Term
| what are the three works of management? |
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Definition
| Planning, Directing and Motivating, and Controlling |
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Term
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Definition
Identify alternatives
Select alternative that does the best job of furthering organization's objectives.
Develop budgets to guide progress toward the selected alternative. |
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Term
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Definition
| involves managing day-to-day activities to keep the organization running smoothly. |
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Term
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Definition
ensures that plans are being followed.
evaluated by FEEDBACK in the form of performance reports |
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Term
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Definition
| feedback that compares actual results with the budget. |
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Term
| Planning and Control Cycle |
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Definition
| Flow from 1. Implement plans (Directing/Motivating) 2. Measuring perfomance (control) 3. Compare actual to planned results(control) 4. Formulate long/short term plans (plan) |
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Term
| The three basic manufacturing cost categories |
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Definition
Direct Materials
Direct Labor
Manufacturing Overhead |
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Term
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Definition
Raw materials that become an integral part of the product and that can be conveniently traced directly to it.
As items are removed from raw materials inventory and placed into the production process, they are called direct materials. |
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Term
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Definition
| Those labor costs that can be easily traced to individual units of product. |
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Term
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Definition
| Manufacturing costs CANNOT be traced directly to specific units produced. |
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Term
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Definition
| materials used to suport the production process. ex.Lubricants and cleaning supplies |
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Term
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Definition
| Wages paid to employees who are not directly involved in production work. ex.janitors |
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Term
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Definition
| Selling and Administrative Costs |
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Term
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Definition
| costs necessary to get the order and deliver the product |
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Term
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Definition
| all executive, organizational and clerical costs |
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Term
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Definition
| include direct materials, direct labor, and manufacturing overhead. there is a balance sheet and income stmt |
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Term
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Definition
| not included in product costs. They are expensed on the income stmt. |
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Term
| what is the difference between merchandisers and manufacturers? |
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Definition
Merchandisers buy and sell finished goods.
Manufacturers buy raw materials and produce/sell finished goods. |
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Term
| Merchandiser current assets |
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Definition
Cash
Receivables
Prepaid Expenses
Merchandise Inventory |
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Term
| Manufactuer's current assets |
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Definition
Cash
Receivables
Prepaid Expenses
Invetories- Raw Materials, Work in Process, Finished Goods |
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Term
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Definition
Beg.inv + Purchases = COGavailable for sale.
COGavail. - End.inv = COGS |
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Term
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Definition
Beg.inv + COGmanufactured= Goods avail. for sale
Goods avail. - End.inv. = COGS |
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Term
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Definition
| Beg. Balance + Additions to Inventory = End. Balance + Withdrawals from Inventory |
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Term
| Schedule of COG manufactured |
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Definition
Calculates the cost of raw materials, direct labor, and manufacturing overhead used in production.
Calculates the manufacturing costs associated with goods that were finished during the period. |
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Term
| Total Manufacturing costs |
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Definition
| Direct Materials + Direct Labor + Mfg Overhead |
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Term
| Calculate raw materials used in production |
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Definition
| Beg.inv raw materials + raw materials purchased = Raw avail. - end.inv. = Raw used in production |
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Term
| Calculate Work in Process |
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Definition
| Beg.WIPinv. + total manufacturing costs = total WIP for period - End. WIP inv. = COG Manufactured |
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Term
| Calculate Finished Goods (COGS) |
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Definition
| Beg.inv Finished Goods + COG man. = COGavail. - End. FG inv. = COGS |
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