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12 Cards in this Set
- Front
- Back
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Name the three things necessary for fraud to occuf |
Opportunity Financial pressure Rationalization |
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What makes up product costs? |
Those costs necessary to create a product Direct material Direct labor Factory overhead |
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When are period costs expensed? |
In the period when incurred |
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What is a prime cost? |
An expenditure directly associated with the manufacture of finished goods |
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What is a conversion cost? |
Expindituer incurred in the process of converting raw materials to finished goods |
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What is the formula for prime costs? |
Prime costs=DM+DL |
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What is the formula for conversion costs? |
DL+FOH |
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What is the formula for COGS for a manufacturer? |
Beginning finished goods inventory+Cost of goods manufactured-ending finished goods inventory |
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What is cost of goods manufactured (COGM) |
The. Sum of DM, DL and FOH costs incurred in making the product |
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What are the three types of activity that the flow of manufacturing follows (list them in order) |
Materials activity Production activity Sales activity |
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Describe the flow of manufacturing activities |
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What are the four steps for a schedule of COGM |
Compute DM used Compute DL costs used Compute total factory overhead costs used Compute COGM |
