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