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