Cost Ch 3 Notes - Blank

Cost Ch 3 Notes - Blank - Chapter 3 Notes Cost Accumulation...

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Unformatted text preview: Chapter 3 Notes Cost Accumulation for Job-Shop and Batch Production Operations Learning Objectives — This chapter has eight learning objectives. 1. Explain the difference in job-order, process, and operation costing systems. 2. Explain how costs flow through the manufacturing accounts. 3. Assign costs to production jobs or projects using a job-order costing system. 4. Prepare accounting journal entries to record job costs. 5. Use a predetermined overhead rate to assign indirect resource costs to production jobs. 6. Explain how to measure production costs under actual, normal, and standard costing systems. 7. Discuss the role of job-order costing in service organizations. 8. Understand how companies manage long-term projects and their costs. Cost Accounting - Chapter 3 Notes Page 1 1. Organizations choose among costing systems by considering two things. • First, _____ ___________________________________ ____________________________________________ _ • Second, _____ ________________________________ ____________________________________________ _ ____________________________________________ _ • Answering these questions helps managers to choose from three different types of costing systems: _______ ____________________________________________ _ ____________________________________________ _ A. Job costing (or job-order costing) ____________________ ____________________________________________ _ ____________________________________________ _ 1. Job costing helps managers ____________________ Cost Accounting - Chapter 3 Notes Page 2 ____________________________________________ _ ____________________________________________ _ ____________________________________________ _ 2. Job costing provides data ____________________ ____________________________________________ _ ____________________________________________ _ 3. Job costing allows costs _______________________ ____________________________________________ _ ____________________________________________ _ 4. It facilitates ________________________________ ____________________________________________ _ ____________________________________________ _ Cost Accounting - Chapter 3 Notes Page 3 5. Job costing provides information _______________ ____________________________________________ _ ____________________________________________ _ 6. Throughput time is the _______________________ ____________________________________________ _ ____________________________________________ _ ____________________________________________ _ _____________________________________________ ____________________________________________ _ _____________________________________________ B. Process costing characteristics: 1. treats ____________________________ ___________ _______________________________________________ 2. is useful Cost Accounting - Chapter 3 Notes Page 4 ______________________________________ _______________________________________________ _______________________________________________ _______________________________________________...
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This note was uploaded on 06/11/2008 for the course ACCT 308 taught by Professor Wormer during the Spring '08 term at CofC.

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Cost Ch 3 Notes - Blank - Chapter 3 Notes Cost Accumulation...

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