10/3/13 6:09 PM
What is accounts payable?
Amounts owed by business to suppliers for past transactions
What are current liabilities?
Due within one year of balance sheet
Ex: Sales tax payable, unearned revenue
Accounts payable, accrued liabilities accrued
10/2/13 9:51 PM
What are actual costs?
Cost incurred historical
What are budgeted costs?
What is a cost object?
The cost of a particular thing
Ex: product, activity, consumer
What is cost accumulation?
The collection of cost data
Chapter 4 Process Costing
Illustration 1: Smith Company reported the following activity in the Assembly Department for
the month of June:
Beginning Work in Process Inventory:
Conversion: 20% complete
Chapter 3 Job Costing
The following information pertains to Smith Corporation. Prepare journal entries to summarize
the October transactions. Post to T-accounts.
(1) On October 1, Smith Corporation had $5,000 in raw materials on hand. During the month, th
Review Problem: Chapter 3 Job-Order Costing
Ruger Corporation is a manufacturer that uses job-order costing. The following transactions were
recorded for the month.
(1) On April 1, Ruger Corporation had $7,000 in raw materials on hand. During the month, t
Chapter 2 Applying Excel
Matrix, Inc. wants to know its average fixed costs and variable cost per meals served.
Required: 1. Plot the data and regression line, and display the regression equation.
10/3/13 6:10 PM
CHAPTER 1: Business Decisions and Financial Accounting
Accounting for business decisions
Study the accounting methods
Basic accounting equation
Chapter 3 Assignment
ACCT 204N 203
20 February 2013
1. The contribution margin per unit is 68 60 = 8. The operating income is
(68x410,000) (410,000x60 + 1,640,000) = 1,64
10/2/13 9:50 PM
= quantitative expression of a proposed plan of action by
management for a specified period
= an aid to coordinate what needs to be done to implement that
both financial and nonfinancial aspects
Ch 11 Questions
17 April 2013
Direct manufacturing labor
Batch manufacturing costs
Fixed manufacturing c
Chapter 2 Managerial Accounts and Cost
Types of Cost Classifications financial reporting,
predicting cost behavior, assigning costs to job costs,
making business decisions
LO-1 Understand cost classifications used for assigning
costs to cost obje