ACCT 002 Lecture Notes - Lecture 12: Operations Management, Matching Principle, Financial Statement

• School: College of The Sequoias
• Department: Accounting (ACCT)
• Course: ACCT 002
• Professor: cooper

Document Summary

Purposes: pricing, preparing profitability studies & controlling spending. Cost object is anything for which cost data is desired. Direct cost cost that can be easily traced to a specified cost object. Indirect cost cost that cannot be easily be traced to a specified cost object. Common cost cost incurred to support a # of cost objects but cannot be traced to them individually. Indirect if cannot be directly traced to a product treated as overhead. Includes all mfg costs except direct materials& direct labor. Includes: indirect materials, indirect labor, maintenance & repairs, heat & light, Aka indirect mfg cost, factory overhead, factory burden property tax, depreciation . Selling costs all costs incurred to secure cust orders & get product to cust. Administrative costs all costs assoc w/ general management or org rather than. Aka order-getting and order filling costs w/ mfg or selling. Aka selling, general & admin costs or jest selling and admin costs.