Managerial Accounting Gesucht an der Hamburg School Of Business Administration | Karteikarten & Zusammenfassungen

Lernmaterialien für Managerial accounting gesucht an der Hamburg School of Business Administration

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TESTE DEIN WISSEN

Periodic costs are..

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TESTE DEIN WISSEN

!Sales activities! -> not production


- Non manufacturing costs

- Charged to expense as incurred


=> includes all selling/administrative costs

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TESTE DEIN WISSEN

Manufacturing overhead is..

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TESTE DEIN WISSEN

- costs that are indirectly associated with manufacturing the product


- all other manufacturing costs (excl. direct labor/materials)


INDIRECT MANUFACTURING COSTS!

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TESTE DEIN WISSEN

Accumulating Manufacturing Costs (Factory Labor journal entry)

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TESTE DEIN WISSEN

Consists of three costs:

1. Gross earnings

2. Employer Payroll taxes on the earnings

3. Employer Fringe Benefits (vacation pay etc.)


Factory Labor (debit) 37,000

      Factory wages Payable (credit) 30,000

      Employer Payroll Taxes (credit) 5,000

      Employer Fringe Benefits (credit) 2,000


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TESTE DEIN WISSEN

Purpose of reports

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TESTE DEIN WISSEN

Special-purpose for specific decisions

      -> often very detailed 

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TESTE DEIN WISSEN

Direct materials are..

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TESTE DEIN WISSEN

..raw materials, directly associated with the manufacturing process of the finished good

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TESTE DEIN WISSEN

Planning consists of..

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TESTE DEIN WISSEN

- Maximize short-term profit and market share


- Commiting to environmental protection and social programs


- Adding value to business

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TESTE DEIN WISSEN

The three main management functions

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TESTE DEIN WISSEN

1. Planning


2. Directing 


3. Controlling

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TESTE DEIN WISSEN

Managers should ask questions such as:


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TESTE DEIN WISSEN

- What costs are involved in making a product or providing a service?


- If we decrease production volume, will costs decrease?


- What impact will automation have on total costs?


- How can we best control costs?

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TESTE DEIN WISSEN

Verification of reports needed?

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TESTE DEIN WISSEN

NO verification process (from CPA's or something)!

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TESTE DEIN WISSEN

Manufacturing consists of activities and processes that convert raw materials into finished goods. Such as:

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TESTE DEIN WISSEN

1. Direct materials

2. Direct labor

3. Manufacturing overhead

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TESTE DEIN WISSEN

Controlling consists of..

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TESTE DEIN WISSEN

- Keeping activities on track


- Determine if goals are met


- Deciding changes needed to get back on track


- Using an informal or formal system of evaluations

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TESTE DEIN WISSEN

Directing consists of..

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TESTE DEIN WISSEN

- Coordinating activities and HR


- Implementing planned objectives


- Providing incentives to motivate employees


- Hiring and training employees


- Producing a smooth and running operation

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  • 7305 Karteikarten
  • 177 Studierende
  • 3 Lernmaterialien

Beispielhafte Karteikarten für deinen Managerial accounting gesucht Kurs an der Hamburg School of Business Administration - von Kommilitonen auf StudySmarter erstellt!

Q:

Periodic costs are..

A:

!Sales activities! -> not production


- Non manufacturing costs

- Charged to expense as incurred


=> includes all selling/administrative costs

Q:

Manufacturing overhead is..

A:

- costs that are indirectly associated with manufacturing the product


- all other manufacturing costs (excl. direct labor/materials)


INDIRECT MANUFACTURING COSTS!

Q:

Accumulating Manufacturing Costs (Factory Labor journal entry)

A:

Consists of three costs:

1. Gross earnings

2. Employer Payroll taxes on the earnings

3. Employer Fringe Benefits (vacation pay etc.)


Factory Labor (debit) 37,000

      Factory wages Payable (credit) 30,000

      Employer Payroll Taxes (credit) 5,000

      Employer Fringe Benefits (credit) 2,000


Q:

Purpose of reports

A:

Special-purpose for specific decisions

      -> often very detailed 

Q:

Direct materials are..

A:

..raw materials, directly associated with the manufacturing process of the finished good

Mehr Karteikarten anzeigen
Q:

Planning consists of..

A:

- Maximize short-term profit and market share


- Commiting to environmental protection and social programs


- Adding value to business

Q:

The three main management functions

A:

1. Planning


2. Directing 


3. Controlling

Q:

Managers should ask questions such as:


A:

- What costs are involved in making a product or providing a service?


- If we decrease production volume, will costs decrease?


- What impact will automation have on total costs?


- How can we best control costs?

Q:

Verification of reports needed?

A:

NO verification process (from CPA's or something)!

Q:

Manufacturing consists of activities and processes that convert raw materials into finished goods. Such as:

A:

1. Direct materials

2. Direct labor

3. Manufacturing overhead

Q:

Controlling consists of..

A:

- Keeping activities on track


- Determine if goals are met


- Deciding changes needed to get back on track


- Using an informal or formal system of evaluations

Q:

Directing consists of..

A:

- Coordinating activities and HR


- Implementing planned objectives


- Providing incentives to motivate employees


- Hiring and training employees


- Producing a smooth and running operation

Managerial accounting gesucht

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