acc108 - chap 1 Flashcards
Homogenous units pass through a series of similar processes.
PROCESS COSTING
Costs are accumulated by processing department.
PROCESS COSTING
Unit costs are computed by dividing the individual departments’ costs by the equivalent production.
PROCESS COSTING
The cost of production report provides the detail for the Work in Process account for each department.
PROCESS COSTING
Unique job are worked on during a time period
JOB ORDER COSTING
Costs are accumulated by individual job.
JOB ORDER COSTING
Unit cost are determined by dividing the total costs on the job cost sheet by the number of units on the job.
JOB ORDER COSTING
The job cost sheet provides the detail for the Work in Process account.
JOB ORDER COSTING
Some companies process large order of identical units as a group through the same production sequence.
BATCH
is a hybrid costing system often used in repetitive manufacturing where finished products have common, as well as distinguished characteristics.
Operation costing
Many manufacturing firms have production systems which are not suited for strictly job-order costing or process costing.
HYBRID COSTING SYSTEM
concerned with setting long range goals and objectives to determine the overall direction of the company.
Strategic planning
concerned with plans for a shorter range (or time period) and emphasizes plans to achieve the strategic goals.
Tactical planning
relates to the day-to-day implementation of tactical plans. It emphasizes the coordination of the major factors of production (materials, labor, and facilities)
Operations planning
is the process of establishing objectives or goals for the firm and determining the means by which the firm will attain them.
Planning
