Requires the conversion of raw materials into finished goods through the use of labor and other factory resources.
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What is the manufacturing process?
200
The project is to be completed in this manner to facilitate the understanding of the processes and procedures involved in a cost accounting system.
What is manually prepared.
200
The amount by which an actual result differs from the budgeted or planned amount.
What is a variance? (varies from the objective).
200
The type of inventory system that provides a continuous record of purchases, issues, and balances of all goods in stock.
What is perpetual?
300
The number of chapters in our textbook.
What is 10?
300
Reason #3 that unit cost information is useful in making important marketing decisions.
What is bidding on contracts?
300
The process for utilizing "responsibility accounting" techniques as they relate to our class project.
What are in-class and weekly homework assignments?
300
The term for materials that are directly used to make a product.
What is Direct Material?
300
All of the costs incurred in a factory that are not either Direct Materials or Direct Labor.
What is Factory Overhead?
400
References to articles and other real life information in each chapter from the business world.
What are "Business Currents"?
400
The assignment of accountability for costs or production results to those individuals who have the most authority to influence them.
What is responsibility accounting?
400
A modern device that is utilized to do much of the "grunt work" we will perform manually but which can be a detriment if the user has no clue about the processes creating the output information.
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What is a computer?
400
This cost element replaces Purchases (Accounting II class) in the calculation and presentation of Cost of Goods Sold.
What is Cost of Goods Manufactured?
400
The three inventory accounts used to account for the activities in a manufacturing company.
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What are Raw Materials, Work in Process, and Finished Goods?
500
We will be able to do this after successfully completing Learning Objective 6 (LO6).
What is to distinguish between the two basic types of cost accounting systems?
500
Management's operating plan expressed in quantitative terms (units and dollars).
What is a budget?
500
After completion of our class project we will have this information regarding the products we produce.
What is an accurate calculation of the unit cost and unit profit for the products we produce?
500
The three elements of manufacturing costs.
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What are Direct Material, Direct Labor, and Factory Overhead?
500
The type of cost accounting system we will be using for the class project where products are made to order and accounted for as such.
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