fickernuit's version from 2016-02-18 19:38

Section 1

Question Answer
Written authorization to supplier to ship specified materialPurchase order
Prepare the receiving reportReceiving clerk
Subsidiary ledger used by storeroom clerkMaterials ledger
Records requisition information Job cost sheet
All materials rehired on the job Bill of materials
issued at highest cost (falling)Fifo
Issued at lower cost than fifo (falling)Average

Section 2

Question Answer
Game plan enabling company to attract customers by distinguishing himselfStrategy
Same or better value at lower costCost leadership strategy
Increase what customer receivesProduct differentiation
Usefulness customer gains from company's product or serviceValue
Sequence of business functions in which a product is made more useful to customers Value chain
Flow of goods and services and information Supply chain
Set goals and strategiesPlanning
Important planning toolBudget
Smooth running operationDirecting
Evaluation, keeping activities on track, goals metControlling
Moral principlesEthics
Standards of behaviorProfessional ethics
Develop and maintain skills needed in practice professionCompetence
Refrain from disclosureConfidentiality
Full fair timely disclosure of relevant informationCredibility
Response to corporate scandalsSad anes-Oxley Act
Sacrificed or foregone resource for specific objectiveCost
Collection of cost dataCost accumulation
Gather of accumulated costsCost assignment
Causally affects costsCost driver
Unit costs should be used cautiouslyCost caveat

Section 3

Question Answer
Lowest product costTheoretical
Low product, reduced by ongoing regular operationsPractical
Attainable level of activity, higher product costNormal
Highest product costExpected

Section 4

Question Answer
Inherent in manufacturing processShrinkage
Can be economically reworked and solddefects
Cannot be economically reworkedSpoilage
Units of production do not meet specsSpoilage
Do not meet specs by customers but are subsequently repairedrework
Residual material that results from manufacturing productscrap
Normal spoilageMFOH
Specific to jobcharged to the job
Abnormal Loss treatmentwritten off as period cost and charges to loss from abnormal spoilage account
Treatment of material scrapreduction to cost of specific job

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