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The Business
Environment and Concepts module, which contains questions and
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The flashcards related to Cost Measurement will cover these topics:
- Cost Terminology
- Objectives of a cost accounting system, prime cost, conversion
costs, total manufacturing cost, cost of raw materials used, cost
of goods manufactured, cost of goods sold, direct vs. indirect
cost, cost allocation, fixed costs, fixed factory overhead, contribution
margin, gross profit, engineered cost, mixed costs, sunk costs,
discretionary costs, committed costs, residual income, marginal
rate of return.
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- Cost Measurement Concepts
- Common costs, split-off point, separable costs, point to sell
joint- product, allocating joint costs to joint products, disadvantage
of physical quantity method, types of spoilage, by-products, measuring
cost of by-products at split-off, cost driver, direct vs. indirect
cost, simple vs. multiple regression.
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- Cost Accumulation Systems
- Equivalent units of production, FIFO vs. weighted average calculation
of EUP, calculation of EUP for materials and conversion costs,
calculation of units started and completed, calculation of total
cost of units in ending W-I-P, process vs. job-order costing,
raw materials in process costing, direct labor in process costing,
overhead in process costing, finished goods in process costing,
deferred manufacturing costs in process costing, operation costing,
activity-based costing.
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- Accumulating and Assigning Overhead Costs
- Process of overhead allocation, overhead control account, over
vs. under-applied overhead, practical capacity, idol time, several
vs. planned-wide overhead rates, costing methods, absorption vs.
variable costing, variable selling and administrative costs, service
department costs, direct vs. step-down vs. reciprocal methods.
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