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ACC212 study guide for midterm

by: odette antabi

ACC212 study guide for midterm acc

Marketplace > University of Miami > acc > ACC212 study guide for midterm
odette antabi
GPA 3.6

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Review we did in class to study for the first midterm
Intro to Financial Accounting
Manny Sicre
Study Guide
study guide acc212 sicre manny midterm spring2016 summer
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This 4 page Study Guide was uploaded by odette antabi on Wednesday February 10, 2016. The Study Guide belongs to acc at University of Miami taught by Manny Sicre in Spring 2016. Since its upload, it has received 34 views.


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Date Created: 02/10/16
 Relevant range It is the normal range of activity for the item being evaluated  Direct costs A cost that can be easily and conveniently traced to a specified cost object  Indirect costs A cost that cannot be easily and conveniently traced to a specified cost object  Product costs / manufacturing costs Includes all costs involved in acquiring or manufacturing a product  Period costs/ non manufacturing costs The costs that are not product costs o Selling costs: cost incurred to secure customers orders and deliver the  finish product. Ex. Advertising costs,  o Administrative cost: costs associated with the general management of  the organization. Ex. Human resources, IT  POHR (Predetermined Overhead Rate) Total estimated manufacturing overhead cost/ estimated total amount of  allocation base Why? Use to get the normal costing   Manufacturing Overhead It includes ALL manufacturing costs except direct materials and direct labor Only those costs associated with operating the factory are included in  manufacturing overhead Ex. Depreciation   ABC (Activity Based Costing) Designed to be used for internal decision makers Why? More precise, accountability issue  Direct Materials The materials that go into the final product. Also called raw materials  Direct Labor Labor charges that are easily traced to a particular job.  Manufacturing Costs (which are the components)/ product costs Includes all costs involved in acquiring or manufacturing a product o Direct materials o Direct labor o Manufacturing overhead  Non­manufacturing Costs (which are the components)/ period costs The costs that are not product costs. Not impacted by activity  Selling costs: cost incurred to secure customers orders and deliver the  finish product  Administrative cost: costs associated with the general management of the  organization  High­Low method of calculating ‘variable’ & ‘fixed’ costs Identifying the period with the lowest level of activity and the period with the  highest period of activity.  Variable costs= changes in cost/ changes in activity Y= a+ bx Simple to do If you have an outlier it will mess up everything  Prime Costs Direct material + direct labor  Conversion Costs  Direct labor + manufacturing overhead Both have direct labor because direct labor cost has decreased over time  because of technology. For most companies is a non issue.  “Overapplied” & “Underapplied” Manufacturing Overhead (entries to  allocate the ‘incorrect’ application over applied estimated  higher  costs are too high under applied estimated lower COGS to low net income recorded to high if it is material spread it up proportionally in WIP, FG and COGS under applied  debit: COGS credit:  MO over applied  debit: credit:  How are costs applied to “Job Order” versus “Process” costing methods Job order: unique and different products are produced each period  Apply to a  job Process costing: homogeneous products  apply to department   Which type of company is most likely to use Job Order versus  Process costing Job order: service industries Process costing: companies with assembly operations Raw materials used in production  Add: beg raw materials Add:  purchases of raw materials Deduct: end raw mat inventory Equals = raw materials used in production  total manufacturing costs Add: direct materials Add: direct labor Add: manufacturing OH applied to WIP Equals= total manufacturing costs cost of good manufactured Add: beg finished good inventory Add: cost of good manufactured Deduct: ending work in process Equals= COG manufactured cost of good sold Add: beg finished good inventory Add: cost of good manufactured Deduct: ending finished goods inventory Equals: unadjusted COGS Add/ subtract: under applied/ over applied Equals+ adjusted COGS 4 methods to separate fixed from variable costs 1. Engineering approach 2. Account analysis 3. High low method 4. Least square regression


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