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雷达卡
MA garrison
c1 managerial accounting and concepts
lo
-understand cost classifications used for assigning costs to cost objects; direct costs and indirect costs
-identify and give examples of each of the three basic manufacturing cost categories
-understand cost classifications used to prepare financial statements: product costs and period cost
-understand cost classifications used to predict cost behavior: variable cost, fixed costs, and,mixed costs
-understand cost classifications used in making decisions: differential costs, sunk costs, and opportunity costs
-prepare income statements for a merchandising company using the tradtional and contribution formats
-identify the four types of quality costs and explain how they interact
-prepare and interpret a quality cost report
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1.1
a cost object is anything for which cost data are desired/ or anything for which a separate measurement of cost is desired
direct cost- a cost that can be easily and conveniently traced to a specified cost object
indirect cost-******** not *****
common cost- a cost that is incurred to support a number of number of cost objects but cannot be traced back to them individually
**direct oe indirect depending on the cost object
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1.2
manufacturing costs
direct materials
direct labor
-the sum is prime cost
manufacturing overhead
-indirect labor
-indirect material
-indirect costs associated with manufacturing operations
- -conversion cost : sum of direct labor and manufacturing overhead
Nonmanufacturing costs
selling costs- all costs that are incurred to secure customer orders and get the finished product to the customer
administrative costs- all costs associated with the general management of an organization rather than with manufacturing or selling
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1.3 cost classifications for peeparing financial statements
product costs-- include all costs involved in acquring or making a product
-- when units of product are sold, their costs are released from inventory as expenses--product cost. aka inventoriable costs
-raw materials, work in process, finished goods
period costs- all the costs that are not product costs
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1.4 cost classifications for predicting cost behavior
cost behavior refers to how a cost reacts to changes in the level of activity
-cost structure-- the relative proportion of each type of cost in an organization
variable cost
a variable cost varies, in total, in direct proportion to changes in the level of activity
- variable with activity base - sometimes refer to cost driver
an activity base-- a measure of whatever causes the incurrence of a variable cost
fixed cost
a fixed cost is a cost remains constant, in total, regardless of changes in the level of activity
for planning purposes, -commited or discretionary
the linearity assumption and relevant range
- management accountants ordinarily assume that costs are strictly linear
- relevant range is the range of activity within which the assumption that cost behavior is strictly linear is reasonably valid
mixed costs-aka semivariable costs
Y = a + bX
a- total fixed. b- variable per unit x - activity Level
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1.5 cost classifications for decision making
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