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10 Cards in this Set
- Front
- Back
Managerial Accounting
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A field of accounting that provides
economic and financial information for managers and other internal users |
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Direct Materials
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Raw materials that can be physically and directly associated with the finished product are called
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Raw materials
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basic materials used in manufacturing
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indirect materials
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Raw materials that cannot be easily associated with the finished product
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manufacturing overhead
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Indirect materials do not physically become part of the finished product or represent too small a part of the finished product in terms of cost
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Direct Labor
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Work of factory employees that can be physically and directly associated with converting raw materials into finished goods
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Indirect Labor
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Work of factory workers that have no physical association with the finished product or for which it is impractical to trace to the goods produced
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Manufacturing Costs
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Costs that are indirectly associated with manufacturing the product
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manufacturing overhead
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all manufacturing costs except direct materials and direct labor.
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There are two basic types of
cost accounting systems |
Job Order Cost System
Process Cost System |