HDF4_Job+Costing - BPII: Syllabus Congratulations You...

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Unformatted text preview: BPII: Syllabus Congratulations You Passed BPI!! If ye fall behind, ye gets left behind Syllabus WARNING Policies described in the syllabus will not change. However, dates may change. Changes will be announced in class only. Class web site Sakai (lss.at.ufl.edu) Requires Gatorlink username and password Office Hours Dr. Kirk Gerson 321 Mondays 3:00 5:00 Eyal Soffer (literaut@ufl.edu) Gerson 125 MW 1:55 2:45 Kira Warnock (kwarnock@ufl.edu) Gerson 125 TTh 3:00 3:50 Lab Weekly Quizzes Graded items returned Some material worked during session (e.g., problems) Lab Section 1308 1315 1323 1338 Instructor Kira Warnock Eyal Soffer Kira Warnock Eyal Soffer Email kwarnock@ufl.edu literaut@ufl.edu kwarnock@ufl.edu literaut@ufl.edu Period 1-2 5-6 3-4 7-8 Room Gerson 121 Gerson 121 Gerson 121 Gerson 121 Grading Midterm exam I 100 Midterm exam II 100 Final exam 100 Laboratory Score 50 Total Points Available 350 How to succeed in BPII Read chapters prior to class meeting Go to class and take advantage of office hours for faculty and TAs Work every assigned problem (and more if you need them) first without looking at the solutions! Keep up -- cramming doesnt work Job Costing Basic Costing Terminology Several key points from prior chapters: Cost Objects - including responsibility centers, departments, customers, products, etc. Direct costs and tracing materials and labor Indirect costs and allocation - overhead Basic Costing Terminology logically extended Cost Pool any logical grouping of related cost objects Cost-allocation base cost driver/activity used to allocate indirect costs from the cost pool to the cost object For example, lets say that direct labor hours cause indirect costs to change. Accordingly, direct labor hours will be used to distribute or allocate costs among objects based on their usage of that cost driver Costing Systems Job-Costing: system accounting for distinct cost objects called Jobs. Each job may be different from the next, and consumes different resources Wedding announcements, aircraft, advertising Process-Costing: system accounting for mass production of identical or similar products Oil refining, orange juice, soda pop Costing Systems Illustrated Costing Approaches Actual Costing - allocates: Indirect costs based on the actual indirect- cost rates times the actual activity consumption Normal Costing allocates: Indirect costs based on the budgeted indirect- cost rates times the actual activity consumption Both methods allocate Direct costs to a cost object the same way : by using actual direct-cost rates times actual consumption Costing Approaches Summarized Seven-step Job Costing 1. Identify the Job that is the Chosen Cost Object 2. Identify the Direct Costs of the Job 3. Select the Cost-Allocation base(s) to use for allocating Indirect Costs to the Job 4. Match Indirect Costs to their respective Cost-Allocation base(s)...
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This note was uploaded on 07/08/2011 for the course ACG 3482C taught by Professor Tinaker during the Fall '09 term at University of Florida.

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HDF4_Job+Costing - BPII: Syllabus Congratulations You...

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