1. Know the types of cost accounting systems and what types of
business’s use each

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Question: 1. Know the types of cost accounting systems and what types of business’s use each 2. Know the fl…
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2. Know the flow of manufacturing costs through the inventory
accounts

3. Know product and period costs

4. Know definitions of: materials requisition, receiving report,
sales invoice and purchase order

5. Know the journal entries of the cost of products through the
inventory accounts

6. Know prime and conversion costs

7. Know journal entries to transfer costs from one department to
the next

8. Know three product costs

9. Know characteristics of job order and process cost
systems

10. Know fours steps to determine costs of goods completed

Problems general subject

Journal entry for factory overhead incurred

Compute predetermined factory overhead rate, amount of overhead
applied, and journal entry to apply overhead

Calculate overhead applied, if it is under or over and journal
entry to close under or over

Calculate equivalents units for materials and conversion
costs

Determine materials and conversion cost per equivalent units

Identify if company types use job order or process cost
systems

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