Cost accounting: an introduction to cost management systems by Philip Jagolinzer

By Philip Jagolinzer

This article makes a speciality of the function "cost accounting" performs in fee administration platforms. The textual content is designed to be a place to begin that covers the fundamental fee accounting themes (job-order costing, procedure costing and conventional costing platforms and overhead allocation) whereas allowing teachers the liberty to stress extra fabric with case paintings and out of doors readings.

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5. C. Dividing costs should depend on logic, fairness, and the cost/benefit of any method. 6. A. Estimates are often more valuable than information with certainty. The key to decision making is the timeliness of information. Certain information that arrives too late is of little value for the decision. Timely and well thought out estimates are frequently used to assist the decision maker. 7. D. Reports prepared by any accountant should normally include computations, judgments, and assumptions used in developing the document.

A warehouse of lumber offers an inventory of raw materials (wood) for the manufacture of wooden tables. Requisitions are used to obtain a supply of wood from the warehouse for the cutting machines. When the lumber leaves the warehouse, it changes its name from raw material to direct or indirect material and enters the production cycle (the period during which raw materials are converted to finished products). Not only does a name change occur, but lumber, and its associated cost, moves into another inventory.

D. What is the total cost of making a meatloaf? Use the following format for the financial part of your report: Direct Materials: QUANTITYUNIT OF MEASURETYPE OF MATERIALUNITCOSTTOTALCOST Direct Labor:AMOUNT OF TIMEDESCRIPTION OF LABORUNIT COSTTOTAL COST(continued) Page 3 Overhead:QUANTITYUNIT OF MEASUREDESCRIPTION OF OVERHEADUNITCOSTTOTALCOST Total Cost of Making a Meatloaf: TOTALCOST Discussion Question 1-1 Suppose Justin estimates the materials (ingredients) cost to make a meatloaf to be $5. Can you think of some decisions related to making a meatloaf for which he needs actual information rather than estimates?

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