Chapter 1 Managerial Accounting and Cost Concepts

Select alternative that does the best job of furthering organizations objectives. Variable costs 240000 300000 360000 Fixed costs 320000 320000 320000.

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Complete the schedule of total costs and unit costs.

. Saint Louis University Baguio City Main Campus - Bonifacio St Baguio City. B Period costs are expensed in the same period in which they are incurred. Work of Management Planning Controlling Directing and Motivating.

Learn vocabulary terms and more with flashcards games and other study tools. Study Chapter 1 - Managerial Accounting and Cost Concepts flashcards from Kristen Gravess class online or in Brainscapes iPhone or Android app. LO13Understand cost classifications used to prepare financial statements.

Create flashcards for FREE and quiz yourself with an interactive flipper. It only looks at two points. Find fixed cost by subtracting the variable cost from the total cost at either the highest or lowest level.

Job order costing or job costing is system for. Managerial Accounting and Cost Concepts 1docx from ACCT 2123 at The University of Oklahoma. Work In Process Finished Goods Beginning work in Beginning finished process inventory goods inventory Manufacturing costs Cost of goods for the period manufactured Total work in process Cost of goods for the period available for sale Ending work in - Ending finished process inventory goods inventory Cost of goods Cost of goods manufactured sold.

Assigning Costs to Cost Objects 1 of 2 Direct costs. Direct material and direct labor. A Period costs are included as part of the cost of goods.

Start studying Chapter 1. Chapter 1 - Managerial Accounting and Cost Conceptsdocx. Preparing financial statements 4.

Managerial Accounting and Cost Concepts 1. Direct materials are an integral part of a finished product and their costs can be conveniently traced to it. True A direct cost can be easily and conveniently traced to a specific cost object.

Chapter 2 Managerial Accounting and Cost Concepts Solutions to Questions. Product costs and period costs. Summary of cost classifications 1 -2.

Managerial Accounting Concerned with providing information to managers within an organization so that they can formulate plans control operations and make decisions. Accounting for costs in manufacturing companies 3. Purchased 80000 of raw materials on credit.

Managerial Accounting and Cost Concepts. Direct costs and indirect costs. Costs that cannot be easily and conveniently traced to a unit of product or other cost object.

Manufacturing overhead costs like depreciation rent supervisor salary etc. Managerial Accounting and Cost Concepts Cost Classifications for Assigning Costs to Cost Objects Financial accounting is concerned with reporting financial information to external parties such as stockholders creditors and regulators. Start studying Chapter 1 Managerial Accounting and Cost Concepts.

Lecture notes managerial accounting teaching notes what is job order costing. LO12Identify and give examples of each of the three basic manufacturing cost categories. Cost that remains constant in total regardless of changes in the level of activity.

View Notes - Managerial Accounting and cost concepts Summary of Concepts from TM 1 at Northern Illinois University. Compute variable cost by dividing cost at highest level - cost at lowest level highest level - lowest level 2. Get Free Chapter 1 Managerial Accounting And Cost Concepts Solutions total costs accumulated on three custom jobs.

D Sales commissions are period costs. Variable cost per unit Total variable costNumber of units Variable cost per unit 24000080000 units Variable cost per unit 300unit Units produced and sold 80000 100000 120000 Total costs. MANAGERIAL ACCOUNTING AND COST CONCEPTS A.

Direct Cost a cost that is linked directly and conveniently to a specific object. False A direct cost is sometimes referred to as a common cost. Learn faster with spaced repetition.

Assigning manufacturing costs to. Managerial Accounting and Cost Concepts Cost Classifications for Assigning Costs to Cost Objects Cost Object anything for which cost data are desired including products customers and organizational subunits. LO11Understand cost classifications used for assigning costs to cost objects.

Making decisions 1 -3. Introduction to Managerial Accounting and Cost Concepts. Predicting cost behavior in response to changes in activity 5.

Financial Accounting Concerned with reporting inancial information to external parties such as stockholders creditors and regulators. False A regional sales managers would be a direct cost of the regional office in which the sales manager works. Study Managerial Accounting and Cost Concepts chapter 1 flashcards.

Purposes of Cost Classification 1. An individual cost is either direct or indirect regardless of the cost object. C The wages of assembly-line workers are period costs.

Problem with high low method. Managerial Accounting and Cost Concepts SmartBook. Chapter 1 An Introduction to Managerial Accounting and Cost Concepts.

Costs that can beeasily and conveniently traced to a unit of product or other cost object. Solutions Manual Chapter 1 1 Chapter 1 Managerial Accounting and Cost Concepts Questions 1-1 The three major types of product costs in a manufacturing company are direct materials direct labor and manufacturing overhead. Learn vocabulary terms and more with flashcards games and other study tools.

Assigning costs to cost objects 2.

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