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Summary: Samenvatting Fidm
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Read the summary and the most important questions on Samenvatting FIDM
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1 Eigen flashcards lecture 1, 2, 3
This is a preview. There are 18 more flashcards available for chapter 1
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Indirect costs are related to a particular cost object but cannot be traced to it because
- cost element is shared among cost objects (common costs)
- physically impossible to trace
- not cost effective to trace -
Criticism traditional allocation method
- Assumes all overhead is volume related
- Organization-wide or departmental rates all related to single activity measure
- Departmental focus, not process focus
- Focus on costs incurred, not cause of costs -
Over-absorbed overhead/over-recovery of overhead
Actual overhead < absorbed overhead -
Cost allocations act as
an internal tax system -
Joint costing: Physical measurement method
Determine weighing of joint cost allocated accordingly with production in kg -
Joint costing: Sales value at split-off method
Determine weighing of joint cost allocated accordingly with sales value -
Variable costing (=direct costing/marginal costing)
Excludes fixed costs from product costs and writes them off in the year that the costs are incurred.
Operating income = sales x (price - full costs) + (actual production - normal production) x fixed OH rate -
Dysfunctional effect under absorption costing:
- Managers can defer recognition of fixed manufacturing costs by building ending inventory
- Incentive to over-produce -
For which type of costing does level of sales determine break-even point
Variable costing -
Examples batch-related activities
set-ups, purchase ordering and first-item inspection activities
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Topics related to Summary: Samenvatting Fidm
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Eigen flashcards FIDM - Eigen flashcards
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An introduction to cost terms and concepts
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Cost assignment
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Joint and Product costing
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Income effects of alternative cost accumulation systems
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Cost volume profit analysis
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Measuring relevant costs and revenue for decision making
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Pricing decisions and profitability analysis
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Activity Based Costing (ABC)
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Decision making under conditions of risk and uncertainty
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Capital investment decisions: appraisal methods
