Cost Accounting (Grade 10 NSC Matric Accounting): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Manufacturing enterprise
Manufacturing enterprise
Transforms raw materials into finished products
Fixed costs
Fixed costs
Expenses that stay same regardless of production volume
Variable costs
Variable costs
Expenses that change with production volume
Direct costs
Direct costs
Can be directly linked to specific products
Indirect costs (overheads)
Indirect costs (overheads)
Cannot be directly linked to specific products
Primary costs formula
Primary costs formula
Direct material + Direct labour
Manufacturing costs formula
Manufacturing costs formula
Primary costs + Overheads
Direct labour costs
Direct labour costs
Payments to employees directly involved in making product
Work-in-progress
Work-in-progress
Units that are incomplete/still being manufactured
Direct material costs
Direct material costs
Raw materials that become part of the final product