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These flashcards will cover these topics:
Cost Measurement: (55)
A. Cost Terminology (15) – objectives of a cost accounting system, prime cost, conversion costs, total manufacturing cost, cost of raw materials used, cost of goods manufactured, cost of goods sold, direct vs. indirect cost, cost allocation, fixed costs, fixed factory overhead, contribution margin, gross profit, engineered cost, mixed costs, sunk costs, discretionary costs, committed costs, residual income, marginal rate of return.
B. Cost Measurement Concepts (10) – common costs, split-off point, separable costs, point to sell joint-product, allocating joint costs to joint products, disadvantage of physical quantity method, types of spoilage, by-products, measuring cost of by-products at split-off, cost driver, direct vs. indirect cost, simple vs. multiple regression.
C. Cost Accumulation Systems (16) – equivalent units of production, FIFO vs. weighted average calculation of EUP, calculation of EUP for materials and conversion costs, calculation of units started and completed, calculation of total cost of units in ending W-I-P, process vs. job-order costing, raw materials in process costing, direct labor in process costing, overhead in process costing, finished goods in process costing, deferred manufacturing costs in process costing, operation costing, activity-based costing.
D. Accumulating and Assigning Overhead Costs (14) – process of overhead allocation, overhead control account, over vs. under-applied overhead, practical capacity, idol time, several vs. planned-wide overhead rates, costing methods, absorption vs. variable costing, variable selling and administrative costs, service department costs, direct vs. step-down vs. reciprocal methods. |
