Martinndungu1986

A current asset is defined by what time period? - Less than 12 months A non-current asset is defined by what time period - More than 12 months Account Receivable - an amount that is owed to the business, usually by one of its customers, as a result of the ordinary extension of credit. (i.e., customer electric bill) Accounting - The information system that measures business activities, processes the information into reports, and communicates the results to decision makers Accounting Equatio...

Assembly wages - direct variable conversion costs are - direct labor + manufacturing overhead cost - beginning finished goods + cost of good manufactured - ending finished goods cost driver - the "something" that causes costs to occur cost object - anything where we desire a separate measurement of its cost cost of direct labor - variable cost of raw materials - variable costs of good manufactured - direct materials used + direct labor + factory overhead + beginning WIP - End WIP depr...

1. A proprietorship employs one full-time accountant. This person is considered an employee. On the desk in front of her are five different business documents. Which one of the following would not be considered an original source document from the proprietorship's point of view? A) A bank receipt for $10,000 evidencing yesterday's cash receipts deposited in the bank. B) The original copy of the insurance policy taken out by the proprietorship to insure the vehicle it purchased during its ...

Absorption costing - The costing method where products "absorb" both fixed and variable manufacturing costs absorption costing is also known as .... - traditional costing Account Analysis - A method for determining cost behavior that is based on a manager's judgment in classifying each general ledger account as a variable, fixed, or mixed cost. advantage of high low method - easy to use after looking at a scatter plot, managers want to know where the line intersects the y axis and they ...

..........is devoted to providing information for external users. a. Management accounting b. Financial accounting c. Internal accounting d. Cost accounting - B 6. Fixed cost under marginal costing is normally A. Written off from gross profit under absorption costing B. Added to total Contribution under marginal costing C. Written off from total contribution under marginal cos - C A company sells 900 units/month at £49.99 each, with an £18.12 per unit cost, and £2,175 monthly fixed ...

Absorption Costing - -a system which treats all manufacturing costs as product costs, regardless of whether they are fixed or variable -required by GAAP -aka Full Costing Absorption vs. Variable Costing - Absorption Costing -Product costs include: -direct materials used -direct labor -variable manufacturing overhead -fixed manufacturing overhead Variable Costing -Product costs include: -direct materials used -direct labor -variable manufacturing overhead Additional Issues - Varian...

Activity based costing (ABC) - a method of allocating overhead based on each products use of activities in making the product balanced scorecard - a performance-measurement approach that uses both financial and nonfinancial measures, tied to company objectives, to evaluate a companys operations in an integrated fashion board of directors - the group of officials elected by the stockholders of a corporation to formulate operating poicies, select officers, and otherwise manage the company c...

Define and explain the two types of cost elements. - Primary cost elements are associated with general ledger accounts and are used to transfer data between financial accounting and management accounting. Secondary cost elements are not associated with G/L accounts and are used to transfer data within management accounting. Define controlling objects and identify some examples. - Controlling objects are objects in management accounting that can receive and accumulate costs and, in some cas...

Costs to consider when deciding whether or not to outsource some parts - Direct materials, Direct Labor, and Variable manufacturing overhead (exclude fixed manufacturing overhead if it will remain unchanged) Decision process on whether or not a company should outsource - Better control over quality if you make it yourself, control production process and timing if make it yourself, supplier financial condition should be evaluated before hiring an outside firm to produce your products in orde...

A standard costing system - helps an organization in future planning activity based costing - is most useful in multi-product or multi-service organizations activity based costing - may help in reducing the gap between applied and actual overhead an activity cost pool - helps management assign costs to cost objects an espresso stand in a downtown office building. average selling price of a cup of coffee is $1.49 and the average variable expense per cup is $0.36. the average fixed expense pe...