Bloom Journal Required Terms and Methods

Chapter 17 Terms

17.1 Product costs (list at least 5 examples of FO)

17.2 Period costs (list 10 examples)

17.3 Three categories of inventory

17.4 Prime and conversion costs

Chapter 17 Methods

17.1 Manufacturing statement

Chapter 18 Terms

18.1 Margin of safety

18.2 Fixed, variable and mixed costs

18.3 Contribution margin

18.4 Operating leverage

Chapter 18 Methods

18.1 Graph costs and revenue at growing rates of units (fixed, variable, total costs and revenue)

18.2 High-low method of breaking out fixed and variable from mixed costs

18.3 Sales-Fixed Costs-Variable Costs = Profit; show how this formula is adapted for various CVP analysis

Chapter 19 Terms

19.1 Job order cost accounting

19.2 Materials ledger card

19.3 Predetermined overhead application rate

19.4 Cost driver

Chapter 19 Methods

19.1 Create a job cost sheet

19.2 Create a material requisition card and update a material ledger card, write appropriate journal entry

19.3 Calculate and post predetermined overhead how is over/underapplied overhead treated?

19.4 Journal entries to track product costs to Finished goods and from Finished goods to COGS

Chapter 20 Terms

20.1 Conversion cost per equivalent unit

20.2 Equivalent units of production

20.4 Process cost accounting system

20.5 Cost pool & cost object

20.6 Cost driver or activity driver

20.7 Value added activities

Chapter 20 Methods

20.1 Weighted average method of calculating EUP and allocating costs (all four steps)

20.2 Activity based costing (include all six steps)

20.3 Departmental overhead rate method

20.4 Plantwide overhead rate method

Chapter 21 Terms

21.1 Budget

21.2 Master budget

21.3 Assumption

21.4 Forecast (not defined in book)

Chapter 21 Methods

21.1 Master budget sequence

21.2 Sales budget (example, what are the variables)

21.3 Cash budget (example)

21.4 Raw materials budget (example)