This website uses cookies to ensure you have the best experience. Learn more

Acctg Study Guide Essay

527 words - 3 pages

Manufacturing costs- direct materials, direct labor, manufacturing overhead
Manufacturing overhead- indirect materials, indirect labor, maintenance, repair on equipment, property taxes, and things dealing with operating the factory
Nonmanufacturing costs- selling costs: costs incurred to secure customer orders and get finished product to them, like advertising, shipping, sales travel, sales commission, sales salaries. Administrative costs: cost associated with general management like executive compensation, general accounting
Product costs-all costs involved making product, treated as expenses in period
Period costs-all costs that are not product costs, expenses in income statement
Prime costs-sum of direct materials cost and direct labor cost
Conversion costs-sum of direct labor cost and manufacturing overhead cost
Variable cost per unit is constant, ...view middle of the document...

Contribution margin-fixed expenses= net income
Direct costs- can be traced to cost object; indirect costs- cant be traced to cost object
Differential cost-a difference in costs between any two alternatives. Opportunity costs- potential benefit that is given up when alt is selected over other. Sunk costs- costs that already have incurred and cant be changed.
Job-order costing system-used where many different products are produced each period.
Predetermined overhead rate=estimated total manufacturing overhead cost/estimated total amount of allocation base
Overhead applied= POHrxactual amount of allocation
Cost flow for job order-raw materials->WIP invent as direct materials. MO applied to WIP by multiplying POHr by actual quantity allocation base. WIP->finished goods=Cost of goods manufactured. When product sold:finished good->cost of goods sold
Applying MO- debit: WIP, credit: MO
Unadjusted COGS=begin finished goods invent+cost of goods manufactured-ending finished goods invent
Actual total MO cost-total MO applied= underapplied (overapplied)
Deposition of over/under applied OH- debit balance in MO, then underapplied; credit balance in MO, then overapplied. To close out underapplied OH to COGS: debit cost of goods sold, credit MO. Overapplied; debit MO credit COGS
Adjusted cost of good sold=unadjusted COGS+underapplied overhead
Balance of finished goods invent= COGs available for sale-COGs sold
Equivalent units= # of partially completed units x percentage completion
Weighted Average Method:Equivalent units of production=units transferred to next department or finished goods+equivalent units in ending WIP inventory
Cost per equivalent unit=(cost of begin WIP invent+cost added during period)/equivalent units of production
Cost of units transferred out=cost of begin WIP invent+cost added-ending WIP invent
Ending inventory dollar value = (Equivalent units for materials x Cost per equivalent unit for materials) + (Equivalent units for conversion x Cost per equivalent unit for conversion)

Other Papers Like Acctg Study Guide

A Heart Of Darkness Essay

1748 words - 7 pages In this short story, there are frequent significant subject and ideas that make the story, "A Heart of Darkness," by Joseph Conrad, and haunting novel. The main theme is absolute white power over the natives. The theme validates the corruption, and the dependence caused by the white people as they took over the Congo. White men were giving all the power; they had no self-control, and in the end they did not use wisely. The white men became

The Aspects Of Vulnerability Among The Exploited In Medical Research

2287 words - 10 pages under the category of the “them” are the most vulnerable, the weak, and certainly the individuals that are exploited and dehumanized. Since the “us” are not as vulnerable they are the ones with the power, and privilege. In looking at this dichotomy, we can see how important it is to protect these seemingly subordinate vulnerable populations. In medical research, there should be an extensive theoretical framework to guide the researcher to make

The Hitchhiker’S Guide To The Galaxy

1171 words - 5 pages The Hitchhiker’s Guide to the Galaxy As the human race makes life-changing discoveries, it is made apparent that there is always more to learn as the universe, instead of becoming familiar, is becoming absurd. The Hitchhiker’s Guide to the Galaxy, written by Douglas Adams, as well as the 2005 film adaption, portrays absurdity to be an all-encompassing system in the universe. Through the introduction and attempt to understand lack of reason

The Ford Motor Company Wage Increase Of 1914 And The Theory Of Incentives And Efficiency Wages

1252 words - 6 pages ‘It’s not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages’ (Henry Ford, cited in Johnson and Weinstein 2004, p. 2). When the Ford Motor Company announced that it would more than double the wages of its workers in January 1914 to a ‘five-dollar day’ minimum, was this a contradiction to Henry Ford’s statement? If customers are actually the ultimate payers of wages, then more than

Historical Analysis Of The Economical Breakthroughs Of The Industrial Revolution

1396 words - 6 pages A Historical Analysis of the Economical Breakthroughs of the Industrial Revolution During the Industrial Revolution, many elements of society experienced huge breakthroughs that would change the way they functioned forever. Economics were definitely one of them. With many new inventions and many factories appearing, many, many, more resources were being created than ever before. Also, all of the revenue from these resources was being given to

Leadership Portrayed in Monologue from Shakespeare’s Henry V

1214 words - 5 pages relationship with their followers, harmonious working environment enables them to realize same organizational goal easier. (Laura, 2013) However, not all studies found that there is positive relationship between charisma and organization’s performance. One study has found that no evidence can prove that CEO charisma can influence organization outcomes even when in the situation of business uncertainty. There are some limitations of using charismatic

Cuba Civil Rights

1906 words - 8 pages Picture a country that has limits on how much you can make random government imprisonments and more what do you do. That is the situation for the eleven million seventy-five thousand two hundred forty-four people of Cuba since the takeover of Fidel Castro. The US is opposed to Castro taking control of Cuba. Castro managed to ease the United States nerves when he said that Cuba was against all forms of communism. According to Lana Wylie the Union

US Freight System

1273 words - 6 pages General Environment Each American requires the movement of approximately 40 tons of freight per year across the freight network. This includes everything from shirts to lawn mower to orange juice. • As the U.S. population expands, the U.S. freight system will be called upon to meet the demands of a larger population • Between 2010 and 2035, the system will experience a 22 percent increase in the total amount of tonnage it moves • By 2050, with

Democratic Peace Theory

1852 words - 8 pages Intro: US Presidents have made it a goal during their term(s) in office to establish a good relationship with foreign countries and even try to improve upon existing connections with our allies. Some believe it is to prevent conflicts between the countries while others dispute that it is a threat assessment by the United States to pick and choose their friends and enemies. Preventing conflict between two democracies or countries that practice

Booker T. Washington

1621 words - 7 pages “Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome” –Booker T. Washing. Booker Taliaferro Washington was born in Hale’s Ford, Virginia on April 5th, 1856 to Jane Burroughs and an unknown White man. Washington was married three times. His first wife was Fannie N. Smith from Malden, West Virginia. Booker and Fannie were married in the summer of 1882 and had one child

Corn, Broccoli, Grass Or Balanced

2611 words - 11 pages About a century ago, there was not an epidemic of diet-related illness, a bizarre account of destroyed farmland, dead zones in our oceans created by chemical run-off spilling into the waterways, and there sure was not millions of people questioning the moral ethics of their diet. In the Omnivore’s Dilemma: A Natural History of Four Meals, the author Michael Pollan goes on a journey to investigate the sources of the nation’s food supply, for which

Related Essays

Freedom And Responsibility Essay

2141 words - 9 pages Built within the Constitution of the United States are specifically defined freedoms that are guaranteed to all citizens. Conversely, with every constitutional freedom there comes a corresponding responsibility. On September 25, 1789, the state legislature’s twelve proposed amendments were transmitted by congress, the first two dealing with congressional representation and congressional pay. The following numbers three through twelve were

Hate Crime Laws Essay

2348 words - 10 pages On June 7, 1998, 49-year-old James Byrd Jr. of Texas accepted a ride from three white men, who then beat him severely, urinated on him, chained him by his ankles to the back of their pick-up truck, dragged him for three miles into the countryside, and dumped his corpse in front of an African-American cemetery (Graczyk). A little over a year later, a jury sentenced ring leader John King to death by lethal injection (“Man Executed for Dragging

Rational Emotional Behavior Therapy Case Study Conceptualization And Treatment Plan

2140 words - 9 pages Rational Emotional Behavior Therapy Case Study of Sarah: A Conceptualization and Treatment Plan Rational emotive behavior therapy, REBT, was developed by Albert Ellis and holds the central belief that the events in our lives do not cause our disturbances but that they are instead caused by our view of the events (Murdock, 2009). Murdock (2009) states that “people are seen as responsible for their behavior” (p. 279) but, because they are

Holidays In Albania Essay

1636 words - 7 pages Have you ever thought about having exciting and incredibly cheap vacations? Albania might be the right choice. According to My Travel Guide, Albania is ranked the fourth among ten places worth visiting in Eastern Europe (“Top 10 Eastern European Destinations”). One can encounter three kinds of vacations in this Mediterranean country: winter, summer, and cultural. The ideal places to spend your winter vacations are the Albanian Alps. They are