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Cost Accumulation for Job/Shop and Batch Production Operations
Different types of operations lend themselves to different Cost Systems
Job-Order Costing each job/product/order is unique and costs are
Adjusted R Square
Manufacturing Company Financial Statements Case
Prestige Worldwide is a small business that manufactures wooden entertainment centers. The
company uses a normal job cost system to account for its production operations with a
predetermined overhead rate ba
Exam Two-Fonn B
aST'he hgultiple-choice questions are worth 3 points each. The problems are
Signe indiv1dual values, as noted. Good luck, and please be especially nice
to your wonderful proctorsl
1. All costs incurred beyond the spl
Exam One Form A
University of Arkansas
Fall, 2013 '
The multiple-choice '
questions 1-9 are worth 3 ' . .
wo . _ pomts each. Multi le- h '
N11 6 pmnts. The value of the problems is stated individually. launcd (Eilg'uesmn 10's
. Problem Set #2
Benham, Inc. has two operating departments, assembly and shipping, and two suppert
departments, human resources and property management. Each department conducts
independent activities. T
system uses two cost categories, direct material
through the Assembly Department and the Testing Department.
beginning of the production process. Conversion costs are a
ACCT 4673-Product costing
1st problem set
Cost Management Chapter 17 Summary
The cost management tool that most companies use is called the flexible budget, which
is defined as a budget that is valid for a range of activity. A flexible budget is not based
on only level of activity; Instead the fl
Cost Management Chapter 10 Summary
Companies commonly outsource traditional accounting functions such as payroll and
accounts payable that require routine, straightforward procedures. Many companies also
outsource their human resources, legal, tax, and in
Cost Management Chapter 4 Summary
Traditional Costing System- companies allocate indirect costs to the product using an
allocation base such as direct labor hours or machine hours. This system does not trace
indirect costs, such as supervisors salaries an
Chapter 16 Notes
In addition to budgets, many companies use standards to help manage costs and profits. A
standard is a benchmark performance level.
Any control system has three basic parts: a predetermined or standard performance level, a
measure of actu
Cost Management Chapter 8 Summary pt. 2
Spoilage- represents goods that are damaged, do not meet specifications, or are otherwise
not suitable for further processing or sale as good output. By measuring the costs of
spoilage and the costs to reduce it (su
Cost Management Chapter 6 Summary
Customer Profitability- identifies the costs and benefits of serving specific customers or
customer types to improve an organizations overall profitability. Two objectives are to
measure customer profitability and identif
Chapter 3 Vocab
1. Actual costing: Assigns only actual costs of both direct and indirect resources
(i.e., direct materials, direct labor, and manufacturing overhead) to products.
2. Actual overhead: The amount of manufacturing overhead actually incurred
Chapter 3 Notes
Choice Among Product-Costing Systems
A product-costing system accumulates the costs of a production process and
assigns them to the products or services that constitute the organizations output.
The most common types of product-costing sys
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Activity-Based Costing Systems
ABC = Activity-Based Costing
ABM = Activity-Based Management
Primary underlying concept of ABC is that activities cause costs to be incurred.
Therefore, the primary focus of
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