Cost terms , concepts and classificationpptx - view presentation slides online it is basic level, let you know to understand about costing concepts and classification, terms in a simple manner. Cost terms, concepts and classifications cost, a frequently used word in all types of organizations- manufacturing, non-manufacturing, business, service and retail. View homework help - cost terms, concepts and classifications part 1 from afm 102 at university of waterloo, waterloo cost terms, concepts, and classifications (part i of 2) chapter 2 joyce. Cost concepts and classifications cost is a foregoing, measured in monetary terms, incurred or potentially to be incurred to achieve a specific objective (american.
Learning objectives: upon completion of this course, the learner will be able to: identify fundamental cost accounting terms, concepts and classifications and their elements. Download this rsm222h1 textbook note to get exam ready in less time textbook note uploaded on dec 15, 2010 5 page(s. Cost and cost classifications cost is a sacrifice of resources to obtain a benefit or any other resource for example in production of a car, we sacrifice material. I'll write free-form comments when assessing students use this rubric for assignment grading hide score total for assessment results. Download presentation powerpoint slideshow about 'cost terms, concepts, and classifications' - janina an image/link below is provided (as is) to download presentation. Badm642 cost terms, concepts, and classifications merchandisers buy finished goods sell finished goods manufacturers buy raw materials produce and sell finished goods megalomart comparing merchandising and manufacturing activities direct materials direct labor.
Costs terms, concepts and classifications : we have looked at some of the ways in which managers classify costs how the costs will be used for preparing external reports, predicting cost behavior, assigning costs to cost objects, or decision making will dictate how the costs are classified. 2 cost terms, concepts, and classifications chapter 2 text © the mcgraw−hill companies, 2006 cost terms, concepts, and classifications glossary glossary.
Basic cost concepts explain the classification of cost cost is ‘measurement in monetary terms of the amount of resources used for the purpose of. 2-1dr yean rithy costs terms, concepts and classifications chapter two 2-2 learning objective 1 /p.
Cost terms, concepts, and classifications learning objectives lo1 identify and give examples of each of the three basic manufacturing cost categories lo2 distinguish between product costs and period costs and give examples of each lo3 prepare an income statement including calculation of the cost of goods sold lo4. Cost terms, concepts, and classifications concepts and classifications cost concepts and classification - duration. Cost terms, concepts, text © the mcgraw−hill managerial accounting, and classifications companies, 2006 11th edition chapter 2 cost terms, concepts, and classifications 61 statistical process control is a technique that is used to detect whether a process is suggested reading in or out of control. Acct 202 principles of managerial accounting practice exam - chapter 2 cost terms, concepts, and classifications dr fred barbee.
Cost terms concepts and classifications are cost is defined as price of any object cost terms include direct & indirect cost, fixed & variable costs cost is classified as direct & indirect material, direct & indirect labor which also includes factory overhead.
5 direct labor those labor costs that can be easily traced to individual units of product example wages paid to automobile assembly workers 6 manufacturing overhead. Cost terms, concepts and classification definition and explanation of various types of costs and their use in managerial accounting. To prepare a cost of goods manufactured statement understand the flow of costs through the accounting system cost terms, concepts, and classifications. Conversion cost is the sum of direct labor and which of the following terms could be used to correctly describe the wages paid to the machine operator.
Manufacturing costs manufacturing cost is the sum of costs of all resources consumed in the process of making a product the manufacturing cost is. Act 202 chapter 2 second part vdo enjoy this feature is not available right now please try again later. Archive about 'cost concepts and classifications' so can we basically classify certain basic cost terms that tweet in order to have a good cost accounting. Costs terms, concepts and classificationstopic two (2) mcgraw-hill/irwin copyright © 2006, the mcgraw-hill companies, inc. Chapter 2 cost terms, concepts, and classifications garrison, managerial accounting, 12th edition 17 multiple choice questions 16 indirect labor is a part of.