ACC 2020 - Ch 14, 15, and 16

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Accounting

Last updated 5:56 PM on 4/29/26
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10 Terms

1
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COGAS Formula

Beg FGI + COGM

2
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COGS Formula

COGM + Beg FGI - End FGI

3
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COGM Formula

Beg WIP + TMC - End WIP

4
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managerial responsibilities

planning, directing, and controlling

5
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TMC Formula

DM + DL + MOH

6
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Process Cost System

used when a company manufactures a large volume of similar products

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Job Order Cost System

costs are assigned to each job or batch of goods

8
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job order costing

only has one WIP account

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process costing

has multiple WIP accounts; assigns costs to departments and processes

10
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predetermined overhead rate formula

Estimated Annual Overhead Costs / Estimated Annual
Operating Activity