Cost Accounting Traditions And Innovations -Glossary pdf

... allocation Cost Accounting Standards Board (CASB) a body estab- lished by Congress in 1970 to promulgate cost accounting standards for defense contractors and federal agencies; dis- banded in 1980 and ... relationship to a cost; an activity creating a cost cost driver analysis the process of investigating, quantify- ing, and explaining the relationships of cost drivers and...

Ngày tải lên: 02/07/2014, 22:21

... and useful costs. Companies using either job order or process costing may employ standards (or predetermined benchmarks) for costs to be incurred and/ or quantities to be used. In a standard cost ... for future activities and cost incurrence and to value inventories. Both actual and standard costs are recorded in the accounting records to provide an essential element of cost...

Ngày tải lên: 02/07/2014, 22:21

... be wrapped and bagged in packages of various sizes. How can standard costs be used in a process costing system? 5 PROCESS COSTING WITH STANDARD COSTS Companies may prefer to use standard rather ... “new” costs are often not materially different from the “old” costs, so standards for each cost element can be developed and used as predetermined cost benchmarks to simplify the costing pr...

Ngày tải lên: 02/07/2014, 22:21

... 6. UNDERSTANDING AND MANAGING PRODUCTION ACTIVITIES AND COSTS Managing production activities and costs requires an understanding of product life cycles and the various management and accounting ... (Carrying costs) Determine the carrying costs for an item costing $4.30, given the following per-unit cost information: Storage cost $0.04 Handling cost 0.03 Production labor cos...

Ngày tải lên: 02/07/2014, 22:21

... Manages costs related to property, plant, and equipment. Treasury management: Monitors and manages cash holdings and investment risks. Cost control: Analyzes costs related to overhead, products, and ... business travel management, and vacation allotments. Payroll: Handles accounting and preparation of checks to employees for salary and bonuses. Self-service HR: Lets workers...

Ngày tải lên: 02/07/2014, 22:21

... accounting standards and Chapter 1 Introduction to Cost and Management Accounting in a Global Business Environment 7 3 Robert B. Hubbard, “Return of the Cost Accounting Standards Board,” Management Accounting ... information. Accounting language has two primary “variations”: financial accounting and management accounting. Cost accounting is a bridge between financia...

Ngày tải lên: 28/06/2014, 09:20

... financial accounting information is useful to managers in performing their daily functions. Cost accounting creates an overlap between financial accounting and man- agement accounting. Cost accounting ... all cost information is Chapter 1 Introduction to Cost and Management Accounting in a Global Business Environment 5 How do financial and management accounting rela...

Ngày tải lên: 02/07/2014, 22:21

... items that are used to measure and evaluate the decision maker’s performance. Techniques such as relevant costing, quality cost management, job order and process costing, and cost- volume-profit analysis, ... integrating cost management and performance mea- surement, and integrating investment management and strategic management. APPENDIX 18 Berliner and Brimson, Cost Man...

Ngày tải lên: 02/07/2014, 22:21

... Budgeted cost 1. An expense or loss b. Direct cost 2. A cost that remains constant on a c. Distribution cost per-unit basis d. Expired cost 3. A cost associated with a specific cost e. Fixed cost ... relevant range and obtain the costs associated with those levels. These levels and costs are 9,000 and 4,600 hours, and $350 and $218, respectively. STEP 2: Calculate th...

Ngày tải lên: 02/07/2014, 22:21

... activity-based costing differ from a traditional cost accounting system? 4 ACTIVITY-BASED COSTING Recognizing that several levels of costs exist, accumulating costs into related cost pools, and using ... INITIALLY RECORDED (By department and general ledger accounts) COST DRIVER (Used to assign costs to cost pools) ACTIVITY CENTER COST POOL ACTIVITY DRIVER (Used to assign cos...

Ngày tải lên: 02/07/2014, 22:21