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Mngerial Acct Exam 1 Flashcards

(83 cards)

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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
Tangible componenets of a finished product; expenditures that are deperately and readily traced to the fin good
direct materials
26
Efforts of employees who physically convert materials into fin products
direct labor
27
Consists of all manfacturing costs that are not direct materails or direct labor
FOH
28
What are prime costs?
DM DL
29
What are conversion costs?
DL and FOH
30
How does a merchandiser compute COGS?
``` Beg merch inv + cost of goods purchased = COG available for sale -ending fin good inv = COGS ```
31
How does a manufacturer compute COGS?
``` Beg fin good inv +COGM =COG available for sale -ending fin good inventory = COGS ```
32
How do u calc dm?
``` Beg raw materials +purchases =Total raw materials -raw materials inventory = DM ```
33
How do u calc COGM
``` DM +DL +FOH =total manufacturing costs +Beg WIP =total WIP inventory -end WIP inventory =COGM ```
34
Chose variable of fixed | leather covers for footballs
V
35
``` Chose variable of fixed machinary depretiation (str8 line) ```
F
36
Chose variable of fixed | wages of assembly workers
V
37
Chose variable of fixed | lace to hold footballs together
v
38
insurance premium on building
F
39
Chose variable of fixed | factory supervision salary
F
40
Chose indirect or direct | electricity used in production plant
I
41
Chose indirect or direct | Labor used on the football production line
D
42
Chose indirect or direct | Salary of manager who supervises the entire plant
I
43
Chose indirect or direct | depr on equip used to produce footballs
I
44
Chose indirect or direct | leather used to produce footballs
D
45
How do you calculate overhead cost?
FOH/ DM or DL
46
When assigning cost to DM, whats the journal entry
D wip inventory | CRaw materials
47
When assigning cost to DL, whats the journal entry
DWIL inv | CFac Wag pyble
48
When you acquire raw materials, whats the journal entry
D raw materials | C acct pyble
49
DM, DL, and FOH all go into what acct?
WIP acct
50
Underapplied FOH entry
D COGS | C FOH
51
Overapplied FOH entry
D FOH | C COGS
52
Job vs job lot | hats imprinted with company logo
JL
53
Job vs job lot | little league trophies
JL
54
Job vs job lot | handcrafter table
J
55
Job vs job lot | 90 ft motor yacht
J
56
Job vs job lot | wedding dresses for a chain of stores
JL
57
Job vs job lot | custome designed home
J
58
Periodic vs perpetual
periodic- we stop and count | perpetual- running total
59
Periodic vs perpetual
periodic- we stop and count | perpetual- running total
60
T/F | The cost per EUP is computed as the total costs of a process divided by # of EUP passing through the process
T
61
T/F | Service companies are not able to use process costing
F
62
T/F | Costs per job are computed in both job order and process costing systems
F
63
T/F | Job order and process operations both combine materials, labor, and FOH in producing products or services
T
64
Process or job order costing | beach towels
P
65
Process or job order costing | bolts and nuts
P
66
Process or job order costing | lawn chairs
P
67
Process or job order costing | headphones
P
68
Process or job order costing | designed patio
J
69
Process or job order costing | door hardware
P
70
Process or job order costing | cut flower arrangements
J
71
Process or job order costing | House paints
P
72
Process or job order costing | concrete simming pool
J
73
Process or job order costing | custom tailored dresses
J
74
Process or job order costing | grand pianos
J
75
Process or job order costing | table lamps
P
76
tech in process acct: | notifies the materials manager to send materials to production depart
materials requisition
77
tech in process acct: | holds costs of indirect materials, indirect labor, and sim costs until assigned to produc
FOH acct
78
tech in process acct: | holds costs of DM, DL, and applied overhead until products are transferred from production to fin goods
WIP inventory
79
tech in process acct: | standardizes partially completed units into EUP
EUP
80
tech in process acct: | Holds costs of fin products until sold to cust
Fin good inventory
81
tech in process acct: | describes the activity and output of production department for a period
process cost summary
82
tech in process acct: | holds costs of materials until they are used in production or as FOH
Raw materials inv acct
83
When Factory payroll costs for labor are allocated in a job cost acct system, what the journal entry
D WIP inv D FOH C Fact payroll

Financial Acct (7 decks)

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