Answer: D.candy manufacturing Explanation: manufacturing is hard but it's a challenge AGENDA: JOB-ORDER COSTINGTM 3-1 AGENDA: JOB-ORDER COSTING A. The documents in a job-order costing system. 1. Materials requisition form. 2. Direct labor time ticket. 3. Job cost sheet. B. Applying overhead using a predetermined More information Chapter 3 Notes Page 1Chapter 3 Notes Page 1 Job-Order System There are basically two approaches to assign manufacturing costs to products produced or services rendered: Job-Order Costing and Process Costing. The approach that More information Exam 1 Chapters 1-3 KeyExam 1 Chapters 1-3 Key 1. Which of the following should NOT be included as part of manufacturing overhead at a company that makes office furniture? A. Sheet steel in a file cabinet made by the company. More information Module 2: Job-order costingModule 2: Job-order costing Required reading Overview Chapter 3, pages 69-99 This module introduces the distinctions between two methods of determining unit costs of production joborder costing and process More information Absorption Costing - OverviewAbsorption Costing - Overview 1. Overview of Absorption costing and Variable Costing 2. Review how costs for Manufacturing are transferred to the product 3. Job Order Vs. Process Costing 4. Overhead Application More information Principles of Cost Accounting, 16th Edition, Edward J. VanDerbeck, 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, orPrinciples of Cost Accounting, 16th Edition, Edward J. VanDerbeck, 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted More information Exercise 17-1 (15 minutes)Exercise 17-1 (15 minutes) 1. 2002 2001 Sales... 100.0% 100.0 % Less cost of goods sold... 63.2 60.0 Gross margin... 36.8 40.0 Selling expenses... 18.0 17.5 Administrative expenses... 13.6 14.6 Total expenses... More information Introduction To Cost AccountingPage 1 Introduction To Cost Accounting 15.501/516 Accounting Spring 2004 Professor S. Roychowdhury Sloan School of Management Massachusetts Institute of Technology April 28, 2004 6 Outline Overview of More information Quiz Chapter 8 - SolutionsQuiz Chapter 8 - Solutions 1. Jennifer Company has two products: A and B. The company uses -Based Costing. The estimated total cost and expected activity for each of the company's three activity cost pools More information Multiple Choice Questions (45%)Multiple Choice Questions (45%) Choose the Correct Answer 1. The following information was taken from XYZ Company s accounting records for the year ended December 31, 2014: Increase in raw materials inventory More information CHAPTER 10 In-Class QUIZCHAPTER 10 In-Class QUIZ 1. A mixed cost function has a constant component of $20,000. If the total cost is $60,000 and the independent variable has the value 200, what is the value of the slope coefficient? More information STUDENT NAME: STUDENT ID:MIDTERM EXAM AFM 102: Introduction to Managerial Accounting Sections 001, 002, 003 and 004 February 29, 2008: 4:30 6:00 PM Instructors: Rob Ducharme; Thomas Vance STUDENT NAME: STUDENT ID: TUTORIAL: Room: More information Systems design: job-order costingChapter 3 Systems design: job-order costing Learning objectives LEARNING OBJECTIVE After studying Chapter 3, you should be able to: 1 Distinguish between process costing and job-order costing 2 Identify More information Job Order Costing and Analysis 2Job Order Costing and Analysis 2 Learning Objectives A Look Back Chapter 1 introduced managerial accounting and explained basic cost concepts. We also described the lean business model and the reporting More information House Published on www.jps-dir.comI. Cost - Volume - Profit (Break - Even) Analysis A. Definitions 1. Cost - Volume - Profit (CVP) Analysis: is a means of predicting the relationships among revenues, variable costs, and fixed costs at More information Part 1 : 07/28/10 08:41:15Question 1 - CIA 1192 IV-21 - Manufacturing Input Variances - Materials and Labor A manufacturer has the following direct materials standard for one of its products. Direct materials: 3 pounds @ $1.60/pound More information Accounting for ManufacturingAccounting for Manufacturing 1 Accounting for Manufacturing and Inventory Impairments TABLE OF CONTENTS Accounting for manufacturing 2 Production activities 2 Production cost flows 3 Accounting for production More information MONDAY, 18 MAY 9.00 AM 11.00 AMX09/11/01 NATIONAL QUALIFICATIONS 015 MONDAY, 18 MAY 9.00 AM 11.00 AM ACCOUNTING INTERMEDIATE Candidates should attempt four questions as follows: Question 1 and one other from Section A plus Question More information Inventories: MeasurementRECORDING AND MEASURING INVENTORY TYPES OF INVENTORY There are two types of inventories depending on the kind of business operation. Merchandise Inventory A merchandising concern buys and resells inventory More information COST AND MANAGEMENT ACCOUNTINGEXECUTIVE PROGRAMME COST AND MANAGEMENT ACCOUNTING SAMPLE TEST PAPER (This test paper is for practice and self study only and not to be sent to the institute) Time allowed: 3 hours Maximum marks : 100 More information CHAPTER 19. Managerial Accounting. Brief 1, 2, 3 1 1 4, 5, 6, 7 2, 3 10, 11 4, 5, 7 2, 3, 4, 5, 6 12 6 3, 4, 5, 7, 13 14, 15, 16, 17CHAPTER 19 Managerial Accounting ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems *1. Explain the distinguishing features of managerial accounting. More information RAPID REVIEW Chapter ContentRAPID REVIEW BASIC ACCOUNTING EQUATION (Chapter 2) INVENTORY (Chapters 5 and 6) Basic Equation Assets Owner s Equity Expanded Owner s Owner s Assets Equation = Liabilities Capital Drawing Revenues Debit More information Chapter 6 Statement of Cash FlowsChapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions More information 1. a. and b. Absorption CostingProblem 7-13 1. a. and b. Absorption Costing Variable Costing Direct materials... $48 $48 Variable manufacturing overhead... 2 2 Fixed manufacturing overhead ($360,000 12,000 units)... 30 Unit product More information Mc Graw Hill EducationManagerial Accounting for Managers F o u r t h Edition Eric W. Noreen, Ph.D., CMA Professor Emeritus University of Washington Peter C. Brewer, Ph.D. Wake Forest University Ray H. Garrison, D.B.A., CPA More information Copyright 2015 Pearson Canada Inc. 11 Building Blocks of Managerial Accounting CHAPTER 2 2 Distinguish among service, merchandising, and manufacturing companies OBJECTIVE 1 3 Service Companies Provide an intangible service only Largest sector More information Identifying Relevant CostsRelevant Costs for Decision Making Identifying Relevant Costs A relevant cost is a cost that differs between alternatives. An avoidable cost can be eliminated, in whole or in part, by choosing one alternative More information Introduction to Cost AccountingIntroduction to Cost Accounting Learning Objectives By the end of this chapter, you should be able to: Define cost accounting. State the five areas in which cost accounting can assist management. List More information What is a cost? What is an expense?What is a cost? What is an expense? A cost is a sacrifice of resources. An expense is a cost incurred in the process of generating revenues. Expenses are recorded at the same time that the associated revenues More information
CASH BUDGETS AND RELATED TOPICSCASH BUDGETS AND RELATED TOPICS Article relevant to Formation 2 Management Accounting Author: Neil Hayden, current Examiner. In projected cash flow statements the information can be presented in a variety More information Cost Concepts and BehaviorChapter 2 Cost Concepts and Behavior McGraw-Hill/Irwin Copyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives L.O. 1 Explain the basic concept of cost. L.O. 2 Explain More information Which type of business would most likely to use a job order costing system?Since lawyers and accountants work with different clients on unique accounts, many will use a job order costing system to track how much time and resources were used for each customer.
Which of the following production operation would most likely to employ a job order system?ANS: C Printing would be most likely to employ a job order system of cost accounting due to the number of custom jobs involved.
What is most likely to use a job cost accounting system?Companies in the white collar sector of business, including law firms, accounting businesses and private investment companies, can utilize job order costing to manage individual client accounts. For example, accounting firms can consider each individual client a job.
Which type of business would be most likely to use a job order costing system Mcq?Answer and Explanation: The correct answer is C. Chemical producer. This type of costing measurement is commonly used by manufacturing companies that mass produce products which are identical.
|