Key Concepts (Grade 12 NSC Matric Accounting): Flashcards
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Practise the cards
10 cards from this deck
3 depts in manufacturing business
3 depts in manufacturing business
Administration, Factory, Selling & Distribution
Factory dept cost types
Factory dept cost types
Direct (materials, wages) & indirect (overheads)
Direct labour cost
Direct labour cost
Wages for workers physically involved in making product
Raw materials stock
Raw materials stock
Unused raw materials stored in warehouse
Work-in-process stock
Work-in-process stock
Products in manufacturing but not yet completed
Finished goods stock
Finished goods stock
Completed products ready for sale
Fixed costs behaviour
Fixed costs behaviour
Remain constant regardless of production volume
Variable costs behaviour
Variable costs behaviour
Change directly with production volume
Material flow sequence
Material flow sequence
Storeroom → Factory → Showroom
Production cost statement purpose
Production cost statement purpose
Summarises all manufacturing costs for a specific period