C250 Cost and Managerial Accounting
The Cost and Managerial Accounting course will cover managerial accounting as part of the information managers' use for planning and controlling operations. It prepares students to consider cost behavior and employ various cost methods. Job-order costing, process costing, and activity-based costing methods will be covered, along with cost-benefit analysis, standard costing, variance analysis, and cost reporting.
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C250 Cost and Managerial Accounting - Marcador
C250 Cost and Managerial Accounting - Detalles
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| Business Process | A series of steps that are followed in order to carry out some task in a business. |
| Budget | A detailed plan for the future that is usually expressed in formal quantitative terms |
| Controlling | The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change |
| Corporate social responsibility | A concept whereby organizations consider the needs of all stakeholders when making decisions |
| Decision making | Selecting a course of action from competing alternatives. |
| Value chain | The major business functions that add value to a company’s products and services, such as research and development, product design, manufacturing, marketing, distribution, and customer service |
| Strategy | A company’s “game plan” for attracting customers by distinguishing itself from competitors |
| Segment | Any part or activity of an organization about which managers seek cost, revenue, or profit data. |
| Planning | Developing goals and preparing budgets to achieve those goals. |
| Performance report | A report that compares budgeted data to actual data to highlight instances of excellent and unsatisfactory performance. |
| Managerial accounting | The phase of accounting that is concerned with providing information to managers for use within the organization. |
| Lean Production | A management approach that organizes resources such as people and machines around the flow of business processes and that only produces units in response to customer orders. |
| Financial accounting | The phase of accounting that is concerned with reporting historical financial information to external parties, such as stockholders, creditors, and regulators |
| Enterprise risk management | A process used by a company to identify its risks and develop responses to them that enable it to be reasonably assured of meeting its goals. |
| Predetermined Overhead Rate (POR) | Estimated Overhead Costs/Estimated Activity Base |
| Overhead Applied | Predetermined Overhead Rate x Actual Amount of the Activity Base for the Period |
| Direct Materials Used | Raw Materials Inventory (Beg) + Raw Material Purchases - Raw Materials Inventory (End) |
| Cost of Goods Manufactured | (WIP (beg) + Total Manufacturing Costs) - WIP (end) |
| Total Manufacturing Costs | Direct Materials + Direct Labor + Manufacturing Overhead |
| Unadjusted Cost of Goods Sold | Beg Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory |
| Adjusting Cost of Goods Sold | COGS +/- the over/under applied overhead |
| Weighted Average Equivalent Units of Production (EUP) | Units Completed and Transferred Out + EUP in Ending WIP Inventory |
| Weighted Average Cost per EUP (Equivalent Units of Production) | (Costs in Beg. WIP Inventory + Costs Added During the Period) / EUP |
| Contribution Margin per Unit (CMU) | Sales Price per Unit - Variable Cost per Unit |
| Contribution Margin Ratio (CMR) | Contribution Margin per Unit / Sales Price per Unit |
| Breakeven Point in Dollars | Fixed Costs / Contribution Margin Ratio |
| Breakeven Point in Units | Fixed Costs / Contribution Margin Ratio |
| Margin of Safety in Dollars | Total Budgeted (or Actual) Sales - Break Even Sales |
| Degree of Operating Leverage | Contribution Margin / Net Operating Income |
| Percentage Change in Net Operating Income | Degree of Operating Leverage x Percentage Change in Sales |
| Labor Rate Variance | Actual Hours ( Actual Rate - Standard Rate) |
| Labor Efficiency Variance | Standard Rate (Actual Hours - Standard Hours) |
| Variable Overhead Rate Variance | Actual Hours (Actual Rate - Standard Rate) |
| Variable Overhead Efficiency Variance | Standard Rate (Actual Hours - Standard Hours) |
| Materials Price Variance | Actual Quantity (Actual Price - Standard Price) |
| Materials Quantity Variance | Standard Price (Actual Quantity - Standard Quantity) |
| Return on Investment (ROI) | Net Operating Income / Average Operating Assets |
| Turnover | Sales / Average Operating Assets |
| Margin | Net Operating Income / Sales |
| Variable cost | A cost that varies, in total, in direct proportion to changes in the level of activity. A variable cost is constant per unit |
| Sunk cost | A cost that has already been incurred and that cannot be changed by any decision made now or in the future |
| Selling costs | All costs that are incurred to secure customer orders and get the finished product or service into the hands of the customer |
| Relevant range | The range of activity within which assumptions about variable and fixed cost behavior are valid |
| Raw materials | Any materials that go into the final product |
| Product costs | All costs that are involved in acquiring or making a product. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead. (aka Inventoriable costs) |
| Prime cost | Direct materials cost plus direct labor cost |
| Period costs | Costs that are taken directly to the income statement as expenses in the period in which they are incurred or accrued. |
| Opportunity cost | The potential benefit that is given up when one alternative is selected over another |
| Mixed cost | A cost that contains both variable and fixed cost elements |
| Manufacturing overhead | All manufacturing costs except direct materials and direct labor |
| Linear cost behavior | Cost behavior is said to be linear whenever a straight line is a reasonable approximation for the relation between cost and activity. |
| Least-squares regression method | A method of separating a mixed cost into its fixed and variable elements by fitting a regression line that minimizes the sum of the squared errors |
| Inventoriable costs | Small items of material such as glue and nails that may be an integral part of a finished product, but whose costs cannot be easily or conveniently traced to it. |
| Indirect Cost | Small items of material such as glue and nails that may be an integral part of a finished product, but whose costs cannot be easily or conveniently traced to it. |
| Indirect labor | The labor costs of janitors, supervisors, materials handlers, and other factory workers that cannot be conveniently traced to particular products |
| Indirect cost | A cost that cannot be easily and conveniently traced to a specified cost object |
| Independent variable | A variable that acts as a causal factor; activity is the independent variable |
| Incremental cost | An increase in cost between two alternatives. |
| High-low method | A method of separating a mixed cost into its fixed and variable elements by analyzing the change in cost between the high and low activity levels |
| Fixed cost | A cost that remains constant, in total, regardless of changes in the level of activity within the relevant range. If a fixed cost is expressed on a per unit basis, it varies inversely with the level of activity. |
| Engineering approach | A detailed analysis of cost behavior based on an industrial engineer’s evaluation of the inputs that are required to carry out a particular activity and of the prices of those inputs |
| Discretionary fixed costs | Those fixed costs that arise from annual decisions by management to spend on certain fixed cost items, such as advertising and research. |
| Direct materials | Materials that become an integral part of a finished product and whose costs can be conveniently traced to it. |
| Direct labor | Factory labor costs that can be easily traced to individual units of product. |
| Direct cost | A cost that can be easily and conveniently traced to a specified cost object. |
| Differential revenue | The difference in revenue between two alternatives. |
| Differential cost | A difference in cost between two alternatives. |
| Dependent variable | A variable that responds to some causal factor; total cost is the dependent variable |
| Cost structure | The relative proportion of fixed, variable, and mixed costs in an organization. |
| Cost object | Anything for which cost data are desired. Examples of cost objects are products, customers, jobs, and parts of the organization such as departments or divisions. |
| Cost behavior | The way in which a cost reacts to changes in the level of activity |
| Conversion cost | Direct labor cost plus manufacturing overhead cost |
| Contribution margin | The amount remaining from sales revenues after all variable expenses have been deducted. |
| Contribution approach | An income statement format that organizes costs by their behavior. Costs are separated into variable and fixed categories rather than being separated into product and period costs for external reporting purposes |
| Common cost | A cost that is incurred to support a number of cost objects but that cannot be traced to them individually. |
| Committed fixed costs | Investments in facilities, equipment, and basic organizational structure that can’t be significantly reduced even for short periods of time without making fundamental changes. |
| Administrative costs | All executive, organizational, and clerical costs associated with the general management of an organization rather than with manufacturing or selling |
| Activity base | A measure of whatever causes the incurrence of a variable cost. |
| Account analysis | A method for analyzing cost behavior in which an account is classified as either variable or fixed based on the analyst’s prior knowledge of how the cost in the account behaves. |
| Cost driver | A factor, such as machine-hours, beds occupied, computer time, or flight-hours, that causes overhead costs. |
| Plantwide overhead rate | A single predetermined overhead rate that is used throughout a plant |
| Multiple predetermined overhead rates | A costing system with multiple overhead cost pools and a different predetermined overhead rate for each cost pool, rather than a single predetermined overhead rate for the entire company. Each production department may be treated as a separate overhead cost pool. |
| Underapplied overhead | A debit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process is less than the amount of overhead cost actually incurred during a period. |
| Overapplied overhead | A credit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process exceeds the amount of overhead cost actually incurred during a period |
| Schedule of cost of goods sold | A schedule that contains three elements of product costs—direct materials, direct labor, and manufacturing overhead—and that summarizes the portions of those costs that remain in ending Finished Goods inventory and that are transferred out of Finished Goods into Cost of Goods Sold |
| Schedule of cost of goods manufactured | A schedule that contains three elements of product costs—direct materials, direct labor, and manufacturing overhead—and that summarizes the portions of those costs that remain in ending Work in Process inventory and that are transferred out of Work in Process into Finished Goods. |
| Cost of goods manufactured | The manufacturing costs associated with the goods that were finished during the period. |
| Normal cost system | A costing system in which overhead costs are applied to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job. |
| Predetermined overhead rate | A rate used to charge manufacturing overhead cost to jobs that is established in advance for each period. It is computed by dividing the estimated total manufacturing overhead cost for the period by the estimated total amount of the allocation base for the period. |
| Absorption Costing | A costing method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in unit product costs. |
| Job-order costing | A costing system used in situations where many different products, jobs, or services are produced each period. |
| Bill of materials | A document that shows the quantity of each type of direct material required to make a product. |
| Materials requisition form | A document that specifies the type and quantity of materials to be drawn from the storeroom and that identifies the job that will be charged for the cost of those materials. |
| Time ticket | A document that is used to record the amount of time an employee spends on various activities |
| Allocation base | A measure of activity such as direct labor-hours or machine-hours that is used to assign costs to cost objects |
| Overhead application | The process of charging manufacturing overhead cost to job cost sheets and to the Work in Process account |
| Job cost sheet | A form that records the materials, labor, and manufacturing overhead costs charged to a job. |
| Operation costing | A hybrid costing system used when products have some common characteristics and some individual characteristics. |
| Process costing | A costing method used when essentially homogeneous products are produced on a continuous basis. |
| Processing department | An organizational unit where work is performed on a product and where materials, labor, or overhead costs are added to the product. |