Costs assigned to the building of a house should appear on the income statement when Answer a. the purchase order to manufacture the house is received. b. the house is sold. c. cash is collected for the sale of the house. d. the house is completed. The basic document for keeping track of costs in a job order costing system is a Answer a. labor time card. b. job order cost card. c. process cost report. d. materials requisition form. The following information is available at the
Premium Inventory FIFO and LIFO accounting
------------------------------------------------- ASSIGNMENT ON COST CONTROL AND COST REDUCTION ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------
Premium Cost Costs Cost accounting
Running head: ANALYSIS OF DIRECT COSTS Friday‚ August 22‚ 2014 Analysis of Direct Costs Kristin Velix Professor Bartillomo Strayer University Introduction Developing and building a drone is one thing while developing a navigation system is completely another aspect. A drone can be considered a toy without a well-engineered design and functional navigation system. The navigation system is mainly used to give commands to the drone to undertake actions that are compatible
Premium Costs Cost Variable cost
Accounting and Finance Management Assignment 2 Semester: 3 Prepared by: Osoba Seun Student Number: Sc-Kl-00021763 Email Address: josher4real@yahoo.com Date submitted: 17/01/2014 Question 1 Sales Budget September ($) October ($) Budgeted sales (units) 9‚500 Selling price per unit $12 Total sales 90‚000 114‚000 Schedule of expected cash collections: October ($) Account
Premium Public company Balance sheet Privately held company
organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational efficiency * ensure accurate and reliable accounting records. It is either an administrative control or an accounting control Characteristics of an effective internal control system include: * Competent‚ reliable‚ and ethical personnel * Assignment of responsibilities * Proper authorisation * Separation of duties
Premium Depreciation Balance sheet Expense
Cost Accounting in Theory The last two decades has seen a revolution in management accounting theory and practice due to the challenges of the competitive environment in the 1980s. Kaplan and Johnson (1987) identified the failings and obsolescence of existing cost and performance measurement systems‚ which led to the re-examination of traditional cost accounting and management control systems. Conventional financial and management accounting methods have developed primarily as a result of corporate
Premium Management Management accounting Strategic management
Levi Strauss & co is the largest maker of brand-name clothing in the world. It has had a long history of being profitable‚ good to its workers‚ and charitable to its factory towns. Compared with other companies in the apparel industry. Levis Strauss had been known for generous wages and good working conditions. According to chairman Robert Haas‚ Levi’s treatment of its workers and concern for their welfare is far greater than in other companies in the industry. When the other American apparel
Premium Team Levi Strauss & Co. Jeans
following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was $3‚067. A total of 30 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $12 per labor-hour. The company applies manufacturing overhead on the basis of machinehours. The predetermined overhead rate is $11 per machine-hour. The total cost for the job on its job cost sheet would be: A. $4‚571 B. $3‚757 C. $3‚090 D. $3‚427 Applied manufacturing
Premium Costs Variable cost Cost
TOTAL DIRECT LABOR COST VARIANCE CAN BE SPLIT INTO • Direct labor rate variance (P) Calculation: actual total labor costs - (total actual labor hours worked x budgeted labor hour rate) Interpretation: calculates the portion of labor costs variance driven by the changed labor rate per hour Possible reasons for variances: changes in staff qualification and skills‚ general increase of wages in economy‚ premiums paid to finish a job quickly‚ poor budgeting • Direct labor quantity (efficiency) variance
Premium Employment Economics Supply and demand
Chapter 3-1 The Accounting Information System Chapter 3-2 Financial Accounting‚ Fifth Edition Study Objectives 1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record business transactions transactions. 4. Identify the basic steps in the recording process. 5. Explain what a journal is and
Premium Double-entry bookkeeping system Bookkeeping Asset