Activity cost pool - Study guides, Class notes & Summaries

Activity based costing Similar to absorption costing but is more detailed version - allocates overheads to cost pools before absorbing them using cost drivers Cost pool Activity that consumes resources and for which overhead costs are identified and allocated Cost driver Unit of activity that consumes resources ABC calculations method 1. Identify activities 2. Estimate cost pools 3. Identify cost drivers and volume of cost drivers 4. Calculate cost driver rate 5. Charge overheads to...

Indirect Costs - Are costs associated with shared resources used by the entire organization Cost Driver - Is the basis on which the cost pool will be allocated Cost Pool - Is the overhead amount to be allocated Overhead departments - Are often called costs centers Patient Service Departments - Are often called revenue centers Direct Costs - Are costs unique and exclusive to a department When you divide the "Dollars in the Cost Pool" by "Total Volume of Cost Driver" - you have determin...

Indirect Costs - Are costs associated with shared resources used by the entire organization Cost Driver - Is the basis on which the cost pool will be allocated Cost Pool - Is the overhead amount to be allocated Overhead departments - Are often called costs centers Patient Service Departments - Are often called revenue centers Direct Costs - Are costs unique and exclusive to a department When you divide the "Dollars in the Cost Pool" by "Total Volume of Cost Driver" - you have determin...

ETS Major Field Test (Practice Test): Bachelor's Degree in Business. The common characteristic possessed by all assets is a) Long life b) Great monetary value c) Tangible nature d) Future economic benefit Which Foreign Direct Investment (FDI) attempts to acquire particular resources at a lower real cost than could be obtained in the home country? a) Market-seeking FDI b) Efficiency-seeking FDI c) Resource-seeking FDI d) Strategic asset-seeking FDI Under the Uniform Comm...

1. ________ gathers, summarizes, and reports on the financial impact of changes to business operations. a. Managerial accounting b. Planning c. Directing d. Controlling a. Managerial accounting 2. Which of the following certifications is issued by the IMA? a. CISA b. CFP c. CMA d. CPA c. CMA 3. Which of following statements is true? a. Managerial accounting focuses on historical transactions. b. Financial accounting focuses on future data. c. Management accounting focuses on...

ACCTG 322 Final Exam | Complete Solutions (Verified) Williams Company's direct labour cost is 25% of its conversion cost. If the manufacturing overhead cost for the last period is $45,000 and the direct materials cost is $25,000, what is the direct labour cost? A) $15,000 B) $33,333 C) $20,000 D) $60,000 Green Company's costs for the month of August are as follows: Direct materials used $27,000 Direct labour $34,000 Sales salaries $14,000 Indirect labour $10,000 Indirect materials $15,000 Ge...

ACC 241 Exam 2 ASU Dallmus Questions and Answers 100% VerifiedACC 241 Exam 2 ASU Dallmus Questions and Answers 100% VerifiedACC 241 Exam 2 ASU Dallmus Questions and Answers 100% VerifiedACC 241 Exam 2 ASU Dallmus Questions and Answers 100% Verified departmental overhead allocation - ANSWER - this kind of overheard rate increases the accuracy of job costs when each department incurs different types and amounts of manufacturing overhead and each product, or job, uses the departments to a differen...

the production budget correct answers Sales budget + ending finished goods inventory - beginning finished goods inventory direct materials production budget correct answers Production budget × direct materials per unit the direct materials purchases budget correct answers Direct materials production budget + ending direct materials inventory - beginning direct materials inventory Cash collected from customers correct answers (current period revenue × current period collection rate) + ...

TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal, ISBN-7. All Chapters 1-23. (Complete Download) Version 1 1 CHAPTER 1 1) Which of the following is not considered to be a separate entity for tax purposes in Canada? A) An individual B) A proprietorship C) A corporation D) A trust 2) Which of the following attitudes and actions is most likely to help decision-makers develop an efficient app...

Principles of Financial and Managerial Accounting - D196 WGU Questions and Answers 100% Pass the production budget - Answer- Sales budget + ending finished goods inventory - beginning finished goods inventory direct materials production budget - Answer- Production budget × direct materials per unit the direct materials purchases budget - Answer- Direct materials production budget + ending direct materials inventory - beginning direct materials inventory Cash collected from customers - A...