What is gross profit? What is the value chain? What is ERP? What is just-in-time inventory? What is TQM? What is the balanced scorecard? CHAPTER 15 Explain the characteristics and purposes of cost accounting What is Job order costing? What is Process costing? What are the four steps in the Job order flow of costs? Know how to prepare journal entries to record the purchase of raw materials, factory labor costs incurred, manufacturing overhead incurred, the assignment of direct materials
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within the department. The overhead rate and decision making should include the cost of idle Capacity, but should exclude the cost of excess Capacity and counted on profits/losses 3. What definition of capacity should be used for product costing purposes – theoretical, practical, normal, actual? Normal capacity represented the average actual utilization over a time period long enough to level out capacity highs and lows. It emphasize on
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gross margin. 10. Apply overhead to production using a predetermined overhead rate. 11. Compute the cost of job. 12. How is under or overapplied overhead adjusted at the end of an accounting period. 13. What type of companies use Job costing? Process Costing?
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Controller of Winjum Company had introduced the firm’s variable costing method, which charge Fixed Overhead To net income as a period expense and treated only variable cost as inventoriable product cost. Also stress that, variable costing caused income to move with sales only while full absorption costing both sales and production volume are affected. Wilcox, recast the June and July Income Statements and Balance sheets using variable costing method, he then presented it to Terry who responded positively
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CASE MEMO VERIZON COMMUNICATIONS INC: IMPLEMENTING A BALANCED SCORECARD By : Pallabi Roy (35) Pranjal Yadav (37) Rudra Prasad Banerjee (43) Sherin S Mathews (49) Sohini Banerjee (52) Srijan Sinha (53) Supratim Datta (55) By : Pallabi Roy (35) Pranjal Yadav (37) Rudra Prasad Banerjee (43) Sherin S Mathews (49) Sohini Banerjee (52) Srijan Sinha (53) Supratim Datta (55) CASE SUMMARY Company profile: Verizon is a global leader in delivering innovation in communications, information
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Costing Methods Paper LaKeisha R. Fields ACC/561- Accounting July 15, 2013 Facilitator: Shirley Smith Costing Methods Paper Introduction-Absorption vs. Variable Costing In managerial accounting there are two cost methods that can be utilized for the purpose of presenting financial data in a manufacturing environment. They consist of absorption and variable costing methods. Although they are somewhat similar they have key differences that impact a company. In absorption costing the profit
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absorption are two different costing methods. Practically all successful companies in the world use both the methods. Variable costing and absorption costing cannot be substituted for one another because both the systems have their own benefits and limitations. These costing approaches are known by various names. For example, variable costing is also known as direct costing or marginal costing and absorption costing is also known as full costing or traditional costing (2015). From my understanding
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Conversely as the production of hamburgers decreases so does the total annual cost of the raw materials. Building rent: Building rent is a fixed cost. Fixed costs are un-expired assets or expenses whose total does not change in proportion to the activity of a business, within the relevant time period or scale of production. (Fixed Cost) Building rent is a constant cost throughout the year or the life of the contract. This cost does not change with an increase or decrease in production of hamburgers
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Christopher Bonner BUS630: Managerial Accounting (NAH1313A) Instructor; Brian Shaw Middlehurst House Analysis: Case 9A in Chapter 9 Middlehurst House Analysis: Case 9A in Chapter 9 As we are familiar with the case, we feel that two very important issues have not been addressed which in sufficient detail, given that it may influence the profitability of the business venture. These are General: (1) The allocation of capital by both the partners and the stockholders (2) Auditing of
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Case 16 Movie Exhibition The strategic issue in the movie exhibition case includes the decline in attendees. The customer base is declining and is hurting the net income of the exhibitions. The most profitable sectors are the concessions and advertising. An increase in the price of ticket sales may drive attendees even further away. If attendees keep decreasing, advertisers will withdraw their purchases and the entities will be left with concessions. The industry as a whole is feeling
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