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Details

Title: 2101

Description: Chapter 4

Total Flash Cards: 5

Created: 02/17/2009 22:18:27

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Additional Accounting Flashcards

Cards in this set:

Term
Direct labor is still often the appropriate basis for assigning overhead costs when
Definition
Direct labor constitutes a significant part of total product cost and High correlation exists between direct labor and changes in overhead costs.
Term
Limitations of ABC
Definition
-Can be expensive to use -Some arbitrary allocations continue
Term
Reason ABC is a more adequate cost system
Definition
-Use of more cost pools to assign overhead costs -Enhanced control over overhead costs -Better management decisions
Term
Use ABC When One or More of the Following Exist:
Definition
-Products differ greatly in volume/manufacturing complexity -Products lines are Numerous,Diverse and Require different degrees of support services -Overhead costs are a significant portion of total costs -Significant change in manufacturing process or number of products -Managers ignore data from existing system and instead use “bootleg” costing data
Term
Look At JIT Slide 4: 15-16
Definition



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