ACCT 311 Study Guide - Comprehensive Final Exam Guide - Income Statement, Fixed Cost, Contribution Margin

• School: American River College
• Department: Accounting
• Course: ACCT 311
• Professor: Pollard

Document Summary

Student learning outcomes: define and illustrate various cost terms, concepts, and behaviors, and evaluate their relevancy for different decision-making purposes, distinguish between product and period costs and prepare and evaluate a schedule of cost of. Goods manufactured, schedule of cost of goods sold, and income statement: prepare traditional and contribution-margin income statements and define related terms. Direct particular cost object particular cost object; belongs to, but is not individually traceable to, many cost objects common. Product costs include: direct materials - materials that produce the final product which can be. Prime costs physically and conveniently traced to the product direct labor (touch labor) - labor that can physically and conveniently traced to the product. Period deliver the product or service to the customer business or selling costs - costs necessary to take customer orders and. Administrative costs - costs associated with the general management of the: cost classifications for predicting cost behavior.