by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Plantwide Allocation of Costs? The plantwide allocation method uses one predetermined overhead rate to allocate overhead costs. Note: Direct materials and direct labor are easily traced to the product and therefore are not a part of the overhead allocation...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
How Do You Allocating Overhead Costs to Products?Job costing assigns overhead costs to a job based upon a predetermined rate, which is calculated as a ratio of total overhead (or a specific pool of overhead) to a specific type of activity (allocation base). Process...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
How Do you Assign Overhead to the Costs of a Job?The approach to assigning overhead costs to a job changes based upon whether the company is a manufacturer (makes products) or is a service based company. Let’s address assigning Manufacturing Overhead Costs first. How...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is Job Order Costing? The job cost sheet reports manufacturing costs for each job. It also serves as a subsidiary ledger for the work-in-process inventory account.Two primary documents track the assignment of material and labor to a Job Cost Sheet: Material...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is Job Order Costing? Job Costing, as the name implies, allows companies to track the revenues and costs of each job. Job costing systems record revenues and costs for unique units of product that can be easily distinguished from other units of the product. This...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Validated Learning of Lean Startups?Validated Learning is a “rigorous method for demonstrating progress when one is embedded in the soil of extreme uncertainty in which startups grow. It is the process of demonstrating empirically that a team has...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
Update Table of Contents What are Values and Lifestyles (VALS)?What are the Types of VALS? What are Values and Lifestyles (VALS)?Values and Lifestyles is an approach to market segmentation whereby consumers are segmented into mutually exclusive groups based on their...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Value for Money Audit? A Value for Money Audit is a financial analysis undertaking to determine whether resources (financial, human, or physical) are being used in an economic, efficient and effective way.The United States General Accounting Office Auditing...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Value Mapping? The Value Mapping method by Andrew Jack is a second generation Performance Management model.This model focuses on how performance measures are identified, integrated, communicated and acted upon.Value Mapping identifies the most important...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is the Value Profit Chain? The value profit chain is a model that states that organizations must focus on providing value to stakeholders. Customers Employees Investors). What are the 3 Groups of the Value Profit Chain? These three groups are interrelated and...
