[ACCT 1022] - Final Exam Guide - Everything you need to know! (80 pages long)

• School: Boston College
• Department: Accounting
• Course: ACCT1022
• Professor: Ewa Sletten

Document Summary

Poor judgment regarding strategic decision, inability to spot problems early, deteriorating performance, going out of business. Contravention of accepted principles, scrutiny by investors, intervention by regulators, litigation, monetary penalties and jail. Charge direct material and direct labor costs to each job as work is performed. Manufacturing overhead, including indirect materials and indirect labor, are allocated to all jobs rather than directly traced to each job. Compute individual break even volume based on the weights. Remember our focus of perfroamnce has always been earnings: would the different costing systems tield different earnings numbers, if so how would you reconcile the differences. Yes, as part of period cost yes, as part of variable cost. Yes, as part of period cost yes, as part of fixed cost. Goods sold but only when goods are sold. Yes, as part of fixed cost regardless of when goods are sold. In response to two different challenges: decision control vs. decision making.