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24 Cards in this Set

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This type of accounting is concerned with reporting financial information to external parties, such as stockholders, creditors, and regulators.
Financial accounting
This type of accounting is concerned with providing information to managers for use within the organization.
Managerial accounting
A difference in costs between any two alternatives
Differential cost
A difference in revenues between any two alternatives
Differential revenue
A cost that is incurred to support a number of cost objects but that cannot be traced to them individually
Common cost
Conversion Cost
Direct labor + Manufacturing overhead
Contribution Margin
The amount remaining from sales revenues after all variable expenses have been deduced.
Manufacturing Overhead
All manufacturing costs except direct materials and direct labor.
Prime Cost
Direct materials + Direct labor
Unadjusted COGS
Beginning finished goods inventory + COGM - Ending finished goods inventory
A credit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to WIP exceeds the amount of overhead cost actually incurred during the period.
Overapplied overhead.
A debit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost actually incurred exceeds the amount of overhead cost applied to WIP during a period.
Underapplied overhead
COGM
The manufacturing costs associated with the goods that were finished during the period.
Conversion Cost
Direct labor + Manufacturing Overhead
Equivalent Units (Weighted Average)
Units transferred out + EU in the ending WIP
A process costing method in which equivalent units and unit costs relate only to work done during the current period.
FIFO
COGM Schedule
Direct Materials
BB_Raw Mat
Add New Purchases
Deduct EB_Raw Mat
Deduct Ind. Mat in MO
Direct Labor
MO applied
Add BB_WIP
Deduct EB_WIP
COGS Schedule
BB_FG
Add COGM
Deduct EB_FG
Add Underapplied MO or
Subtract Overapplied
Applied Overhead =
POHR * Amount of Allocation Incurrred
Raw Materials T-Chart
Manufacturing Overhead T-Chart
WIP T-Chart
Finished Goods T-Chart
COGS T-Chart