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Financial Acct > Mngerial Acct Exam 1 > Flashcards

Mngerial Acct Exam 1 Flashcards

1
Q

Characteristics of job order systems

A
  • Custom/unique jobs
  • Heterogenour products
  • low production volume
  • measres cose per unit upon completion of the job
  • cost object is to the specific job
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2
Q

Char of process systems

A
  • Individual process
  • makes single product on consistent basis
  • homogenour product
  • High production volume
  • low product flexibility
  • Cost object is the process
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3
Q

number of units that could have been started and completed given the costs incurred during the perido

A

EUP

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4
Q

Producing products of providing services individually designed to meet the needs of a specific customer

A

job order production

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5
Q

the production activities for a customized product

A

job

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6
Q

Involves producing more than one unit of a unique product

A

job lot

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7
Q

What is the flow of costs

A
  • Manufac costs flow through inventory accts (RM, WIP, FIn good) until the goods are sold
  • While the job is being produced, costs are accumulated in WIP inv
  • When the goods are completed, accum costs are transferred from WIP to fin good inv
  • WHen the fin good are delivered to the cust, the accumulated costs are transferred from fin goods inv to COGS
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8
Q

A system that records manufacturing costs

A

cost acct system

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9
Q

The expected selling price of a job minus its desired profit

A

target cost

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10
Q

production of more than one unt of a custom product

A

job lot

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11
Q

production activities for a custommized product

A

job

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12
Q

production of products in response to cust orders

A

job order production

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13
Q

Shows the amount of time an employee works on a hob

A

time ticket

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14
Q

accumulates the cost of incurred overhead and the overhead cost assigned to specific jobs

A

FOH account

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15
Q

Perpetual inventory record of raw materials recieved, used, and available for us

A

Material ledger card

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16
Q

Shows amt approved for pmt of an overhead or other cost

A

Voucher

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17
Q

Communivates the need for materials to complete the job

A

materials requisition

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18
Q

Financial vs Managerial acct

A

Fin- investors, creditos (external to the org), assist eexternal users in making investments, only available after complete audit, focus on historical info, emphasis on whol org, only monetary info
Mng- managers, employess (internal org), make plans and control decisions, very flexible, available quickly w/out waiting for audit, projections and estimates, emphasis on subdivisions, projects, mostly monetary but also some nonmonetary

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19
Q

A cost that does not change in total with changes in the volume of an activity; does not change with use

A

fixed cost (office depr)

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20
Q

A cost that changes in total in proportion to changes in volume of an activity; cost that changes with use

A

variable cost

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21
Q

Expenses that directly go into producing goods/services

A

direct costs

materia, labor, manufacturing supplies

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22
Q

Those that cannot be readily and economically traced to an object

A

indirect costs
oil, grease, glue
rent, utilities

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23
Q

Expenditures necessary and integral to finished products. Include DM, DL, and FOH

A

product costs
balance sheet (COGS)- income statemnt
produced in factory

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24
Q

Expenditures identifies more with a time period than finished products

A

period costs
income statement
selling and general admin expenses
in office

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25
Q

Tangible componenets of a finished product; expenditures that are deperately and readily traced to the fin good

A

direct materials

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26
Q

Efforts of employees who physically convert materials into fin products

A

direct labor

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27
Q

Consists of all manfacturing costs that are not direct materails or direct labor

A

FOH

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28
Q

What are prime costs?

A

DM DL

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29
Q

What are conversion costs?

A

DL and FOH

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30
Q

How does a merchandiser compute COGS?

A 
Beg merch inv +
cost of goods purchased
= COG available for sale
-ending fin good inv
= COGS
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31
Q

How does a manufacturer compute COGS?

A 
Beg fin good inv
\+COGM
=COG available for sale
-ending fin good inventory
= COGS
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32
Q

How do u calc dm?

A 
Beg raw materials
\+purchases
=Total raw materials
-raw materials inventory
= DM
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33
Q

How do u calc COGM

A 
DM
\+DL
\+FOH
=total manufacturing costs
\+Beg WIP
=total WIP inventory
-end WIP inventory
=COGM
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34
Q

Chose variable of fixed

leather covers for footballs

35
Q 
Chose variable of fixed
machinary depretiation (str8 line)
36
Q

Chose variable of fixed

wages of assembly workers

37
Q

Chose variable of fixed

lace to hold footballs together

38
Q

insurance premium on building

39
Q

Chose variable of fixed

factory supervision salary

40
Q

Chose indirect or direct

electricity used in production plant

41
Q

Chose indirect or direct

Labor used on the football production line

42
Q

Chose indirect or direct

Salary of manager who supervises the entire plant

43
Q

Chose indirect or direct

depr on equip used to produce footballs

44
Q

Chose indirect or direct

leather used to produce footballs

45
Q

How do you calculate overhead cost?

A

FOH/ DM or DL

46
Q

When assigning cost to DM, whats the journal entry

A

D wip inventory

CRaw materials

47
Q

When assigning cost to DL, whats the journal entry

A

DWIL inv

CFac Wag pyble

48
Q

When you acquire raw materials, whats the journal entry

A

D raw materials

C acct pyble

49
Q

DM, DL, and FOH all go into what acct?

50
Q

Underapplied FOH entry

A

D COGS

C FOH

51
Q

Overapplied FOH entry

A

D FOH

C COGS

52
Q

Job vs job lot

hats imprinted with company logo

53
Q

Job vs job lot

little league trophies

54
Q

Job vs job lot

handcrafter table

55
Q

Job vs job lot

90 ft motor yacht

56
Q

Job vs job lot

wedding dresses for a chain of stores

57
Q

Job vs job lot

custome designed home

58
Q

Periodic vs perpetual

A

periodic- we stop and count

perpetual- running total

59
Q

Periodic vs perpetual

A

periodic- we stop and count

perpetual- running total

60
Q

T/F

The cost per EUP is computed as the total costs of a process divided by # of EUP passing through the process

61
Q

T/F

Service companies are not able to use process costing

62
Q

T/F

Costs per job are computed in both job order and process costing systems

63
Q

T/F

Job order and process operations both combine materials, labor, and FOH in producing products or services

64
Q

Process or job order costing

beach towels

65
Q

Process or job order costing

bolts and nuts

66
Q

Process or job order costing

lawn chairs

67
Q

Process or job order costing

headphones

68
Q

Process or job order costing

designed patio

69
Q

Process or job order costing

door hardware

70
Q

Process or job order costing

cut flower arrangements

71
Q

Process or job order costing

House paints

72
Q

Process or job order costing

concrete simming pool

73
Q

Process or job order costing

custom tailored dresses

74
Q

Process or job order costing

grand pianos

75
Q

Process or job order costing

table lamps

76
Q

tech in process acct:

notifies the materials manager to send materials to production depart

A

materials requisition

77
Q

tech in process acct:

holds costs of indirect materials, indirect labor, and sim costs until assigned to produc

78
Q

tech in process acct:

holds costs of DM, DL, and applied overhead until products are transferred from production to fin goods

A

WIP inventory

79
Q

tech in process acct:

standardizes partially completed units into EUP

80
Q

tech in process acct:

Holds costs of fin products until sold to cust

A

Fin good inventory

81
Q

tech in process acct:

describes the activity and output of production department for a period

A

process cost summary

82
Q

tech in process acct:

holds costs of materials until they are used in production or as FOH

A

Raw materials inv acct

83
Q

When Factory payroll costs for labor are allocated in a job cost acct system, what the journal entry

A

D WIP inv
D FOH
C Fact payroll

Financial Acct (7 decks)

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