Cost Accounting Overview

<p>To ensure internal controls and risk management policies are effective (C)</p> Signup and view all the answers

<p>Competence and Integrity (A)</p> Signup and view all the answers

<p>Helping the organization achieve its objectives (D)</p> Signup and view all the answers

<p>Treasurer (A)</p> Signup and view all the answers

<p>People, Planet, Profit (B)</p> Signup and view all the answers

<p>To restore faith in publicly traded corporations, management, financial statements and auditors. (A)</p> Signup and view all the answers

<p>Evaluating a company's impact on people and the planet in addition to profits. (A)</p> Signup and view all the answers

<p>Controlling (C)</p> Signup and view all the answers

<p>It decreases (A)</p> Signup and view all the answers

<p>A job cost record (D)</p> Signup and view all the answers

<p>Material requisition (A)</p> Signup and view all the answers

<p>It increases. (D)</p> Signup and view all the answers

<p>$30 per hour (B)</p> Signup and view all the answers

<p>Invoice (D)</p> Signup and view all the answers

<p>$1920 (D)</p> Signup and view all the answers

<p>Job costing (B)</p> Signup and view all the answers

<p>To request the transfer of materials from the storeroom to production (D)</p> Signup and view all the answers

<p>Cost tracing (D)</p> Signup and view all the answers

<p>An activity that causes a cost to be incurred (B)</p> Signup and view all the answers

<p>A custom homebuilder (A)</p> Signup and view all the answers

<p>To track and accumulate all of the costs for a given job (A)</p> Signup and view all the answers

<p>Bill of materials (A)</p> Signup and view all the answers

<p>$28 per direct labor hour (C)</p> Signup and view all the answers

<p>$35 per machine hour (B)</p> Signup and view all the answers

<p>$1,447,600 (B)</p> Signup and view all the answers

<p>$1,428,000 (A)</p> Signup and view all the answers

<p>$1,382,500 (B)</p> Signup and view all the answers

<p>Underallocated by $42,500 (B)</p> Signup and view all the answers

The group of individuals responsible for overseeing the company's overall management and strategy, including hiring and firing the CEO.

A subcommittee of the board of directors that focuses on ensuring the accuracy and reliability of the company's financial reporting.

The person responsible for managing the company's finances, including raising capital, investing funds, and ensuring financial stability.

The person responsible for overseeing the company's financial operations, including financial accounting, managerial accounting, and tax reporting.

The person responsible for managing the company's day-to-day operations, including production, sales, and marketing.

A specialized branch of accounting that focuses on providing financial information for internal use by managers to make informed decisions.

An independent function within a company that reviews and assesses the effectiveness of internal controls, risks, and compliance with policies.

The three crucial aspects of responsible business practices: environmental protection, social equity, and economic profitability.

A document issued by a manufacturer's purchasing department to its supplier for needed direct materials.

A document that is a copy of the purchase order without the quantity listed.

A list that specifies the materials and quantities needed to produce a product, like a recipe.

A method of allocating manufacturing overhead costs based on the expected direct labor hours.

A method of allocating manufacturing overhead costs based on the expected direct labor cost.

A method of allocating manufacturing overhead costs based on the expected machine hours.

The difference between the actual manufacturing overhead incurred and the overhead allocated to products.

The process of assigning costs to products or services based on the time spent performing those tasks.

This Act was passed to restore trust in publicly traded corporations, their management, and their financial statements. It aimed to make sure financial reporting is more accurate and reliable.

This concept considers a company's impact on people and the environment alongside its economic profits.

This is a management process that involves comparing actual results to plans and making adjustments to stay on track towards goals.

This is the process of managing the day-to-day operations of a company.

This information serves the needs of various departments, including accounting, marketing, and warehousing.

This costing method tracks costs for specific projects or jobs. It is commonly used for customized products or services.

This costing method tracks costs for a continuous process like manufacturing oil. It is used for products produced in large quantities.

This document accumulates all costs related to a specific job, including direct materials, direct labor, and overhead.

A document used to request the transfer of materials from the storeroom to the production area.

The direct assignment of costs to specific jobs or projects.

The allocation of indirect costs to specific jobs or projects based on a predetermined rate.

A factor that causes costs to be incurred. It can be a direct cost like labor hours or a material, or an indirect cost like utilities.

A predetermined rate used to allocate indirect costs to jobs or projects.