Instructor Information Name: John E. Simms, Ph.D. E-mail: jacks@uh.edu Ph.: 713-775-3023 Office hours are MW 4-6pm, and by appointment in 360MH. Course Description - An examination of cost accounting principles and practices such as job order costs, process costs and standard cost controls as well as specific managerial problem areas such as budgeting pricing policies and inventory control. In addition to the acquisition of the common body of knowledge and discipline-specific mastery
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Absorption Costing Introduction Definition and Mechanics of Absorption Costing Cost Allocation Cost Apportionment Overhead Absorption (OAR) Under and Over Absorption of Overheads Treatment of Administration and Selling and Distribution Overhead Uses of Absorption Costing Page v vii ix 1 2 2 4 6 11 14 17 18 19 21 26 27 28 29 30 30 33 34 34 38 43 43 45 46 46 47 48 52 57 59 60 2 3 4 © ABE ii Chapter Title 5 Marginal Costing Introduction Definitions of Marginal Costing and Contribution
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strong input-output relationship are commonly called A. Committed costs. B. Discretionary costs. C. Opportunity costs. D. Differential costs. [Fact Pattern #1] The estimated unit costs for a company using absorption (full) costing and planning to produce and sell at a level of 12,000 units per month are as follows. Estimated Cost Item Unit Cost --------- --------- Direct materials
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MULTIPLE-CHOICE QUIZ Complete each of the following statements by circling the letter of the best answer. 1. Which of the following is not a characteristic of a process costing system? a. Costs are accumulated by process rather than by job. b. Goods are relatively homogeneous. c. Only one work-in-process account is needed. d. There may be differences in the timing of the various inputs. e. Different cost flow assumptions are allowable. 2. Which of the following is not a step in the
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ACCT 505 Entire Course For more classes visits www.snaptutorial.com ACCT 505 Week 1-7 All Discussion Questions ACCT 505 Week 1 Case Study ACCT 505 Week 2 Quiz Job Order and Process Costing Systems ACCT 505 Week 3 Case Study II ACCT 505 Week 4 Midterm Exam ACCT 505 Week 5 Measuring Performance - Course Project A ACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for Decisions ACCT 505 Week 7 Capital Budgeting Course Project -----------------------------------------------------------
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Table of content I. Introduction 4 II. Three systems to measure product costs 4 1. Variable costing: 4 2. Absorption costing: 5 3. Activity-based costing approach 7 III. Standard costing 9 1. Use of iterative operations for standard costing 9 2. Defining the standards 9 3. Purposes and advantages of standard costing and variance analysis 11 4. Limits of standard costing 12 IV. Conclusion 13 Reference list 14 Glossary 15 Appendix 1 16 Appendix 2 19 Appendix 3 21
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Cost Accounting, 14e, Global Edition (Horngren/Datar/Rajan) Chapter 4 Job Costing 1) Job costing information is used: A) to develop strategies B) to make pricing decisions C) for external financial reporting D) All of these answers are correct. 2) Product costing information is used by managers: A) to make decisions and strategy B) for planning and control C) for cost management D) All of these answers are correct. 3) A ________ is a grouping of individual indirect
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cost vs expense Cost and expenditure are closely related. You spend your resources in return for another thing of value. SUMMARY: 1. Cost is used on something that has returns, while expenses are expenditures used on things that depreciate. 2. Cost is reported in the balance sheet because it means more funds will come to the balance sheet after the expenditure. Expense on the other hand, is reported on the income sheet because it will be taking away funds from the income sheet in making the expenditures
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Finished: A3+A4+A6=Finished $3,805+$4,175+$1,110=$9,090 Work In Process: A5+A7=WIP $2,380+$1,145=$3,525 The WIP balance for Job A-5 is $2,380 and the WIP balance for Job A-7 is $1,145. Together, they create a balance of $3,525. a.) I would not have taken the order from Mrs. Carter at the price of $1,500. b.) If Lambeth would have taken the offer, they would have lost a profit of at least $125. Mrs. Carter was willing to pay no more than $1,500 for her cabinets, and Lambeth could not
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Higher Diploma in Systems Analysis Applied Systems Analysis Assignment: The TDC Construction Company Requirements Determination and Analysis The TDC Construction Company Requirements Determination: Analyse of the conduct of the interview: In general, what is your view of how the interview was conducted? Generally the interview was reasonably professional if a little rushed. The good points were: Inez begins well by reviewing the company’s business objectives which she has a grasp
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