Average Cost - ANS ✓Ending inventory units costed using an average cost of
goods available divided by the units available.
Specific Identification - ANS ✓Items are tagged with their cost
GAAP - ANS ✓Generally Accepted Accounting Principles
Securities Act of 1935 - ANS ✓Est. SEC to create rules, standards and
procedures used to amount for transactions and events.
Management Accounting - ANS ✓Concerned with preparing info used by
management to plan.
Cost Accounting - ANS ✓Concerned with the cost of a product or service.
4 Types of Costs - ANS ✓Product, Period, Direct, Indirect
Product Cost - ANS ✓Cost involved in manufacturing.
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BBA EXIT
, BBA
Period Cost - ANS ✓Non-Product costs like admin costs.
Direct Cost - ANS ✓Easily traceable to cost of product
Indirect Cost - ANS ✓Supports more than one product. (electricity at soap plant)
Three Major Product Cost - ANS ✓Direct Material, Direct Labor, Overhead
Variable costs - ANS ✓cost varies with change
Fixed Costs - ANS ✓remain constant
Mixed Costs - ANS ✓costs that have both a fixed and a variable component
Adam Smith - ANS ✓Division of labor 1776, tasks subdivided into individual
jobs
Douglas McGregor - ANS ✓Theory X and Theory Y View
Theory X - ANS ✓Employees dislike work and must be threatened with
punishment.
Theory Y - ANS ✓Employees like work, self direction, seek responsibility, have
creativity
Tuckman's Stages of Team Development - ANS ✓Forming, Storming, Norming,
Performing
Forming - ANS ✓orientation, break ice
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BBA EXIT
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