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Accounting Final

Chapter 10

QuestionAnswer
What does a manufacturing business records its costs of products as? cost of goods sold
cost of goods sold-sales= gross profit
materials and finished products are recorded on the balance sheet as inventories
inventories are... current assets
If the benefit is used immediately then the cost is an... expense
If the benefit is deferred then the cost is an... asset
As an asset is used an expense such as.... is recognized depreciation expense
What is the cost of a manufactured good? 1. Direct materials 2. Direct Labor 3. Factory Overhead
How do you classify a direct material cost? 1. An integral part of the finished product 2. A significant portion of the total cost of the product
How do you classify a direct labor cost? 1. An integral part of the finished product 2. A significant portion of the total cost of the product
Costs other than direct materials cost and direct labor cost that are incurred in the manufactoring process are combined and classified as factory overhead cost
Prime costs direct materials and direct labor costs
conversion costs direct labor and factory overhead
Product costs direct materials, direct labor, factory overhead
period costs selling (marketing the product) and administrative expenses (managing the company)
product costs are recorded as... inventory (balance) costs of goods sold (income)
period costs are recorded as... expenses
measure, record, and report product costs cost accounting systems
2 main types of cost accounting systems 1. job order cost system 2. process cost system
provides product costs for each quantity of product that is manufactured job order cost system
Each quantity of product that is manufactured is recorded as a... job
provides product costs for each manufacturing department or process process cost system
Predetermined factory overhead rate= estimated total factory overhead costs/ estimate activity base
Factory overhead is increased for the... actual overhead
Factory overhead is decreased for the... applied overhead
If the applied overhead is less than the actual overhead incurred, it has a positive balance or underapplied factory overhead
If the applied overhead is more than the actual overhead incurred, it has a negative balance or overapplied factory overhead
The time spent in converting raw materials into a finished unit of product value-added lead time
the time spent while the unit of product is waiting to enter the next production process or is moved from one process to another. non-value added lead time
products are manufactured only as they are needed pull manufacturing
products are manufactured on a schedule push manufacturing
uses computers to electronically communicate orders, relay information, and make or receive payments from one organization to another electronic data interchange
electronic tags placed on or embedded within products that can be read by radio waves that allow instant monitoring of product location radio frequency indentification devices
used to plan and control internal and supply chain operations enterprise resource planning
activity rate= budgeted activity cost/activity-base usage
activity cost allocated to patient= patient activity usage X activity rate
advertising expenses, sales salaries expenses, commissions expenses, office salaries expense, office supplies expense, depreciation expense (office building and equipment) period costs
Created by: kec0010