is the two-stage process that involves allocating overhead costs to departments and then to products or services?

Which method records all overhead costs in one cost pool and applies them using one overhead allocation rate for the entire plant?

What method traces overhead costs to separate departments and applies them using a department allocation rate?

Which costing method assigns costs to activities and then to products based on the products' consumption of activities?

What is the classification of cost drivers into general levels of activity called?

What system is designed to help managers make decisions that will increase the organization's performance?

What is the delegation of decision-making authority to subordinates in the organization's name called?

What term describes an organization where few decisions are delegated?

In what type of companies are decisions delegated to divisional and departmental managers?

What are centers where managers are responsible for the cost of an activity with a well-defined input-output relationship?

What type of cost center holds managers responsible for costs without a well-specified input-output relationship?

In which centers are managers typically responsible for selling a product and for sales price or sales activity variances?

What centers hold managers accountable for profits, managing both revenues and costs?

In which centers do managers have responsibility for profits and investment in assets?

What term describes a situation where all members of an organization have incentives to perform in the common interest?

What type of compensation is paid to the manager independent of measured performance?

What is the amount of compensation that is paid based on measured performance called?

What cost allocation method separates a common cost into fixed and variable components and allocates each using a different base?

What provides management with reasonable assurances that their company's assets are protected and accounting is reliable?

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