Identify the major purpose of cost accounting. Know the two basic types of cost accounting systems. Know
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Identify the major purpose of cost accounting.
Know the two basic types of cost accounting systems.
Know the important features of a job order cost system.
Know the steps in the flow of costs.
Know the journal entries to record accumulation of costs and the assignment of costs to the job.
Define job order costing and be able to identify types of companies that would use it
Describe job cost sheet and its purpose and use. Know the account for which it is the subsidiary ledger.
Identify the effective internal control for the authorization for issuing materials to production.
Know how and when manufacturing overhead is applied to each job. Know how to calculate the predetermined overhead rate. Determine whether manufacturing overhead is overapplied or underapplied in a given scenario.
Know the journal entries for the flow of costs in a job order cost system.
Related Book For
Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
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