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Managerial Acco Unit 1
Chapters 15-18
15
Accounting
Undergraduate 2
03/01/2016

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Cards

Term
Management functions
Definition
Planning
Directing-putting plans into action
Controlling-review of actions
Term
Managerial vs. financial accounting
Definition
Managerial provides info for internal users
Term
Classes of manufacturing costs
Definition
Direct materials
Direct labor
Manufacturing overhead
Term
Product vs. period costs
Definition
Product=factory
Period=office
Term
Total cost of Work in Process
Definition
Beginning WIP+Direct materials+direct labor+ MOH
Term
Cost of goods manufactured
Definition
Total cost of WIP-ending WIP inventory
Term
Cost of goods available for sale
Definition
Beginning finished goods inventory + COGM
Term
Cost of goods sold
Definition
Cost of goods available for sale-ending finished goods inventory
Term
Job order cost system
Definition
Cost assigned to each job/batch
Term
Process cost system
Definition
Used for large volume similar products; costs accumulated for a time period and assigned to departments
Term
Journal entry for raw materials
Definition
Debit raw materials, credit A/P
Term
Journal entry for direct labor
Definition
Debit factory labor, credit factory wages payable & employer payroll taxes payable
Term
Journal entry for manufacturing overhead
Definition
Debit manufacturing overhead, credit each overhead cost
Term
Journal entries to assign costs through production process
Definition
1. Debit WIP inventory, credit raw materials inventory, factory labor, or MOH
2. Debit Finished goods inventory, credit WIP inventory
3. Debit COGS, credit finished goods inv; debit A/R, credit Sales Revenue
Term
Calculate predetermined overhead rate & apply to jobs
Definition
Estimated overhead costs/expected annual operating activity
Multiply rate by machine hours each job
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