Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
what are the classifications (basic elements) of manufacturing costs? |
direct materials direct labor manufacturing overhead |
|
|
what are the characteristics of manufacturing overhead (MOH) costs? list examples |
factory type costs indirect materials, indirect labor, heat and light, property tax, depreciation and insurance |
|
|
what are the product costs? |
direct manufacturing direct labor manufacturing overhead |
|
|
what are period costs? |
selling and administration expenses used in the period incurred |
|
|
What are prime costs? |
direct manufacturing and direct labor |
|
|
what are conversion costs? |
direct labor and manufacturing overhead |
|
|
what is a fixed cost? |
cost that remains constant regardless of activity |
|
|
how does the change in activity affect the cost per unit? |
cost per unit decreases as activity level increases |
|
|
what is managerial accounting? |
decision making for internal management of business. provide information to managers for use in the business |
|
|
how do fixed and variable costs behave within a relevant range? |
total: variable - increase and decrease in proportion to changes in the acting level fixed - not affected by changes per unit: variable - remain consistant fixed - decrease as activity level increased and vice versa |
|
|
what is the linear equation to express costs? |
t= |
