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Chapter 5 Key Terms
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- 1Abnormal Lossis the loss that exceeds the normal expected level during the production process.
- 2Cost-Plus Contractis a contract in which a contractor is paid for all of their allowed expenses up to a specified limit plus additional payments to allow a profit.
- 3Defectis a faulty or substandard finished product; however the product can be reworked and sold.
- 4Employee Time Sheetis a method used for recording and tracking the amount of time an employee spent working.
- 5Intranetis a private networking communications system that can only be accessed by an organization's members, employees and/or other authorized personnel.
- 6Jobis a group of homogeneous tasks related by similarity of functions.
- 7Job Order Cost Sheetis the document that represents the costs required to perform a particular job.
- 8Job Order Costing Systemis the method of allocating costs to each job listed for production.
- 9Material Requisition Formis a source document that the production department uses to request materials for the manufacturing process.
- 10Normal Lossis an expected decline in efficient production that is unavoidable and inevitable during the production process.
- 11Process Costing Systemthe techniques used within the manufacturing industry to determine the total production cost of a unit of merchandise.
- 12Shrinkageis the difference between the book amount and the actual amount of inventory due to theft, miscounting, employee error, or evaporation.
- 13Spoilageis the waste or scrap arising from the production process.
- 14Standard Cost Systema tool used for planning budgets, managing and controlling costs, and evaluating cost management performance.
- 15Varianceis the difference between an actual measured result and a basis.
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- Chapter 5 key terms for Cost/Managerial Accounting, Kinney & Raiborn 9th edition.
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