Costing Systems and Standard Costing
68 resources created by 54 users
This Costing Systems and Standard Costing page on GoConqr gathers community-made flashcards, mind maps, quizzes and notes on job-order costing, process costing, activity-based costing and variance analysis. It's built for university students going over a topic or filling gaps, and for teachers after ready-made material. There are over 60 resources here, including more than 30 flashcards and a few quizzes, made by over 50 contributors. Open a deck of key terms or a mind map, then try a quiz to see what you remember.
Top Costing Systems and Standard Costing resources
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15 cardsBUS 371 Ch 3 Key Terms Flashcards on BUS 371 Ch 3 Key Terms
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8 cardsChapter 4 Key Words Cost/Managerial Accounting All Eight words and their definitions
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20 cardsCost and Managerial Accounting Chapter Two Key Terms Key terms defined from chapter two
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17 questionsFP&A IIA-7 Quiz
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22 questionsLecture 5- Standard costing & variance analysis (2)
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33 cardsBUS 371 - Chapter 7 Terms Bill of materials
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32 cardsChapter 7- Cost/ Managerial Accounting Bill of materials
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29 cardsChapter 4 Key Terms Cost Accounting Chapter 4 Key Terms
Quizzes
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17 questionsFP&A IIA-7 Quiz
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22 questionsLecture 5- Standard costing & variance analysis (2)
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14 questionsLecture 4- Standard costing and variance analysis (1)
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9 questionsAccounting Exam 4
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6 questionsChapter 4 - Closed Book The advantage of using normal costing instead of actual costing is:
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6 questionsACCT 2013 - Concept 8 Mills Manufacturing computed the physical flow of completed units for the month of January 1, 20X1, as foll...
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3 questionsChapter 11
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1 questionsUntitled
Mind maps
See all 18 mind maps-
14 nodesLiterature Review Taxanomy
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31 nodesCOSTING SYSTMES Building Blocks: · Types of Costing Systmes · Evaluating and Implem... · Actual Budgeted and N... · Adjustments for over-... · Definitions:
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16 nodesSales Variances Total Sales Variance · ASU = Actual Sales Un...
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86 nodesVariance Analysis Absorption Costing · Adverse or Favourable? · Materials · Labour · Overheads
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57 nodesSummary of Materials Variances Usage · Price
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33 nodesTopic 5 Standard Costing Defined · 3 Step · Purpose · Type of variance (For...
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35 nodesCauses of Variances with remedial action Increased Payments · Reduced Receipts
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41 nodesPlanning and Operational Variances Materials Price · Labour Rate · Materials Usage · Labour Efficiency
Flashcards
See all 40 flashcards-
15 cardsBUS 371 Ch 3 Key Terms Flashcards on BUS 371 Ch 3 Key Terms
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8 cardsChapter 4 Key Words Cost/Managerial Accounting All Eight words and their definitions
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20 cardsCost and Managerial Accounting Chapter Two Key Terms Key terms defined from chapter two
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33 cardsBUS 371 - Chapter 7 Terms Bill of materials
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32 cardsChapter 7- Cost/ Managerial Accounting Bill of materials
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29 cardsChapter 4 Key Terms Cost Accounting Chapter 4 Key Terms
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21 cardsChapter 10 Standard Costs and Variances BUS 372 Benchmark for measuring performance
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22 cardsAMAC Total direct material variance
Notes
Topics in Costing Systems and Standard Costing
More Accounting and auditing topics
About Costing Systems and Standard Costing
GoConqr OriginalWhat the resources cover
The page follows the main costing systems used in cost and managerial accounting. Several flashcard decks list key terms for job-order costing, such as absorption costing, allocation base, job cost sheet, normal cost system and overapplied overhead. Others cover process costing, with terms like equivalent units, the FIFO method and the weighted-average method.
A second group deals with activity-based costing. The ABC mind map sets out how to identify cost drivers and calculate costs per driver and per unit. It also splits costs into unit level and batch level. The deck Lec 10: ABC flash cards asks why traditional cost systems worked and what the overhead cost hierarchy is.
Standard costing and variances
The largest theme is standard costing. The Variance Analysis mind map covers basic, ideal and attainable standards, the overhead absorption rate, and whether a variance is adverse or favorable. It then splits into materials, labor and overheads, and into price, usage, rate and efficiency. Further maps cover sales variances, material variances, labor variances and the causes of variances with remedial action.
Where to start
- Begin with a key terms deck, such as BUS 371 Ch 3 Key Terms, to get the vocabulary of job costing.
- Move to Process Costing or Chapter 8: Process Costing once job costing feels familiar.
- Open the ABC mind map to see how overhead is traced through activities.
- Finish with Standard Costing and the variance maps and decks.
Using quizzes and maps together
Read a mind map first to see how the pieces connect. Then take a quiz, for example Lecture 4- Standard costing and variance analysis (1), and note which variances you got wrong. Go back to the matching map or flashcard deck, and test yourself again. Teachers can use the same sequence to point a class to ready-made material.
Where this unit sits
This unit belongs to the Cost and Management Accounting strand of Accounting and auditing. Pick one topic that you find hardest, try its quiz, and then make your own maps and cards from what you learn.
Frequently asked questions
Which resource should I open first?
Start with a key terms flashcard deck such as BUS 371 Ch 3 Key Terms. It covers job-order costing words like job cost sheet, allocation base and overapplied overhead. Once the vocabulary is familiar, move on to the process costing and ABC mind maps, then to the standard costing material.
What do the mind maps cover?
The mind maps cover activity-based costing, process costing, standard costing and many kinds of variance. You will find separate maps on material variances, labor variances, sales variances, planning and operational variances, and the causes of variances with remedial action. There is also a map on the costs and limitations of an ABC system.
Are these resources free to use?
Yes. Every resource listed here is free to open, study and take, with no account needed. They were made by GoConqr users, not by GoConqr itself. A free account also saves your quiz scores and lets you build your own quizzes, mind maps, flashcards and notes.
Who are these resources for?
They are mainly for university students studying cost and managerial accounting, who can use them to go over a topic or fill gaps. Teachers can also use them as ready-made material. Most of the resources on the page are written at university level.
Are there quizzes on standard costing?
Yes. Look for Lecture 4- Standard costing and variance analysis (1) and Lecture 5- Standard costing & variance analysis (2). Pair them with the Variance Analysis mind map so you can check each wrong answer against price, usage, rate or efficiency variances.
What if the topic I need is missing?
The page lists a small set of quizzes next to many flashcard decks and mind maps. If a topic has no quiz, read the related mind map and then write your own questions. You can make your own quizzes, notes and flashcards with a free account.