Know Your Role... and Shut Ya Mouth
This is the process of developing information and management tools to achieve an organization's objective
Managerial Accounting
The primary criterion for the preparation of managerial accounting reports
Manager Needs
If the cost of a direct material is a small portion of total production cost, it may be classified as part of
Factory overhead cost
The 2 types of costing systems for manufacturing operations are job order costing and
Process costing
Thomlin Company forecasts that total factory overhead for the current year will be $11,789,000 with 178,000 total machine hours. Year to date, the actual factory overhead is $7,703,000 and the actual machine hours are 95,000 hours. The predetermined factory overhead rate based on machine hours is
$66 per machine hour
The process that develops long term objectives
Strategic Planning
Managerial accounting is most associated with relying on this
Estimates and Forecasts
The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished products is classified as
Direct Labor Cost
This system provides for a separate record of the cost of each particular quantity of product that passes through the factory
Thomlin Company forecasts that total factory overhead for the current year will be $15,500,000 with 250,000 total machine hours. Year to date, the actual factory overhead is $16,000,000 and the actual machine hours are 330,000 hours. The predetermined factory overhead rate based on machine hours is
$62 per machine hour
The process where managers develop and agree upon performance metrics on how well the company is achieving its objectives
Measurement
These individuals are charged with the responsibility of directing the day-to-day operations of a business
Managers
Conversion costs consists of these
DL and FOH
Another name for hybrid costing is
Operations costing
At the end of the year, factory overhead applied was $42,000,000. Actual factory overhead was $40,300,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to
The process by which management monitors operations by comparing actual to expected results
Compute conversion costs given the following data: direct materials, $389,700; direct labor, $199,000; factory overhead, $211,400 and selling expenses, $45,100.
410,400
This term refers to the cost of changing direct materials into a finished manufactured product
Conversion cost
These costs are included in Finished Goods inventory
DM, DL, and FOH
The source document for the data for debiting Work in Process for direct materials is a
Materials Requisition
Janet Jackson's popular song
Control
This costs cannot be traced back to a specific product
Indirect cost
Selling and Administrative cost
The process by which factory overhead or other costs are assigned to a cost object, such as a job
Cost allocation
When a service business uses job order costing, the details concerning the costs incurred for clients are accumulated in a work in process account and supported by a
Cost Ledger