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Static budgets are prepared for a single, planned level of activity. Performance evaluation for overhead is difficult when actual activity differs from the planned level of activity. Since direct material and direct labor are traceable to products, it is straightforward to determine standard costs for these inputs. But to compare overhead cos...

29 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 871 | Lượt tải: 1

Standards that are as tight as practical, but still are expected to be attained, are called practical (or attainable) standards. Such standards assume a production process that is as efficient as practical under normal operating conditions. Practical standards allow for such occurrences as occasional machine breakdowns and normal amounts of raw...

18 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 957 | Lượt tải: 1

A financial planning and analysis (FP&A) system helps managers assess the company’s future and know if they are reaching their performance goals. A complete FP&A system includes subsystems for (1) planning, (2) measuring and recording results, and (3) evaluating performance. The planning component of the FP&A system is called the master budget. I...

37 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1053 | Lượt tải: 1

Since the costs of production are stored in inventory accounts until the goods are sold under absorption costing, these costs are said to be inventoried, or inventoriable costs. When using variable costing, only variable costs are inventoried. When using absorption costing, both variable and fixed costs are inventoried. (LO1)

28 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1035 | Lượt tải: 1

The Break-Even Point The break-even point is the point in the volume of activity where the organization’s revenues and expenses are equal.

30 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1061 | Lượt tải: 1

A variable cost changes in total in direct proportion to a change in the activity level (or cost driver). For example, assume that you pay $4.95 for each Pay Per View show that you watch. The more shows that you watch, the higher your Pay Per View bill will be. The total cost of the Pay Per View bill increases in direct proportion to the numb...

33 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 821 | Lượt tải: 1

Traditional, Volume-Based Product-Costing System Aerotech produces three complex printed circuit boards referred to as Mode I, Mode II, and Mode III. The following information is obtained from company records:

30 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1197 | Lượt tải: 1

Costs are accumulated for a period of time for products in work-in-process inventory. Products in work-in-process inventory at the beginning and end of the period are only partially complete. Equivalent units is a concept expressing these partially completed products as a smaller number of fully completed products.

17 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 854 | Lượt tải: 1

Our focus changes from financial statement costs to operations: Financial Accounting – Products costs are used to value inventory and to compute cost of goods sold. Managerial Accounting and Cost Management – Product costs are used for planning, control, directing, and management decision making. (LO1)

27 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 871 | Lượt tải: 1

A product cost is a cost assigned to goods that were either purchased or manufactured for resale. Another term for product cost is inventoriable cost, since a product cost is stored as the cost of inventory until the goods are sold. In the period of the sale, the product costs are recognized as an expense called cost of goods sold. Period costs a...

25 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 904 | Lượt tải: 1