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10 Cards in this Set

  • Front
  • Back
Managerial Accounting
A field of accounting that provides
economic and financial information
for managers and other internal users
Direct Materials
Raw materials that can be physically and directly associated with the finished product are called
Raw materials
basic materials used in manufacturing
indirect materials
Raw materials that cannot be easily associated with the finished product
manufacturing overhead
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
Direct Labor
Work of factory employees that can be physically and directly associated with converting raw materials into finished goods
Indirect Labor
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
Manufacturing Costs
Costs that are indirectly associated with manufacturing the product
manufacturing overhead
all manufacturing costs except direct materials and direct labor.
There are two basic types of
cost accounting systems
Job Order Cost System
Process Cost System