ADMS 1500 Chapter Notes - Chapter 2: Behaviorism, Finished Good, Fixed Cost

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Part a (35 multiple choice questions mix of both calculation and conceptual) Chapter 2: managerial cost concepts and cost behaviour. ** practice cp, ice, self study question, and assigned question. Direct materials: materials physically and directly associated with finished product. Direct labour: factory employees physically/directly associated with finished goods. Manufacturing overhead: indirect materials, indirect labour, amortization, insurance, taxes, maintenance. The concepts of prime cost and conversion costs. The sum of all direct materials costs and direct labour costs. These are all direct manufacturing costs. (direct materials + direct labour) The sum of all direct labour costs and manufacturing overhead costs, which together are the costs of converting raw materials into a final product. (direct labour + manufacturing. The concepts of product cost and period costs. The necessary costs of producing a product and is recorded as inventory, not an expense until inventory is sold. (dm+dl+moh) Matched with revenue of a specific period, charged as incurred, non-manufacturing (selling expenses, general/admin expenses)

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