acct test 1

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Author:
jillmray
ID:
103751
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acct test 1
Updated:
2011-09-23 17:17:36
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Description:
review vocab and formulas
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  1. direct costs
    can be traced to cost objects
  2. period costs
    are expensed when incurred
  3. prime costs
    the combination of direct materials and direct labor
  4. compensation includes wages salaries and _____
    fringe benefits
  5. inventoriable product costs are treated as ______ until sold
    assets
  6. inventoriable costs
    include costs from only the production or purchases element of the value chain
  7. indirect costs
    allocated to cost objects
  8. both direct and indirect costs are
    assigned to cost objects
  9. total costs include
    include cost froms every element of the value chain
  10. conversion costs are the combo of
    direct labor and manufacture overhead
  11. inventoriable product costs are expensed as
    cost of goods sold when sold
  12. manufacture overhead includes all
    indirect costs of production
  13. a company is a merchandiser if it has
    a single inventory acct
  14. a service company has
    no inventory accounts
  15. a manufacturer has _____ kinds of inventory
    • 3; raw materials inventory
    • works in process
    • finished goods inventory
  16. merchandisers inventory consists of
    cost of merchandise and freight in
  17. two types of merchandising co. include
    retails and wholesalers
  18. direct materials are stored in
    raw materials inventory
  19. manufacturers sell from their stock of
    finished goods innventory
  20. labor costs usually account for
    the highest percentage of service companies costs
  21. partially completed units are kept in the
    works in process inventory
  22. average cost
    total cost divided by the number of units
  23. controllable costs
    costs that can be influenced or changed by mngmt
  24. conversion costs
    combination of direct labor and manufacturing overhead
  25. cost object
    anything for which managers want a seperate cost measures
  26. design
    detailed engineering of products and services and the processes for producing them
  27. direct cost
    a cost thyat can be traced to a cost object
  28. distribution
    delivery of products or services to customers
  29. fixed costs
    costs that stay constant despite wide changes in volume
  30. indirect costs
    a cost that relates to the cost object but cannot be traced to it
  31. manufacturing overhead
    all man. costs other than direct materials and direct labor; also called factory overhead and indirect manufacturing cost
  32. marketing
    promotion and advertising of products or services
  33. reasearch and delopment
    researching and developing new or improved products or svcs or the processes for producing them
  34. sunk costs
    a cost that has already been incurred
  35. production or purchases
    resources used to produce a product or service or to purchase finished merchandise intended for resale
  36. works in process inventory
    goods that are partway through man. process but not finished
  37. inventoriable product costs
    • all costs of a product that GAAP requires to treat as an asset (inventory) for external financial reporting
    • these coss are not expensed until the product is sold
  38. period costs
    costs that are expensed in the period in which they are incurred often called operating expenses or selling genaral admin expenses
  39. prime costs
    combo of direct material and direct labor costs
  40. job costing
    • system for assigning costs to products or svcs that differ in the amt of materials labor and overhead
    • unique or custom made for customer
  41. process costing
    a system for assigning costs to a large number of identical units that typically pass thru a series of uniform production steps ; cereal
  42. activity based costing ABC
    focuses on activities as the fundamental cost objects; costs of activities become building blocks for compiling the indirect costs of products svcs and customers
  43. appraisal costs
    costs incurred to detect poor quality goods or services
  44. batch level activities
    activities and costrs incurred for every batch regardless of the number of units in the batch
  45. departmental overhead rates
    seperate manufacturing overhead rates estab. for each department
  46. external failure costs
    costs incurred when the company does not detect poor-quality goods or services until after dlvry is made to customers
  47. facility level activities
    activities and costs incurred no matter how many units batches or products are produced in the plant
  48. internal failure costs
    costs incurred when the company detects and corrects poor quality g and s before making dlvry to customerys
  49. lean production
    philosophy and business strategy of manufacture w/o waste
  50. plantwide overhead rate
    when overhead is allocated to every product using the same manufacturing overhead rate
  51. prevention costs
    costs incurred to avoid poor quality goods and svcs
  52. unit level activities
    activities and costs incurred for every unit produced
  53. controlling
    one of managements primaryresponsibilities evaluating the results of businsess operations against the plan and making adjustment
  54. decision making
    one of management primary responsibilities id possible courses of action and choosing among them
  55. directing
    one of management primary responsiblities running the company on a day to day basis
  56. planning
    • one of mgnmt primary responsisbilities
    • setting goals and objectives for the company and deciding how to acheive them

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