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ADM 2341 Cheat Sheet.docx

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University of Ottawa
Robert Bergquist

ADM 2341 Cheat Sheet Debit (L) Credit (R) Costs of Goods Sold: Assets Increase Decrease + Beginning finished goods inventory Liabilities Decrease Increase + Cost of goods manufactured Equity Decrease Increase = Cost of goods available for sale - Ending finished goods inventory Revenue Decrease Increase = Cost of goods sold Expenses Increase Decrease Costs of Goods Manufactured: + Beginning work in process inventory Predetermined Departmental MOH Rates: + Direct materials used = Total estimated dept mfg overhead costs + Direct labour Total estimated amount of allocation base + Manufacturing overhead = Total manufacturing costs to account for Activity-based management (ABM) refers to using - Ending work in process inventory activity-based cost information to make decisions that = Cost of goods manufactured increase profits while satisfying customers’ needs. Sarbanes-Oxley Act of 2002: American legislation Direct Materials Used: requiring a company’s CEO and CFO to assume responsibility + Beginning raw materials inventory XLBR: enables companies to release financial and + Purchases of raw materials business information in a format that can be quickly, + Freight in efficiently, and cost-effectively accessed, sorted, and = Materials available for use analyzed over the internet - Ending raw materials inventory Lean production: the philosophy of manufacturing = Direct materials used without waste Just-in-time: an inventory philosophy Predetermined MOH Rate: Total costs: includes the costs of all resources used throughout the value chain = Total estimated mfg overhead costs Inventoriable product costs: includes only the cost Total estimated amount of allocation base incurred during the “production or purchases” stage of the value chain Allocated MOH: Direct materials: the primary raw materials that become a physical part of the finished product =POHR x Amount of cost allocation activity used Direct labour: the cost of compensating employees who physically convert raw materials into the company’s Debit “Actual Overhead Costs” and credit Allocated products MOH. Ma
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