ACCOUNTING - ACCOUNTING 241 TEST TIPS OKOPNY DEFINITIONS:...

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ACCOUNTING 241 TEST TIPS OKOPNY DEFINITIONS: Prologue and code of ethics Chapter 1 – pp 57-58 Chapter 2 – p 103 Chapter 3 – P 147 KEY CONCEPTS: Chapter 1 Cost classification (EXHIBITS 3,4, 6 ,7,8 especially important) o Mfg (DM, DL, MOH) vs non-mfg costs o Product vs period o Cost classification on financial statements o Schedule of cost of goods manufactured (know sequence and ability to work out numbers) o Cost flows – t accounts and entries (DM, MOH, DL, WIP, FG, CofGS) o Cost behavior – variable vs fixed o Direct vs indirect Chapter 2 Job Order (EXHIBITS 4,5,9,10,11,12,14) o Identify types of products that are job order vs process o Job cost sheets o What is predetermined OH rate, why have one, and how calculated, how used? o MOH (actual on debit side applied on credit side) o Allocation bases o Flow of costs o Follow example in book through the entries or re-follow our class notes through the example again. Understand each step, how it affects each
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ACCOUNTING - ACCOUNTING 241 TEST TIPS OKOPNY DEFINITIONS:...

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