Cost Accounting an der Technische Hochschule Ingolstadt | Karteikarten & Zusammenfassungen

Lernmaterialien für Cost Accounting an der Technische Hochschule Ingolstadt

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TESTE DEIN WISSEN
What are the main differences between financial accounting and cost accounting?
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TESTE DEIN WISSEN

Financial Accounting provides information useful for those outside of the company, while cost accounting provides information useful for management

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TESTE DEIN WISSEN

What is the difference between fixed and variable cost? Name one example for both.

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TESTE DEIN WISSEN

    • Fixed costs are expenses that do not change with an increase or decrease in the output of goods or services produced or sold

        ○  Long term rental or lease contracts 

    • Variable cost are expenses that vary with …

Material Cost

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TESTE DEIN WISSEN

What is the main characteristic of absorption costing?

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TESTE DEIN WISSEN

An accounting method where indirect cost are spread fairly over range of products or service

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TESTE DEIN WISSEN

Explain the idea of the so-called “blanket rate”. What is the problem with this approach?

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TESTE DEIN WISSEN

    • A blanket rate is a single overhead rate computed for the whole factory 

    • Basically everything since theres barely no connection between the products and the causing of the overhead costs => only one allocation key


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TESTE DEIN WISSEN

What is in general the purpose of a Cost Allocation Sheet (CAS)?

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TESTE DEIN WISSEN
Statement of OH cost and apportionment to departments
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TESTE DEIN WISSEN

How can OH cost be allocated to cost units?

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TESTE DEIN WISSEN

    • Cost by cause principle

        ○ Apportionment to departments

        ○ Adequate basis fo apportionment 

        ○ Re-apportionment from service departments to operating departments

Determination of departmentental overhead rates

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TESTE DEIN WISSEN

What is the basic approach of process costing? When should it be applied?

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TESTE DEIN WISSEN

    • Computes the average cost per unit by dividing the costs of production for a particular period by the number of units produced during the period

    • Homogenous products 

Mass production or similar products

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TESTE DEIN WISSEN

When should the job order costing be applied?

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TESTE DEIN WISSEN
  • Heteregenous products 
    • Different kinds of products
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TESTE DEIN WISSEN

Why would a company use the machine hours as a way to apply job order costing?

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TESTE DEIN WISSEN
  • High OH rates applied to small base 
  • Allocation of OH is imprecise due to high degree of mechanisation
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TESTE DEIN WISSEN

What are typical decisions in a company for which variable costing can be applied?

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TESTE DEIN WISSEN

    • Comparison of CM per unit 

    • Economies of scale 

    • Pricing decision 

    • Break-even-analysis 

    • Product mix decisions 

    • Manufcaturing process decisions

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TESTE DEIN WISSEN

What is the difference between the single stage (direct costing) and the multi stage variable costing?

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TESTE DEIN WISSEN

In multi stage variable costing you split the fixed costs between different cost centers while in direct costing you dont

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TESTE DEIN WISSEN

What is the contribution margin? Explain calculation and provide interpretation.

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TESTE DEIN WISSEN

The contribution margin is the margin a product makes when variable costs are subtracted, this is the amount it contributes to covering fixed costs of the company

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Q:
What are the main differences between financial accounting and cost accounting?
A:

Financial Accounting provides information useful for those outside of the company, while cost accounting provides information useful for management

Q:

What is the difference between fixed and variable cost? Name one example for both.

A:

    • Fixed costs are expenses that do not change with an increase or decrease in the output of goods or services produced or sold

        ○  Long term rental or lease contracts 

    • Variable cost are expenses that vary with …

Material Cost

Q:

What is the main characteristic of absorption costing?

A:

An accounting method where indirect cost are spread fairly over range of products or service

Q:

Explain the idea of the so-called “blanket rate”. What is the problem with this approach?

A:

    • A blanket rate is a single overhead rate computed for the whole factory 

    • Basically everything since theres barely no connection between the products and the causing of the overhead costs => only one allocation key


Q:

What is in general the purpose of a Cost Allocation Sheet (CAS)?

A:
Statement of OH cost and apportionment to departments
Mehr Karteikarten anzeigen
Q:

How can OH cost be allocated to cost units?

A:

    • Cost by cause principle

        ○ Apportionment to departments

        ○ Adequate basis fo apportionment 

        ○ Re-apportionment from service departments to operating departments

Determination of departmentental overhead rates

Q:

What is the basic approach of process costing? When should it be applied?

A:

    • Computes the average cost per unit by dividing the costs of production for a particular period by the number of units produced during the period

    • Homogenous products 

Mass production or similar products

Q:

When should the job order costing be applied?

A:
  • Heteregenous products 
    • Different kinds of products
Q:

Why would a company use the machine hours as a way to apply job order costing?

A:
  • High OH rates applied to small base 
  • Allocation of OH is imprecise due to high degree of mechanisation
Q:

What are typical decisions in a company for which variable costing can be applied?

A:

    • Comparison of CM per unit 

    • Economies of scale 

    • Pricing decision 

    • Break-even-analysis 

    • Product mix decisions 

    • Manufcaturing process decisions

Q:

What is the difference between the single stage (direct costing) and the multi stage variable costing?

A:

In multi stage variable costing you split the fixed costs between different cost centers while in direct costing you dont

Q:

What is the contribution margin? Explain calculation and provide interpretation.

A:

The contribution margin is the margin a product makes when variable costs are subtracted, this is the amount it contributes to covering fixed costs of the company

Cost Accounting

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