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Accounting Review #1

Accounting Review #1 - Management Accounting Manufacturing...

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Management Accounting – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Manufacturing Costs – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Non-Manufacturing Costs – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Product Costs – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Non-Product Costs – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ o When Expensed – When product is sold. ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ _____________________ Direct Labor – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Direct Materials – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Overhead – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___
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o Included, Indirect, Materials____________________________________________________ ___________________________________________________________ ___________________________________________________________ __________________________ Unit Product Cost – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ o Unit Cost________________________________________________________ ___________________________________________________________ ___________________________________________________________ ________________________ o Direct Materials, Direct Labor, Overhead____________________________________________________ ___________________________________________________________ ___________________________________________________________ ____________________________ Prime Cost -_________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ o Direct Materials + Direct Labor Conversion Cost – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ o Direct Labor + Overhead Planning, Controlling, Decision Making – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Controller – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Objective of Profit Maximization – (Ch. 1 or 2) _________________________________________________________________ _________________________________________________________________
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_________________________________________________________________ ___ BWIP/EWIP – Beginning and Ending Work In Process – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Cost of Goods Manufactured – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Cost of Goods Sold – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Opportunity Cost – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Fixed Cost – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Variable Cost – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Mixed Costs – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ o Know what they mean and how they change with total production and per unit as production changes. ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ _____________________ Discretionary Fixed Costs vs. Committed Fixed Costs – _________________________________________________________________ _________________________________________________________________
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_________________________________________________________________ ___ Mixed Costs (High-Low Method, Advantages, Disadvantages) – _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ ___ Activity Driver – Hour/Activity that drives the cost. Ex: Machine Hours –
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