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U WINDSORACCT 2550George LanFall

Business 70-255 Chapter 5: Chapter 5

Many different jobs are worked on during each period, with each job having different production requirements. The job cost sheet is the key document co
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U WINDSORACCT 2550George LanFall

70-255 Chapter Notes - Chapter 8: Operating Leverage, Contribution Margin, Total Absorption Costing

Contribution margin income statement: used to see how profits will change when different operating decisions are made, ideal tool to use for decision m
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U WINDSORACCT 2550George LanFall

Business 70-255 Chapter 11: Standard Costs and Variance Analysis

Quantity standards specify how much of a resource should be used to make one unit of a product or provide one instance of a service. Price standards sp
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U WINDSORACCT 2550George LanFall

Business 70-255 Chapter 7: Chapter 7

The process used by businesses to describe how they intend to achieve their desired financial and nonfinancial objectives. Advantages of budgeting: thi
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U WINDSORACCT 2550George LanFall

70-255 Chapter Notes - Chapter 1: Business Process, Total Quality Management

The management cycle and the need for managerial accounting information. Service firms include doctor clinics, advertising agencies, and financial inst
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U WINDSORACCT 2550George LanFall

70-255 Chapter Notes - Chapter 3: Contribution Margin, Income Statement, Fixed Cost

The relative proportion of each type of cost present in a firm determines its cost structure. Fixed costs: the amount of fixed costs computed on a per-
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U WINDSORACCT 2550George LanFall

70-255 Chapter Notes - Chapter 2: Income Statement, Perpetual Inventory, Sunk Costs

Enables a manager to better understand costs. Managers often need to understand how costs will behave in response to changes in activity level. Useful
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U WINDSORACCT 2550George LanFall

70-255 Chapter Notes - Chapter 9: Target Costing

Relevant costs costs that differ between alternatives. Identifying relevant costs and benefits: differential cost the difference in costs between two a
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U WINDSORACCT 2550George LanFall

70-255 Chapter Notes - Chapter 4: Deutsche Luft Hansa, Indirect Costs, Timesheet

Flow shops and process costing: flow shops produce to stock, production occurs continuously in large volumes, unit cost = cost of production/volume of
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U WINDSORACCT 2550George LanFall

70-255 Chapter Notes - Chapter 6: Cost Estimate, Cost Accounting

Plant-wide overhead rate: a single overhead rate used throughout an entire factory, based on the convenience it offers in that the cost accounting syst
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