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objective
Actual costa cost that has occurred
Budgeted costa predicted cost
Cost objectanything of interest for which a
cost is desired
Illustration
Product
Service
Project
Customer
Activity
Department
in an organized manner
Cost assignmenta general term that
includes gathering accumulated costs to a
cost object. This includes:
Tracing accumulated costs with a direct
Cost Examples
Direct Costs
Parts
Assembly line wages
Indirect Costs
Electricity
Rent
Property taxes
Factors Affecting
Direct/Indirect Cost
Cost materiality
Classification
Availability of information-gathering
technology
Operational design
Cost Behavior
Variable costschanges in total in proportion
Cost Behavior
Variable costs are constant on a per-unit
Total Dollars
Dollars
Total
Change in
in
Change
proportion with
with
proportion
output
output
Cost
Cost per
Per Unit
Unit
Unchanged in
relation to output
Moreoutput
output==More
Morecost
cost
More
Fixed Costs
Fixed Costs
Change
Change inversely
inversely
with
Unchanged in
with
output
Unchanged in
output
= lower cost
relation to output More output
relation to output More output = lower
per cost
unit
per unit
A Cost Caveat
Unit costs should be used cautiously. Because
Multiple Classification of
Costs
Multiple Classification of
Costs, Visualized
Types of Manufacturing
Inventories
Accounting Distinction
Between Costs
Cost Flows
The Cost of Goods Manufactured and the Cost
Multiple-Step Income
Statement
STEP 4
STEP 2
STEP 3