OBJCH2GAR_07 - 5. Understand the flow of manufacturing...

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INTRODUCTORY COST ACCOUNTING Unit 2: (Chapter 2) Cost Terms, Concepts and Classifications LEARNING OUTCOMES : 1. Identify and give examples of each of the three basic cost elements involved in the manufacture of a product. 2. Define the terms manufacturing, direct materials, raw materials, indirect materials, direct labour, indirect labour, manufacturing overhead, prime cost, conversion cost, non- manufacturing cost, marketing costs, administrative costs . (pp 28-31) 3. Distinguish between period cost and product cost and given an example of each. (pp 31-32) 4. Explain the difference between the structure of financial statements for a manufacturing company versus a merchandising company. Prepare a financial statement for a manufacturing company including the Schedule of Cost of Good Manufactured.
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Unformatted text preview: 5. Understand the flow of manufacturing costs (DM, DL, MO) from the point of incurrence to the sale of the completed product. (pp 38-40) 6. Identify and give examples of variable costs and fixed costs, and explain the differences in their behavior on a per unit basis and in total. (pp. 40-42) 7. Define the following terms: direct cost, indirect cost, cost object, differential cost, differential revenue, incremental cost, sunk cost . (pp.43-45) 8. Properly classify labour costs associated with idle time, overtime, and fringe benefits. (p. 30) Demonstration/Assignment Problems : E 2-1, E2-2, E2-3, E2-4, E2-5, E2.6, E2-7,E2-8, E2-10, E2-11, E2-12, E2-13, P2-14, P2-15, P2-16, P2-17, P2-19, P2-20, P2-21, P2-24, P2-26, P2-28, P2-29 RF 09/07...
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This note was uploaded on 03/03/2012 for the course ACCT 2460 taught by Professor Farrar during the Winter '12 term at Conestoga.

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