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Lecture notes

Management Accounting Notes
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Management Accounting Notes for both year 1 and year 2. Scored an 89% in the exam. Especially relevant for Cass Business School (University of London)

Last document update: 8 year ago

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  • May 21, 2016
  • May 21, 2016
  • 36
  • 2015/2016
  • Lecture notes
  • Unknown
  • All classes

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Lesson 1: Job Order Costing
Costs: necessary to
 Asses profits
 Determine prices
 Provide incentives

Job-order costing
 many different products or services produced each period
 each product (or job) is different from all others and requires
separate costing
 costs are traced or allocated to jobs

Material Reacquisition Form: authorizes the use of materials in a job
Time Ticket: used by workers to determine time spent in each hob


By definition, overhead consists of costs that cannot practically be traced
to products or jobs. Therefore, overhead costs must be allocated rather
than traced if they are to be assigned to products or jobs. Many
production costs cannot be traced to a particular product or job, but
rather are incurred as a result of overall production activities. Therefore,
in order to be assigned to products, such costs must be allocated to the
products in some manner.


The Job Cost sheet is used to record all costs that are assigned to a
particular job.
 Include direct materials cost traced to the job
 Direct labour cost traced to the job
 manufacturing overhead cost applied to the job

When a job is completed, the job cost sheet is used to compute the cost
per completed unit.
The job cost sheet is also a control document for: (1) determining how
many units have been sold and determining the cost of these units; (2)
determining how many units are still in inventory at the end of a period
and determining the cost of these units on the balance sheet.


Predetermined overhead rate :is the rate used to apply overhead costs to
jobs.
 It is determined before a period

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