21 - Presentation Deck - ACC 212: PRINCIPLES OF ACCOUNTING...

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ACC 212: PRINCIPLES OF ACCOUNTING CHAPTER 21: PROCESS COST ACCOUNTING PRESENTATION DECK Prepared by: Jill Mitchell, Assistant Professor, NOVA Reference: Weygandt, Jerry, Kieso, and Kimmel. Accounting Principles Unless noted, illustrations are from the referenced text.
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Chapter 21-2 1.1 Understand who uses process cost systems. 1.2 Explain the similarities & differences between job order cost and process cost systems. 1.3 Explain the flow of costs in a process cost system. 21: Process Cost Accounting Course Competencies 1. Nature of Process Cost Systems 2. Activity Based Costing (ABC) 2.1 Be able to explain the concept of activity based costing
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Chapter 21-3 Nature of Process Cost Systems 1.1 Understand who uses process cost systems. Companies use process cost systems to apply costs to identical or similar products that are mass produced in a continuous fashion.
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Chapter 21-4 Making Crayons is an example of a Process Cost System! http://www.crayola.com/factory/preview/factory_floor/crayon_mfg.htm http://science.howstuffworks.com/question563.htm 1. This site shows us the basic processes used in manufacturing crayons: 2. Now, let’s watch a video on the actual manufacturing process. Be sure to listen for managerial accounting terms and be able to identify the specific processes used (scroll to bottom of page for “Assembly Line” video): KEY TERMS IN VIDEO: Raw materials Blending Molding Labeling Inspection Packaging
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This note was uploaded on 02/28/2011 for the course ACC 212 taught by Professor Mitchell during the Spring '11 term at Northern Virginia Community College.

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21 - Presentation Deck - ACC 212: PRINCIPLES OF ACCOUNTING...

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