IMA Standards/Manager's Responsibilities
The IMA standard that keeps information private
What is confidentiality?
Costs that are expensed what sold
What are product costs?
A company that creates different products will use ____ costing
What is job
This type of job costing is less accurate and not used as often
What is factory wide
The second account that accumulates what is on the materials requisition form and time ticket
What is Work in Process Inventory
The manger's responsibility concerned with setting goals
What is planning?
How period costs are expensed
What is expensed as incurred?
Which JOC document is like a recipe card
What is Bill of Materials
Serves as a basis for assigning indirect costs like MOH
What is allocation base
Lumber that's waiting to be used on the warehouse floor is in which account
What is Raw Materials Inventory?
The manager's responsibility concerned with adjusting plan's based on feedback
What is controlling?
Costs that convert direct material
conversion costs (DL+OH)
Which document specifies type + quantity of materials to be drawn from storeroom and identifies the job that will be charged for cost of materials
What is Materials requisition form
Approach for assigning indirect costs where every department selects an allocation base
Goods that are ready to be sold are in this account
Finished Goods Inventory
Delaying expenses to inflate profits would be in violation of which IMA standard?
What is integrity?
What are prime costs
DM + DL
Which JOC document records DM, DL, and MOH applied costs charged to a job
What is Job cost sheet
The last step for both approaches
What is multiplying predetermined overhead rate by actual allocation base that occured?
The final account that inventory flows through in the manufacturing process
What is Cost of Goods Sold?
What is the difference between professional competence and credibility?
Professional competence focuses on capability like keeping up with new laws
Credibility focuses on delivering information that can be trusted and is transparent without bias
If Amazon PRIME is bragging about how little overhead they have, they are bragging about what costs?
prime costs
Is Manufacturing overhead a direct or indirect cost
What is indirect
Estimating total expected allocation base is involved in the 1st, 2nd, 3rd, or 4th step
What is the 2nd
Which of the four accounts that inventory flows through is an expense on the income statement
What is COGS