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Inventory Accounting and Management: Merchandising, Manufacturing, and Cost Systems

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Sociology - Management

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andrsonztdc Created by 10 mon ago

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Cards in this deck(63)
Which inventory account is typically used by a merchandising company?
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What are the three inventory accounts used by a manufacturing company?
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Which inventory accounts are considered current assets?
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What is the operating cycle of a merchandising company?
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Why do companies count inventory?
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Why is the periodic system used for counting inventory?
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Why is the perpetual system used for counting inventory?
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What happens during an inventory count?
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Who owns the inventory in a merchandising company?
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What items require special attention when counting inventory?
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Who owns the goods while they are in transit?
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How do you determine the cost of inventory?
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What is the inventory turnover ratio?
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What is managerial accounting?
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What is managerial accounting useful for?
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What are some characteristics of managerial accounting?
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What is the purpose of managerial accounting?
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What is a product cost in manufacturing?
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What falls under the cost of goods sold (COGS)?
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What falls under selling expenses?
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What falls under general and administrative expenses?
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What is a direct material in manufacturing?
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What is direct labor in manufacturing?
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What falls under manufacturing overhead?
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What is indirect labor in manufacturing?
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What are indirect materials in manufacturing?
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What are period costs in accounting?
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What is a selling expense in accounting?
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What is a general/admin expense in accounting?
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What is the bill of materials in manufacturing?
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What falls under prime cost in manufacturing?
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What falls under conversion cost in manufacturing?
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What does the work-in-process (WIP) inventory show?
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What does the raw material inventory show?
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What does the finished goods inventory show?
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What is the income statement formula for merchandisers?
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What is the income statement formula for manufacturers?
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What is the basic formula for raw materials, WIP, and finished goods?
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What is the raw materials formula?
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What is the work-in-process (WIP) formula?
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What is the finished goods formula?
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What is the cost of goods sold (COGS)?
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What is included on the balance sheet for a service company?
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What is the significance of goods in relation to income?
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What are the advantages of costs in relation to fixed and total?
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How do you calculate the cost of goods manufactured (COGM)?
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Where do finished goods go after production?
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What are fixed costs in manufacturing?
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What are variable costs in manufacturing?
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What are mixed costs in manufacturing?
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Are mixed costs predictable?
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How do you know if a cost is a variable cost?
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How do you know if a cost is a fixed cost?
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How do you know if a cost is a mixed cost?
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How do you use the high-low method to separate mixed costs?
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What is the contribution margin in accounting?
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What is the contribution margin income statement format?
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What is the contribution margin ratio?
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What does break-even mean in accounting?
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What is the equation for breaking even?
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What is the target income equation?
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What is the difference between operating income and target income?
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How do you calculate days in inventory?
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