School of Accounting ACCT 1511: Accounting and Financial Management 1B Summer Session‚ 2012 Lecture Materials for Classes 10 -12 Management Accounting 10. Management Accounting: Review 11. Costing Systems 12. Budgeting for Planning and Control Student Handout Lecturer: Nicole Ang Website: http://lms-blackboard.telt.unsw.edu.au/webapps/portal/frameset.jsp 1 School of Accounting ACCT 1511: Accounting and Financial Management 1B Summer Session‚ 2012 Class 10 Review of Introduction to
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meaning of a predetermined manufacturing overhead rate that is applied in a job-order costing system. The predetermined overhead rate is used for estimating the manufacturing overhead cost because companies cannot assign the actual overhead cost to specific job. From the case‚ Wall Décor uses a traditional job-order costing system. The actual costs of direct materials and direct labor are charged to its specific jobs which are unframed prints‚ steel-framed with no matting prints‚ and wood-framed
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Chapter 2 Case 1: Greetings Inc.: Job Order Costing Solution: 1. As seen in the case‚ using a traditional job-order costing system Wall Décor charges the actual costs of direct materials and direct labor to its specific jobs- unframed prints‚ steel-framed and no matting prints‚ wood-framed and mating prints. Since costs of manufacturing overhead related to production operations as whole‚ these costs cannot be assigned to specific jobs on the basis of actual costs incurred. Instead‚ Wall
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individual jobs. ANSWER = FALSE -In a job order cost system‚ costs are tracked by individual jobs. 5. Job order costing and process costing track different manufacturing costs elements. ANSWER = FALSE -They track the same 3 cost manufacturing cost elements 6. Both job order costing and process costing account for direct materials‚ direct labor‚ and manufacturing overhead. ANSWER = TRUE 7. Costs flow through the accounts in the same basic way for both job order costing and process
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Chapter 2--Job Order Costing Student: ___________________________________________________________________________ 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. True False 2. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. True False 3. A job order cost accounting system provides for a separate record of the cost of each particular quantity
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Unit 4 Discussion Topic 1: Job Order Costing and Process Costing | Topic 1: Product Costing Systems | Discuss the two alternatives for product costing systems. Be sure to address the following: Professor and class‚ * How do the two systems differ? The two alternatives for product costing systems are job and process. The two differ in that with job costs these are specified for a particular job. Process costs go by each process that is done (Kinney & Raiborn‚ 2013‚ p 150).
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CHAPTER 4 JOB COSTING 4.16 (10 min) Job order costing‚ process costing. a. Job costing l. Job costing b. Process costing m. Process costing c. Job costing n. Job costing d. Process costing o. Job costing e. Job costing p. Job costing f. Process costing q. Job costing g. Job costing r. Process costing h. Job costing (but some process costing) s. Job costing i. Process costing t. Process costing j. Process costing u. Job costing k. Job costing 4-17 (20
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CHAPTER 17 JOB ORDER COST SYSTEMS AND OVERHEAD ALLOCATIONS OVERVIEW OF BRIEF EXERCISES‚ EXERCISES‚ PROBLEMS‚ AND CRITICAL THINKING CASES Brief Exercises B. Ex. 17.1 B. Ex. 17.2 B. Ex. 17.3 B. Ex. 17.4 B. Ex. 17.5 B. Ex. 17.6 B. Ex. 17.7 B. Ex. 17.8 B. Ex. 17.9 B. Ex. 17.10 Topic Accounting for overhead Transferring costs Overhead application rates Actual and applied overhead Selecting a cost system Applying direct labor Applying direct materials Recording manufacturing costs Selecting activity bases
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Exam covers the following chapters: Chapter 4: Job Costing Chapter 5: Activity-Based Costing and Activity-Based Management Chapter 8: Flexible Budgets‚ Overhead Cost Variances‚ and Management Control Chapter 10: Determining How Costs Behave Chapter 13: Pricing Decisions and Cost Management Chapter 15: Allocation of Support-Department Costs‚ Common Costs‚ and Revenues Chapter 16: Cost Allocation: Joint Products and Byproducts Chapter 17: Process Costing Chapter 19: Balanced Scorecard: Quality‚ Time
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four financial statements is your favorite and why?" Business - Accounting Alternative Costing Methods The text presents job and processing costing systems as virtual “polar extremes‚” there are many situations where it may be best for a company to use a hybrid system that combines attributes of both systems. Describe such a situation and discuss how the hybrid system may be better than either pure job or pure process systems. Think Twice Assume you own a business that makes two
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