Cost Accounting Flashcards
Cost Accounting
What is Cost Accounting?
Cost Accounting
What is the difference between Cost Accounting and Managerial Accounting?
Cost Accounting
What are Product Costs (aka Inventory Costs)?
Cost Accounting
What are included in Prime Costs?
Cost Accounting
What is Factory Overhead?
Cost Accounting
What is included in Fixed Factory Overhead?
Cost Accounting
What is included in Variable Overhead?
Cost Accounting
Where is Under/Over-applied Variable OH recorded?
Cost Accounting
Where is Under/Over-applied Fixed OH recorded?
Cost Accounting
What is indicated by a Debit balance in Actual Factory Overhead? How is it corrected?
Cost Accounting
What is indicated by a Credit balance in Applied Factory Overhead? How is it corrected?
Cost Accounting
Which variables are used to calculate Direct Material balances?
Cost Accounting
What variables are used to calculated Work in Process (WIP)?
Cost Accounting
What variables are included in Finished Goods calculations?
Cost Accounting
How does Freight In affect Cost Accounting calculations?
Cost Accounting
How does Freight Out affect Cost Accounting?
Cost Accounting
When is Job-Order Costing used?
Cost Accounting
What is the Direct Method for allocating service department costs?
Cost Accounting
What is the Step Method for allocating service department costs?
Cost Accounting
Under process costing- how are the units shipped calculated?
Cost Accounting
Which two inventory methods are used under Process Costing?
Cost Accounting
What is another name for Process Costing?
Cost Accounting
How will Equivalent Finished Units under FIFO compare to EFU under the Weighted Average method?
Cost Accounting
How are Direct Materials calculated under the Weighted Average Method?
Cost Accounting
How are Conversion Costs calculated under Weighted Average Method?
Cost Accounting
How are Equivalent Finished Units calculated for Direct Materials?
Cost Accounting
How are Equivalent Finished Units calculated for Conversion Costs?
Cost Accounting
How are Direct Materials calculated under the FIFO method?
Cost Accounting
How are Conversion Costs calculated under the FIFO method?
Cost Accounting
How is WIP calculated?
Cost Accounting
How do period costs and product costs relate to net sales- gross margin and operating income?
Cost Accounting
What is the focus of Activity Based Costing (ABC)?
Cost Accounting
How do Cost Pools and Allocations compare under ABC versus traditional costing system?
Cost Accounting
What is Backflush Costing?
Cost Accounting
What are the characteristics of By-Products?
Cost Accounting
What are Cost Functions?
