TAILIEUCHUNG - Lecture Managerial accounting - Topic focus 4: Standard costing systems

After studying this chapter you will be able to understand: Why use a standard cost system? Purchase of direct materials, use of direct materials, recording direct labor, recording applied overhead, recording actual overhead,. | TOPIC FOCUS ON STANDARD COSTING SYSTEMS WHY USE A STANDARD COST SYSTEM? Actual costs can fluctuate, resulting in difficult tracing of cost flow to physical goods flow Facilitates recognition of variances that may signal need for corrective action PURCHASE OF DIRECT MATERIALS Raw Materials Inventory XXX Debit to Raw Materials Inventory is based on actual quantity purchased at standard price Unfavorable Materials Price Variance XXX Favorable Materials Price Variance XXX Difference needed to balance the entry is recorded as the Direct Materials Price Variance Credit to Accounts Payable or Cash is based on the actual quantity at the actual price Accounts Payable or Cash XXX USE OF DIRECT MATERIALS Work in Process Inventory XXX Debit to Work in Process is based on standard quantity allowed for production at standard price Unfavorable Materials Quantity Variance XXX Favorable Materials Quantity Variance XXX Difference needed to balance the entry is recorded as the Direct Materials Quantity

• Kế toán - Kiểm toán
• Managerial accounting
• Lecture Managerial accounting
• Process costing
• Standard costing systems
• Standard costing systems
• Direct materials
• Managerial accounting for managers
• Profitability analysis
• Decision making
• Operations management majors
• Nonmanufacturing costs
• Classifications of costs
• Kế toán quản trị
• Managerial accounting information
• General cost classifi cations
• Product costs
• Accounting information
• Managerial decision
• Process management
• Financial statement
• Cost concepts
• Managerial accounting basics
• Managerial cost
• Period costs
• Lecture Financial and managerial accounting
• Financial statements
• Managerial decisions
• Financial accounting
• Dynamic business environment
• Reporting manufacturing activities
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Relevant costing
• Accounting activities
• Business activities
• Income statement
• Accounting cycle
• Accounting for merchandising operations
• Merchandising operations
• Capital budgeting decisions
• Time value of money
• Income taxes
• After tax cost