Sana Archive

Joint Product Cost Definition: A joint cost may be defined as that cost which arises from the common processing or manufacturing of products produced from a common raw material. Whenever two or more different products are created from a single cost factor, a joint

Joint Product Cost Analysis for Managerial Decisions and Profitability Analysis: Learning Objectives: What is the importance of joint product cost analysis for management. The Securities and Exchange Commission requires that annual reports to stock holders include data by lines of business. Likewise, the Federal

Application of Manufacturing Overhead Cost in Job Order Costing: Learning objective of this article: Define and explain predetermined manufacturing overhead applied to work in process rate, how is it calculated? How manufacturing overhead is recorded on a job cost sheet and is applied to

Job Order Costing Questions and Answers: Questions: Cost accounting is said to consist of three different phases. Name them. See answer. Name four control accounts concerned primarily with cost determination. See answer. What subsidiary record or ledger supports each of the control accounts mentioned

Job Order Costing – The Flow of Cost: Learning objective of this article: Understand the flow of costs in a job order costing system and prepare appropriate journal entries to record cost. Apply overhead cost to work in process using a predetermined overhead rate.

Job Order Costing System Exercises and Problems: Exercise 1–Cost accumulation Procedure Determination Exercise 2–Job order cost sheet Exercise 3–Job order costing-T Accounts and Journal Entries Exercise 4–Job Order Cycle Entries Exercise 5–Journal entries, T Accounts, Over and Under applied overhead Income Statement Exercise 1–Cost

Advantages and Disadvantages of Job Order Costing System: Learning objectives of the article: What are the advantages and disadvantages of job order costing system? One of the primary advantages of job order costing system is that the management team has ready access to all

Job Order Costing System: After studying job order costing system chapter you should be able to: Distinguish between process costing and job order costing and identify companies that would use each costing method. Identify the documents used in job order costing system. Compute predetermined

Human Skills Definition: Human skills involve the ability to work well with other people both individually and in group. Because managers deal directly with people, this skill is crucial! Managers with good human skills are able to get the best out of their people.

Human Factors in Budgeting: The success of a budget program also depends on: The degree to which top management accepts the budget program as a vital part of the company’s activities. The way in which top management uses budgeted data. If a budget program

Horizontal/Trend Analysis Definition: A side-by-side comparison of two or more years’ financial statements. Click here to read full article about horizontal or trend analysis. Relevant terms: Vertical Analysis

Hindrances/Problems to Proper Cost Assignment in Segmented Reporting: For segment reporting to accomplish its intended purposes, costs must be properly assigned to segments. If the purpose is to determine the profits being generated by particular segment or division, then all of the costs attributable