FIN 432 MASTER BUDGETS FOR MANUFACTURING ORGANISATIONS

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Author:
phamli
ID:
179191
Filename:
FIN 432 MASTER BUDGETS FOR MANUFACTURING ORGANISATIONS
Updated:
2012-10-22 20:22:53
Tags:
BUDGETING FORECASTING MASTER BUDGET MANUFACTURING ORGANISATIONS ORGANIZATIONS
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BUDGETING AND FORECASTING MASTER BUDGET FOR MANUFACTURING ORGANIZATIONS
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  1. Raw materials is a product cost or period cost?
    product cost
  2. Direct labor is a product cost or period cost?
    product cost
  3. Factory overhead is a product cost or period cost?
    product cost
  4. Indirect materials is a product cost or period cost?
    Product cost.  Indirect materials is part of factory overhead, which is a part of product cost.
  5. Indirect labor is a product cost or period cost?
    Product cost. Indirect labor is part of factory overhead, which is part of product cost.
  6. What is a product cost?
    Cost of converting raw materials into a tangible finished item, like a TV, stove, or washing machine.  These cost are allocated to the product and carried in invetories until the product is sold.
  7. Cost of converting raw materials into a tangible finished item, like a TV, stove, or washing machine. 
    product cost
  8. Required to make the product.
    Example wood is used by Jindalee Craftworks to manufacture doors, cupboards, etc.
    raw materials
  9. the wages due to staff for the time spent in actually producing the goods
    direct labor
  10. all the other costs of running the factory, including depreciation of factory plant, rent  or rates for factory premises, factory insurances and light and power used by the factory
    factory overhead
  11. Marketing, or selling and distribution, expenses is a product cost or period cost?
    period cost
  12. General and Administration Expenses is a product cost or period cost?
    period cost
  13. Financial expenses is a product cost or period cost?
    period cost
  14. advertising, cartage outward (transportation out, recorded on cost of goods sold), and commission for sales people
    marketing, or selling and distribution, expenses
  15. cost incurred for the overall administration of the organization
    Ex. general office salaries, audit fees, depreciation of computers for the accounting department
    general and administation expenses
  16. the cost incurred in relation to fnancial aspects of the business
    ex. interest paid on borrowing and discount allowed to debtors
    financial expenses
  17. major items of cost that can be directly and relatively easily traced to the product
    direct materials
  18. Raw materials is a direct cost or indirect cost?
    direct cost
  19. cost that cannot easily be traced directly to the product
    indirect cost
  20. Factory overhead is a direct cost or indirect cost?
    indirect cost

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