Process costing involves repetitive production and heterogeneous products among its features. Once equivalent units are calculated for materials, this number may also be used for direct labor and factory overhead. The process cost summary is a primary managerial accounting report produced by a process cost accounting system. Wage expenses are always direct expenses. Joint costs are several costs incurred in producing or purchasing a product.
Past performance is the best overall basis for evaluating performance.
The master budget consists of three major groups of budget components. The operating and financial budgets depend on information provided by the sales budget. Describe a stock split. List two advantages of selling bonds instead of selling stock by a corporation. List two examples of cash outflows from operating activities.