Garrison, Chapter 2, Managerial Accounting Questions and Answers with complete solution
3 views 0 purchase
Module
Garrison, Chapter 2, Managerial Accounting
Institution
Garrison, Chapter 2, Managerial Accounting
Absorption Costing - ️️A costing method that includes all manufacturing costs:
direct costs, direct labor, and both variable and fixed manufacturing costs.
Overapplied Overhead - ️️A credit balance in the Manufacturing Overhead account
that occurs when the amount of overhead cost applied...
Garrison, Chapter 2, Managerial
Accounting
Absorption Costing - ✔️✔️A costing method that includes all manufacturing costs:
direct costs, direct labor, and both variable and fixed manufacturing costs.
Overapplied Overhead - ✔️✔️A credit balance in the Manufacturing Overhead account
that occurs when the amount of overhead cost applied to WIP exceeds the amount
actually incurred during a period.
Predetermined overhead rate - ✔️✔️A rate used to charge manufacturing overhead
costs to jobs that is established in advance fo reach period. It is computed by dividing
the estimated total manufacturing cost for the period by the estimated total amount of
allocation base.
Allocation Base - ✔️✔️A measure of activity such as direct labor-hours or machine
hours that is used to assign costs to cost objects.
Bill of Materials - ✔️✔️A document that shows the quantity of each type of direct
material required to make a product
Cost driver - ✔️✔️A factor, such as machine hours, beds occupied, etc that causes
overhead costs
Job Cost Sheet - ✔️✔️A form that records the direct materials, direct labor, and MOH
charged to a job.
Job 0rder costing - ✔️✔️A costing system used in situations where many different
products, jobs, or services are produced each period.
Materials requisition form - ✔️✔️A document that specifies the type and quantity of
materials to be drawn from the storeroom and that identifies the job that wil be charged
for the cost of those materials
Multiple predetermined overhead rates - ✔️✔️A costing system wih multiple overhead
cost pools and a different overhead rate for each cost pool. Eah production department
may be treated as a separate overhead cost pol.
Overapplied - ✔️✔️
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.56. You're not tied to anything after your purchase.
