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Accounting Essay

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Below is an essay on "Accounting" from Anti Essays, your source for research papers, essays, and term paper examples.

Product costs only those costs incurred during the production elements of the production chain. they are someway related to the making of the actual product examples are direct material direct labor and manufacturing overhead

Period Costs :   all costs associated with the research and development sales and marketing operations of the nonmanufacturing aspects of the company

Direct costs are costs that can be traced to the cost object ( thing that is being made)

Indirect costs are costs that cannot be traced to the cost object.   These include things that are hard to track to the cost object such as cost of oil used to lubricate the bicycle cables wages for the factory maintenance personnel or salary of the shop supervisor and utilities.

Prime costs refer to the combination of direct materials and direct labor

Conversion costs refer to the combination of direct labor and manufacturing overhead

Chapter #3 demo doc

Process costing is used by companies that produce extremely large numbers of identical units through a series of uniform production steps or processes.

Job costing is used by companies that produce unique custom order products or relatively small batches of different products.    

Pre-determined indirect cost allocation rate equals total estimated indirect cost divided by total estimated amount of the allocation base.

When manufacturing overhead is assigned it is credited to manufacturing overhead

When we allocate manufacturing overhead we moved that manufacturing overhead into work in process inventory by debiting work in process inventory and crediting manufacturing overhead

Manufacturing overhead:
-a debit balance represents under allocated.
-a credit balance represents over allocated

If we over allocate manufacturing overhead that means that cost of goods sold is too high the inverse is also true.

Demo doc Chapter #4

Plant wide overhead rate equals total plantwide manufacturing overhead over total plant...

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