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Managerial Accounting Chapter 2 Notes

by: Michaela Zerbo

Managerial Accounting Chapter 2 Notes NACC 206-01

Marketplace > Rochester Institute of Technology > Accounting > NACC 206-01 > Managerial Accounting Chapter 2 Notes
Michaela Zerbo
GPA 3.1

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About this Document

Shortest chapter in the book
Managerial Accounting
Professor Ann Hager
Class Notes
Managerial Accounting Notes
25 ?




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This 3 page Class Notes was uploaded by Michaela Zerbo on Sunday September 11, 2016. The Class Notes belongs to NACC 206-01 at Rochester Institute of Technology taught by Professor Ann Hager in Fall 2016. Since its upload, it has received 7 views. For similar materials see Managerial Accounting in Accounting at Rochester Institute of Technology.


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Date Created: 09/11/16
1    NACC 206  Managerial Accounting   Chapter 2 ­ Product Costing System  Terms    ​ ormulas      ★ Provides timely and accurate unit info costs for:  ● Pricing  ● Cost planning and control   ● Inventory valuation  ● Financial statement preparation        2 Basic Types of Product Cost Systems    1. Job Order ​­ Chap. 2  a. Used by companies that make unique or special products  2. Process Costing ­ ​  Chap. 3  a. Used by companies that produce in mass amounts        Ex.  PC ­ Apple Iphone  JO ­ Photo collage blanket  JO ­ Painting  PC ­ Water bottle  JO ­ Nike Shoes  PC ­ Harry Potter Books      2  1. Job Order Costing System (Preferred)  ➢ Direct materials, labor, overhead  ■ Uses a s ​ ingle​ WIP   ■ Costs are traced using a subsidiary ledger  ➢ Cost Card   ■ A document on which all costs incurred   ■ Used to measure cost of each completed unit         2. Process Costing System  ➢ A process costing system uses ​several​ WIP’s  ■ Cost of direct materials, labor and overhead are 1st traced to process,  department, or work cells                                                      3    Service Organizations:  ◆ Taxes  ◆ Landscape  ◆ Babysitting  ◆ College / Tutoring  ➔ Most crucial cost is L​ abor  ◆ Accounted with time cards  ◆ Cost plus service/contract  ● Customer pays costs incurred  ➔ Cost Allocation  ◆ Process of assigning a collection of indirect costs to a cost object  ➔ Cost Object  ◆ Product or service  ➔ Cost Drive  ◆ Direct labor hours      The 4 W’s  1) What  a) What info is needed  2) When  a) Due date/deadline  3) Why  a) Know the purpose and focuses  4) Who  a) Identify audience/readers   


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