B3-M2 Cost Accounting 2 Flashcards

1
Q

How to calculate cost of jobs completed (or cost of goods manufactured)?

A

it equals DM used + DL + OH applied + beg. WIP - end. WIP

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2
Q

what to compare when applying over/underapplied OH?

A

compare applied OH to actual OH. Overapplied is credit. Underapplied is debit

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3
Q

what is process costing?

A

a method of allocating production costs to products and services by averaging the cost over the total units produced. costs are usually accumulated by department rather than by job

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4
Q

what is job order costing?

A

a method of allocating production costs to products and services that are identifiable as separate units and require greater or lesser amounts of work to complete

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5
Q

what is activity-based costing?

A

a system that accumulates all costs of overhead for each of the activities of the organization and then allocates those activity costs to the cost objects that caused the activity

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6
Q
A
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