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Lecture Accounting principles (8E): Chapter 20 - Coby Harmon

After completing this chapter you should be able to: Explain the characteristics and purposes of cost accounting, describe the flow of costs in a job order cost accounting system, explain the nature and importance of a job cost sheet, indicate how the predetermined overhead rate is determined and used. | CHAPTER 20 JOB ORDER COST ACCOUNTING Accounting Principles, Eighth Edition Explain the characteristics and purposes of cost accounting. Describe the flow of costs in a job order cost accounting system. Explain the nature and importance of a job cost sheet. Indicate how the predetermined overhead rate is determined and used. Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Study Objectives Prepare entries for jobs completed and sold. Distinguish between under- and over- applied manufacturing overhead. 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Preview of Chapter Accurate product costing is critical to a company’s success For accurate bids on new jobs For determining potential profitability of new jobs For identifying profitability of completed jobs 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s | CHAPTER 20 JOB ORDER COST ACCOUNTING Accounting Principles, Eighth Edition Explain the characteristics and purposes of cost accounting. Describe the flow of costs in a job order cost accounting system. Explain the nature and importance of a job cost sheet. Indicate how the predetermined overhead rate is determined and used. Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Study Objectives Prepare entries for jobs completed and sold. Distinguish between under- and over- applied manufacturing overhead. 1. On the topic, “Challenges Facing .