A system for accumulating detailed information about the cost of producing a product is known as a a. product costing system. b. financial accounting system.c. managerial accounting system. d. cost accounting system. (I got A. incorrect)

A system for accumulating detailed information about the cost of producing a product is known as a a. product costing system. b. financial accounting system.c. managerial accounting system. d. cost accounting system. (I got A. incorrect)

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter4: Activity-based Costing

Section: Chapter Questions

Problem 9DQ

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

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A system for accumulating detailed information about the cost of producing a
product is known as a a. product costing system. b. financial accounting system.c.
managerial accounting system. d. cost accounting system. (I got A. incorrect)

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Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be measured and tracked. d. costs must be allocated to units of production. e. costs have expired and must be transferred from the balance sheet to the income statement.
Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B. identify non-value-added costs C. analyze the effect on manufacturing overhead D. identify the correlation between the potential driver and manufacturing overhead
For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventory
What is the proper order of tasks In an ABC system? identify the cost drivers, assign the costs to the products, calculate the overhead application rate for each cost pool, identify the cost pools assign the costs to the products, identify the cost drivers, calculate the overhead application rate for each cost pool, identify the cost pools identify the cost drivers, identify the cost pools, calculate the overhead application rate for each cost pool, assign the costs to the products identify the cost pools, identify the cost drivers, calculate the overhead application rate for each cost pool, assign the costs to the products
From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: a. A product, sales territory, department, or activity to which costs are traced is called a (direct cost, cost object). b. Advertising costs are usually viewed as (period, product) costs. c. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs. d. Feedback is often used to (improve, direct) operations. e. A sacrifice made to obtain some benefit is a (cost, expense). f. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory). g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.
It is the collection of cost data in some way through an accounting system A. Cost allocation OB. Cost Absorption C. Cost Assignment OD. Cost accumulation
Cost accounting is an area of accounting concerned with cost determination, cost control and cost analysis. Which of the following is a description of cost control? a. Refers to the use of cost data by management in decision making. b. None of the above c.Refers to the comparison of standards set for costs per unit and with the figures per actual operations so that remedial measures may be adopted if needed. d.Refers to the accumulation of cost data by products, process or services to be able to arrive at a unit cost.
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Refers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer O b. Financial Accounting O c. Auditing O d. Cost Accounting
The definition of the cost is the collection of cost data in some organized way by means of an accounting system. Select one: True False
Accounting When refining a costing system, the desire to identify direct costs, is primarily drive by the fact that: a.Direct Costs are cheaper to identify cross out b.Direct costs are traceable cross out c.Direct costs are included in manufacturing overhead cross out d.Direct costs are not included in cost of good sold
Please explain with examples briefly benefits of accounting system for manual cost accounting?