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apa yang dimaksud joint cost

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Sample Test for Management Accounting
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Sample Test for Management Accounting Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Which phrase best describes the current role of the managerial accountant? a. Managerial accountants prepare the financial statements for an organization. b. Managerial accountants facilitate the decision-making process within an organization. c. Managerial accountants make the key decisions within an organization. d. Managerial accountants are primarily information collectors. e. Managerial Accountants are solely staff advisors in an organization. 2. An example of qualitative data is: a. product cost b. customer satisfaction c. net income d. inventory cost e. net worth. 3. Product and service costing information is prepared for a. manufacturing companies with inventory. b. merchandising companies. c. service providers. d. each of the other four answers.. e. manufacturing companies without inventory.

Managerial Accounting - Equations for Income Statements and Cost ...

Manufacturing Costs = Direct Materials + Direct Labor + Manufacturing Overhead Prime Costs = Direct Materials + Direct Labor Conversion Costs = Direct Labor + Manufacturing Overhead Total Inventory = Raw Materials + Work-in-Process + Finished Goods Income Statement: Sales Less: Cost of Goods Sold = Gross Margin Less: Operating Expenses = Net Operating Income Cost of Goods Sold in a Merchandising Company Beginning Merchandising Inventory Add: Purchases Less: Ending Merchandising Inventory = Cost of Goods Sold Cost of Goods Sold in a Manufacturing Company Beginning Finished Goods Inventory Add: Cost of Goods Manufactured Less: Ending Finished Goods Inventory = Cost of Goods Sold Cost of Goods Manufactured: Direct Materials: Beginning Raw Materials Inventory Add: Purchases of Raw Materials Less: Raw Materials End Inventory = Raw Materials used in Production Add: Direct Labor Add: Manufacturing Labor = Manufacturing Costs Add: Beginning Work-in-Process Less: Ending Work-in-Process = Cost of Goods Manufactured...


Written by Professor Gregory M. Burbage, MBA, CPA, CMA, CFM © CHAPTER LEARNING OBJECTIVES: MAJOR: - Be able to define and explain each term or concept in this chapter. - Be able to prepare a Cost of Goods Manufactured statement. - Understand the flow of costs through the accounting system. MINOR: - Conceptually correct recording of fringe benefit costs - Appendix 2A. - Cost of quality - Appendix 2B. NOT IMPORTANT: - Quality cost report - Appendix 2B. MANUFACTURING requires the use of DIRECT MATERIALS (DM), DIRECT LABOR (DL) and FACTORY OVERHEAD (FOH) to produce goods. DM is not difficult, inconvenient or expensive to trace to products but IDM is. DM would include most of the raw materials necessary to construct the finished product. Materiality will sometimes be a factor in classifying a cost as Direct versus Indirect. DL is not difficult, inconvenient or expensive to trace to products but IDL is. DL would include most, if not all, the labor costs related to those who actually transform the materials or assemble the product. This would usually include those who operate the machines that transform the product. IDL would include all others who work in the factory and don’t actually transform the materials or assemble the product.

Management Accounting and Control - MIT OpenCourseWare

For information about citing these materials or our Terms of Use, visit: ________________ 15.963 Managerial Accounting and Control Spring 2007 Prof. Mozaffar Khan MIT Sloan School of Management Cost Structure and Competitive Strategy „ „ „ The relative level of fixed and variable costs is called cost structure. Cost structure is a strategic choice. The cost structure tradeoff is that higher total fixed costs generally result in lower variable costs per unit. „ „ E.g., Amazon, ASP’s. A summary cost structure index is the degree of operating leverage (DOL). „ DOL is the sensitivity of operating income to sales volume. 15.963 [Spring 2007] Managerial Accounting & Control 2 Cost Structure and Competitive Strategy „ At a given level of sales DOL = CM / OI „ „ „ (δ(OI)/OI) / (δq/q) = CM / OI = CM/(CM-FC) DOL is increasing in the proportion of fixed costs. Consider two companies, Lolev and Hilev, selling identical products (so no price difference). For Lolev, UCM=$2 and FC=$60. For Hilev, UCM=$3 and FC=$135. 15.963 [Spring 2007] Managerial Accounting & Control 3 Operating Leverage Comparison 200 150 50 Low Leverage High Leverage


Key Terms and Concepts to Know Major Management Activities  Planning- formulating long and short-term plans  Directing and Motivating- implementing plans  Controlling- measuring performance; comparing actual to planned performance Manufacturing or Product Costs  Direct Costs can be easily and conveniently traced to the finished product: o Direct Materials includes material costs which are an integral part of the finished product o Direct Labor includes labor costs used to make the finished product  Indirect Costs- cannot be easily and conveniently traced to specified cost objects: o Manufacturing Overhead includes all costs of manufacturing except direct materials and direct labor; i.e., only those costs associated with operating the factory are included in manufacturing overhead.  Prime Costs are Direct Materials + Direct Labor  Conversion Costs are Direct Labor + Manufacturing Overhead Nonmanufacturing or Period Costs  Period costs, generally named Selling and Administrative Costs, consist of all other costs not included in product costs. Period costs are expensed in the period incurred.

Study Guide for Financial & Managerial Accounting, 8e (Volume 2)

The following hints may be helpful to you in preparing for a quiz or test over the material covered in Chapter 18. 1. You should be able to identify and explain the common differences between managerial and financial accounting highlighted in Exhibit 1. You should be prepared to write a short answer describing these differences. 2. This chapter introduces managerial accounting concepts and terminology. There are many new terms in this chapter that will be used throughout the remaining chapters. Thus, instructors will test your understanding of these terms. Instructors normally test this material using true/false and multiplechoice questions. Review the “Key Terms” section at the end of the chapter and be sure you understand each term. Do the Matching and Fill-in-theBlank exercises included in this Study Guide. 3. The third objective of the chapter illustrating the financial statements of a manufacturing business is often emphasized in homework assignments and exams by instructors. Give special attention to the statement of cost of goods manufactured and its link to the income statement (Exhibit 10 in the text). Common test questions will ask you to construct these statements from raw data, much like illustrated in the text.

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