Acct210 - Test 1

Acct210 - Test 1 - Mgmt Ftn:Plan(add value to...

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Mgmt Ftn: Plan(add value to bznez),Direct,Ctrl DM DL: Work of fact employees;phys&dctl ass. w/ raw mat in2 fnshd gds ([email protected],[email protected] lee,wages/salaries on xray technician/worker) MO- costs indrctly ass w/ manu product (maint/plant manager/sprvsr salary, rent on manu equp, dep on fct buildings,machinery, insurance,maintenance on fct facilities,taxes on fc building,misc,xray dept supp,electricit/utility costsfact utilities,) IM -don’t physically become part of finished product (pins, lock washers, lube) IL -wk of fct emp no phys ass w/ fin prodt (wages) Pdct Costs: manu costs, DM,DL,MO cost,neces of prdcng prod; recrded as inv; dont bcome exp til fin gds inv is sold Pd: nonmanu costs, selling,gen,admin exp; matched w/ rev of spec time pd & chrgd to expense as incurred;deducted from rev in pd incurred in det net inc (cost of shipping pre hung dors,sales commission,adv cost,office sup,dep on off equip) INC STMT: Beg Finished Goods Inv+COGManu – End Finished Goods Inv = COGSold BegWkProcessInv+Total Manu costs=Ttal cost of wk in process total cost of wk in proc-end wk in proc inv=COGmanu BAL Sht: raw mat inv,wk in proc inv, finishd gds inv Cost act involves measuring, recording, and reporting of PD costs Job order cost sys: costs are assigned to each job/batch; job is specific 4 order/inventory; has distinguishing characteristics (custom) obj is to compute the cost per job, measure costs for each job completed-not for set time pds. Process cost sys:
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This note was uploaded on 04/04/2008 for the course RCSC 214 taught by Professor Burke during the Spring '08 term at Arizona.

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Acct210 - Test 1 - Mgmt Ftn:Plan(add value to...

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