Cost Accounting

Question 1

Cost Accounting

Answer 1

What is Cost Accounting?

Question 2

Cost Accounting

Answer 2

What is the difference between Cost Accounting and Managerial Accounting?

Question 3

Cost Accounting

Answer 3

What are Product Costs (aka Inventory Costs)?

Question 4

Cost Accounting

Answer 4

What are included in Prime Costs?

Question 5

Cost Accounting

Answer 5

What is Factory Overhead?

Question 6

Cost Accounting

Answer 6

What is included in Fixed Factory Overhead?

Question 7

Cost Accounting

Answer 7

What is included in Variable Overhead?

Question 8

Cost Accounting

Answer 8

Where is Under/Over-applied Variable OH recorded?

Question 9

Cost Accounting

Answer 9

Where is Under/Over-applied Fixed OH recorded?

Question 10

Cost Accounting

Answer 10

What is indicated by a Debit balance in Actual Factory Overhead? How is it corrected?

Question 11

Cost Accounting

Answer 11

What is indicated by a Credit balance in Applied Factory Overhead? How is it corrected?

Question 12

Cost Accounting

Answer 12

Which variables are used to calculate Direct Material balances?

Question 13

Cost Accounting

Answer 13

What variables are used to calculated Work in Process (WIP)?

Question 14

Cost Accounting

Answer 14

What variables are included in Finished Goods calculations?

Question 15

Cost Accounting

Answer 15

How does Freight In affect Cost Accounting calculations?

Question 16

Cost Accounting

Answer 16

How does Freight Out affect Cost Accounting?

Question 17

Cost Accounting

Answer 17

When is Job-Order Costing used?

Question 18

Cost Accounting

Answer 18

What is the Direct Method for allocating service department costs?

Question 19

Cost Accounting

Answer 19

What is the Step Method for allocating service department costs?

Question 20

Cost Accounting

Answer 20

Under process costing- how are the units shipped calculated?

Question 21

Cost Accounting

Answer 21

Which two inventory methods are used under Process Costing?

Question 22

Cost Accounting

Answer 22

What is another name for Process Costing?

Question 23

Cost Accounting

Answer 23

How will Equivalent Finished Units under FIFO compare to EFU under the Weighted Average method?

Question 24

Cost Accounting

Answer 24

How are Direct Materials calculated under the Weighted Average Method?

Question 25

Cost Accounting

Answer 25

How are Conversion Costs calculated under Weighted Average Method?

Question 26

Cost Accounting

Answer 26

How are Equivalent Finished Units calculated for Direct Materials?

Question 27

Cost Accounting

Answer 27

How are Equivalent Finished Units calculated for Conversion Costs?

Question 28

Cost Accounting

Answer 28

How are Direct Materials calculated under the FIFO method?

Question 29

Cost Accounting

Answer 29

How are Conversion Costs calculated under the FIFO method?

Question 30

Cost Accounting

Answer 30

How is WIP calculated?

Question 31

Cost Accounting

Answer 31

How do period costs and product costs relate to net sales- gross margin and operating income?

Question 32

Cost Accounting

Answer 32

What is the focus of Activity Based Costing (ABC)?

Question 33

Cost Accounting

Answer 33

How do Cost Pools and Allocations compare under ABC versus traditional costing system?

Question 34

Cost Accounting

Answer 34

What is Backflush Costing?

Question 35

Cost Accounting

Answer 35

What are the characteristics of By-Products?

Question 36

Cost Accounting

Answer 36

What are Cost Functions?