TAILIEUCHUNG - Lecture Accounting for business: A guide for non-accountants (2/e) – Chapter 7: Costing concepts

The learning objectives for this chapter include: Describe the role of product and service costing in various types of organisations; define the following costing terms: fixed and variable cost, direct and indirect cost, product and period cost, manufacturing costs; discuss the difficulties associated with accounting for indirect manufacturing costs;. | Chapter 7 Costing concepts 7- Objectives Describe the role of product and service costing in various types of organisations. Define the following costing terms: Fixed and variable cost Direct and Indirect cost Product and Period cost Manufacturing costs. Discuss the difficulties associated with accounting for indirect manufacturing costs. 7- Objectives (continued) Identify the different types of inventory associated with manufacturing. List and compare the key features of the following cost accounting systems: Job costing Process costing Operations costing. Explain how inventories are valued under each of the costing systems. 7- Product and service costing Cost information is used by management in order to: determine selling prices achieve a certain level of profit complete financial statements. Service costing is used by service firms and product costing is used by manufacturing firms. 7- Costing terms Fixed costs: remain fixed in total, regardless of activity. Variable costs: have a direct relationship to product and change with production. 7- Direct and indirect costs Direct costs: can be easily traced to the manufacturing of a product . wood used in furniture. Indirect costs: cannot be traced directly to a product being produced. must be applied to a product using a base allocation. 7- Product and period costs Product costs: are manufacturing costs which are accumulated as inventories include direct materials and labour. Period costs: are all other costs of operating the business, expensed in the accounting period they are incurred. . general administrative, selling and financial. 7- Manufacturing costs Manufacturing costs: are incurred in manufacturing a product include raw material and the costs of converting the raw material into the completed product. Three categories: direct materials direct labour indirect manufacturing costs. 7- Manufacturing costs (continued) Direct materials: are raw materials used in production

• Kế toán - Kiểm toán
• Accounting for business
• Lecture Accounting for business
• Costing concepts
• Service costing
• Product costing
• Accounting for manufacturing overhead
• Accounting entity
• Classification of assets
• Accounting equation
• Accounting equation transactions
• Financial accounting reports
• Statement of financial performance
• Accrual accounting systems
• Statement of financial position
• Accounting reports
• Accounting principles
• Historical cost
• Monetary unit
• Accounting standards
• Australian accounting standards
• Conceptual framework
• Financial reports
• A business perspective
• Financial accounting
• Business decisions
• Recording business transactions
• Accounting theory
• Merchandising transactions
• Business accounting
• Business accounting two
• Frank Wood’s business accounting
• Original entry
• Financial statements of sole traders
• Adjustments for financial statements
• Special accounting procedures
• Principles of financial accounting
• Accounting information
• Accounting in business
• International standards
• Accounting assumptions
• Managerial accounting
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Financial reporting
• The accounting cycle
• Limited companies
• Special accounts
• Group financial statements
• Consolidation of balance sheets
• Lecture Financial accounting
• Business decision
• Kế toán tài chính
• Accounting information system
• Accounting transactions
• Paper F1
• Accountant in business
• Revision kit 2016
• Business on Accounting
• Business Accounting documents list
• Small business
• Accounting and finance for your small business
• Industrial management
• Business enterprises
• Small Business management
• New business enterprises management
• Operating the business
• Business accounting and finance
• The importance of accounting
• Recording financial transactions
• Statement of cash flows
• Corporate governance
• Financial statements analysis
• Ebook Business accounting 1
• Balance sheet
• Double entry system for assets
• Balancing off accounts
• Accounting ratios
• Payments accounts
• Manufacturing accounts
• Departmental accounts
• the accounting
• auditing
• business
• accounting salaries
• accounting methods
• business ghiep accounting
• audit documents
• vouchers
• corporate tax
• wage accounting
• accounting
• statistics
• accounting documents
• Stock investments
• Interpretation of financial statements
• Financial statements
• Managerial accounting concepts
• Accrual accounting
• Revenue recognition