1. What does the term cost management mean? Who in the typical firm or organization is responsible for cost management? = Cost Management is the process of effectively planning and controlling the costs involved in a business. The one who’s responsible for cost management is management accountant. 2. List the four functions of management. Explain what type of cost management information is appropriate for each. = 1. Strategic Management. Cost management information is needed to make sound
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Latar Belakang Dewasa ini perekonomian dunia sedang menuju era globalisasi di mana barang dan jasa dari suatu negara semakin leluasa masuk ke negara lain. Hal ini mengakibatkan semakin ketatnya persaingan dalam dunia usaha, terutama pada sektor industri. Sektor industri mempunyai peranan yang penting dalam memenuhi kebutuhan masyarakat akan barang dan jasa, meningkatkan laju pertumbuhan ekonomi, serta memperluas lapangan kerja karena mampu menyerap banyak tenaga kerja. Tingkat persaingan dunia
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2 Quiz Managerial Accounting Grading Summary | | Grade Details | Page: | 1 2 | 1. | Question : | (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? | | | Student Answer: | | a steel factory that processes iron ore into steel bars | | | | a factory that processes sugar and other ingredients into black licorice | | | | a costume
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building of a house should appear on the income statement when Answer | a. | the purchase order to manufacture the house is received. | | b. | the house is sold. | | c. | cash is collected for the sale of the house. | | d. | the house is completed. | 2.) The basic document for keeping track of costs in a job order costing system is a Answer | a. | labor time card. | | b. | job order cost card. | | c. | process cost report. | | d. | materials requisition form. | 3
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Discussion Discussion Assignment Assignment 1: Discussion—Activity-Based Costing System Activity-based costing is one of the most accurate methods that can be used to allocate overhead. However, it is not often used in many smaller organizations due to the substantial cost involved with its implementation. Using the module readings and the Argosy University online library resources, research the activity-based costing method. Use your research and/or your experiences as a working professional
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cost accounting systems are (a) a job order cost system and (b) a process cost system. 3. Under a job order cost system, costs are assigned to each job or to each batch of goods. 4. A process cost system is used when a large volume of similar products are manufactured. Process costing accumulates product-related costs for a period of time instead of assigning costs to specific products or job orders. Job Order Cost Flow 5. The flow of costs in job order cost accounting parallels the physical
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Paquette Job-order costing system are used when: 1. Many different products are produced each period. 2. Products are manufactured to order. 3. The unique nature of each order requires tracing or allocating costs to each job, and maintaining cost records for each job. Example of companies that would use job-order costing include: 1. Boeing 2. Bechtel International 3. Walt Disney Studio Job Order Costing (Example) Direct material and Direct Labor goes to every job Job Order Costing (Example)
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Product Costing Module in ERP for L&T Kansbahal Works, Kansbhal, Orissa : A Case Study 1 Seema G. Bhol, 2Arun Mishra & 3Srikanta Patnaik Sambalpur University, Burla, Orissa, India, 2Head (IT Services), L&T, Kansbhal, Orissa, India, 3 Department of Computer Science ITER , SOA University , Bhubaneswar, Orissa, India E-mail : guptaseema@hotmail.com, arun-kbl@kbl.ltindia.com, patnaik_srikanta@yahoo.co.in 1 Abstract - One need to be very accurate in what the products and services are costing. Inaccurate
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Chapter 07 Activity-Based Costing: A Tool to Aid Decision Making Solutions to Questions 7-1 Activity-based costing differs from traditional costing systems in a number of ways. In activity-based costing, nonmanufacturing as well as manufacturing costs may be assigned to products. And, some manufacturing costs—including the costs of idle capacity—may be excluded from product costs. An activity-based costing system typically includes a number of activity cost pools, each of which has its
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ASSIGNMENT ON COSTING Submitted By, MOHAMMED NAFAISE QUESTIONS 1. Define the term cost. Explain various types with relevant examples? 2. Methods and techniques of with relevant industrial examples? COST The cost is defined as the amount which is paid or given up to get something or to achieve the objective of the business. In business the objective may be to make a product, to provide a particular service and so on. Cost is
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