Financial Accounting And Reporting an der Far Eastern University | Karteikarten & Zusammenfassungen

Lernmaterialien für Financial Accounting and Reporting an der Far Eastern University

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TESTE DEIN WISSEN

What are Equivalent Units in the context of Process-costing

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TESTE DEIN WISSEN

Equivalent Units are derived from the amount of output units that:

  1. Takes the quantity of each input in units completed and in unfinished units of work in process and
  2. Converts the quantity of input into the amount of completed output units that could be produced with that quantity of input.
They are calcu. separately from each input (direct materials and conversion cost)

*disregard dollar amounts until after the equivalent units are computed.

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TESTE DEIN WISSEN

What is Management accounting

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measures, analyzes, and reports financial and nonfinancial information to help managers make decisions to fulfill organizational goals

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What is Cost accounting

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measures, analyses and reports financial and non-financial information related to the costs of acquiring or using resources in an organisation - part of management accounting

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Service sector

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= provide services, like legal or audit

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What is a an Operation-Costing Systems?

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TESTE DEIN WISSEN

An operation is a standardized method or technique that is performed repetitively resulting in different finished goods.

  • Is applied to baches that are similar but not identical
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TESTE DEIN WISSEN

What are the 3 methods used to allocate the budgeted overheads to the operating departments ?

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TESTE DEIN WISSEN
  • Direct Method

  • Step-down Meth

  • Reciprocal Method
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TESTE DEIN WISSEN

Actual costing steps:

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TESTE DEIN WISSEN
  1. Identify job that is chosen cost object
  2. find direct costs
  3. select cost-allocation base(s) to use for indirect costs to job
  4. find indirect costs associated with each cost-allocation base
  5. Compute rate per unit of each cost-allocation base used to allocate indirect costs to the job
  6. Compute actial indirect costs allocated to job
    Compute total costs of job by adding direct and indirect costs assigned to job
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TESTE DEIN WISSEN

What questions can be answered by management accounting?

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  • Who are our most important customers, and how can we be competitive and deliver value to them?

  • What substitute products exist in the marketplace, and how do they differ from our own (features, price, cost, quality)?

  • What is our most critical capability?

  • Will adequate cash be available to fund the strategy or will additional funds need to be raised?

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TESTE DEIN WISSEN

What is a Direct Cost

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TESTE DEIN WISSEN

economically traceable to a cost object (often materials and other stuff that is important)

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What does a value chain consist of?

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1. Research & development 2. Design of Products and Processes 3. Production 4. Marketing 5. Distribution 6. Customer service

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TESTE DEIN WISSEN

What is Financial accounting

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TESTE DEIN WISSEN

focuses on reporting to external users including investors etc. 

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TESTE DEIN WISSEN

What is the "Different Costs for Different Purpose" concept

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TESTE DEIN WISSEN

Managers use alternative ways to compute costs in different decision-making situations.

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Q:

What are Equivalent Units in the context of Process-costing

A:

Equivalent Units are derived from the amount of output units that:

  1. Takes the quantity of each input in units completed and in unfinished units of work in process and
  2. Converts the quantity of input into the amount of completed output units that could be produced with that quantity of input.
They are calcu. separately from each input (direct materials and conversion cost)

*disregard dollar amounts until after the equivalent units are computed.

Q:

What is Management accounting

A:

measures, analyzes, and reports financial and nonfinancial information to help managers make decisions to fulfill organizational goals

Q:

What is Cost accounting

A:

measures, analyses and reports financial and non-financial information related to the costs of acquiring or using resources in an organisation - part of management accounting

Q:

Service sector

A:

= provide services, like legal or audit

Q:

What is a an Operation-Costing Systems?

A:

An operation is a standardized method or technique that is performed repetitively resulting in different finished goods.

  • Is applied to baches that are similar but not identical
Mehr Karteikarten anzeigen
Q:

What are the 3 methods used to allocate the budgeted overheads to the operating departments ?

A:
  • Direct Method

  • Step-down Meth

  • Reciprocal Method
Q:

Actual costing steps:

A:
  1. Identify job that is chosen cost object
  2. find direct costs
  3. select cost-allocation base(s) to use for indirect costs to job
  4. find indirect costs associated with each cost-allocation base
  5. Compute rate per unit of each cost-allocation base used to allocate indirect costs to the job
  6. Compute actial indirect costs allocated to job
    Compute total costs of job by adding direct and indirect costs assigned to job
Q:

What questions can be answered by management accounting?

A:
  • Who are our most important customers, and how can we be competitive and deliver value to them?

  • What substitute products exist in the marketplace, and how do they differ from our own (features, price, cost, quality)?

  • What is our most critical capability?

  • Will adequate cash be available to fund the strategy or will additional funds need to be raised?

Q:

What is a Direct Cost

A:

economically traceable to a cost object (often materials and other stuff that is important)

Q:

What does a value chain consist of?

A:

1. Research & development 2. Design of Products and Processes 3. Production 4. Marketing 5. Distribution 6. Customer service

Q:

What is Financial accounting

A:

focuses on reporting to external users including investors etc. 

Q:

What is the "Different Costs for Different Purpose" concept

A:

Managers use alternative ways to compute costs in different decision-making situations.

Financial Accounting and Reporting

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