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Managerial Accounting: Cost Systems, Manufacturing Costs, and Decision Making

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Sociology - Management

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charlotte1oxhi Created by 10 mon ago

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Cards in this deck(42)
What is the primary goal of managerial accounting?
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Which two questions are central to managerial accounting?
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What do cost accounting systems allow us to do?
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What are manufacturing (product) costs?
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What are direct materials in the context of manufacturing?
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What are direct labor costs?
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What does manufacturing overhead include?
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What are non-manufacturing (period) costs?
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What are selling costs?
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What are general and administrative costs?
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What are the two basic types of costing systems?
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What is a job order cost system?
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Which industries commonly use job order cost systems?
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When is a process cost system used?
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Which industries are examples of using process cost systems?
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What are key features of job order costing systems?
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What is a cost object in job order costing?
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What are direct costs in job order costing?
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How are indirect costs (overhead) allocated in job order costing?
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In which sectors is job costing useful besides manufacturing?
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What are the two costing approaches for overhead?
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How does actual costing allocate indirect costs?
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How does normal costing allocate indirect costs?
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What is the goal of costing overhead?
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What do actual costing systems calculate?
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How is the actual indirect cost rate calculated?
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What is an allocation base?
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Which of the following are examples of allocation bases?
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What factors should be considered when selecting an allocation base?
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How is the total job cost calculated?
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Are actual costing systems commonly found in practice?
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How is the predetermined or budgeted overhead rate (POHR) calculated?
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How are direct costs calculated in actual costing?
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How are direct costs calculated in normal costing?
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How are indirect costs calculated in actual costing?
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How are indirect costs calculated in normal costing?
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What are the seven steps in job costing using normal costing?
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What is adversely influenced by inaccurately assigning manufacturing costs to jobs?
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What can job-order costing systems accurately trace?
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What do job-order costing systems often fail to accurately allocate?
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What do job-order costing systems often use that do not reflect how jobs actually use overhead resources?
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What is a cost driver?
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