100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Cost Accounting Final Exam Study Guide Questions & Answers 2024/2025 $7.99   Add to cart

Exam (elaborations)

Cost Accounting Final Exam Study Guide Questions & Answers 2024/2025

 4 views  0 purchase
  • Course
  • Cost Accounting
  • Institution
  • Cost Accounting

Cost Accounting Final Exam Study Guide Questions & Answers 2024/2025 how to calculate conversion cost - ANSWERSOH + DL how to calculate prime cost - ANSWERSDM + DL how to calculate variable product cost - ANSWERSDM + DL + VOH how to calculate total product cost - ANSWERSDM + DL + VOH ...

[Show more]

Preview 2 out of 5  pages

  • October 26, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Cost Accounting
  • Cost Accounting
avatar-seller
Bensuda
Cost Accounting Final Exam Study
Guide Questions & Answers 2024/2025

how to calculate conversion cost - ANSWERSOH + DL



how to calculate prime cost - ANSWERSDM + DL



how to calculate variable product cost - ANSWERSDM + DL + VOH



how to calculate total product cost - ANSWERSDM + DL + VOH + FOH



cost management differs from financial accounting in which ways: - ANSWERS- an internal focus

- freedom from GAAP and other mandatory rules

- the provision of more detailed information



controller - ANSWERS- role is responsible for both internal and external accounting

- responsibilities include: diverse activities as taxes, SEC reports, cost accounting, budgeting, internal
auditing, financial accounting, and systems accounting



CMA and CGMA best fit what? - ANSWERSCMA and CGMA designations tailored to best fit the needs of
management accountants



broad objectives of a cost management - ANSWERS- cost out products, services, and other cost objects

- provide information for planning and control

- provide information for decision making



examples of cost objects - ANSWERSactivities, products, plants, and projects

, indirect costs - ANSWERScannot be easily and accurately traced to cost objects



allocation - ANSWERSthe assignment of indirect costs to cost objects based on convenience or assumed
linkage



tracing - ANSWERSuses drivers based on a causal relationship to relate costs to cost objects



three cost elements - ANSWERSDL, DM, & MOH



the ________ the period, the more likely that a cost will be variable - ANSWERSlonger



direct/indirect relationship with flexible resources and demand - ANSWERSflexible resources increase as
demand for them increase



variable costs - ANSWERSincrease in direct proportion to changes in activity range



mixed costs - ANSWERSbecause they are typically reported in total in the accounting records, their
behavior needs to be estimated



high-low method - ANSWERSthe main advantage of this method is the fact that it removes subjectivity
from the choice process



method of least squares - ANSWERSselects a line that best fits the data points



predetermined overheard rate - ANSWERSan estimate of the overhead used per unit of driver



activity-based product costing is: - ANSWERS- costing approach that first assigns costs to activities then
to products

- the assignment is made possible through the identification of activities, their costs, and the use of cost
drivers

- provides a more accurate distribution of overhead costs

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

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 Bensuda. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart