Karteikarten
Chapter 6 Flashcards
Karten in diesem Stapel (12)
- 1Continuous LossAny reduction in units that occurs uniformly throughout a production process
- 2Cost of Production ReportA process costing document that details all operating and cost information, shows the computation of cost per equivalent unit, and indicates cost assignment to goods produced during the period
- 3Discrete LossA reduction in units that occurs at a specific point in a production process
- 4Equivalent Units of Production (EUP)An approximation of the number of whole units of output that could have been produced during a period from the actual effort expended during that period; used in process costing system to assign costs of production
- 5First-in, First-out (FIFO) MethodThe method of cost assignment that computes an average cost per equivalent unit of production for the current period; does not commingle the beginning inventory production and its cost with current period production and its cost
- 6Hybrid Costing SystemA costing system combining characteristics of both job order and process costing systems
- 7Method of NeglectThe treatment of spoiled units in an equivalent units of production schedule as if those units did not occur; is used for continuous normal spoilage
- 8Total Cost to Account forThe sum of the costs in beginning inventory and the costs of the current period
- 9Total Units to Account forThe sum of the beginning inventory units and units started during the current period
- 10Transferred-in CostA prior department cost that is carried forward to a successor department to obtain the full manufacturing or performance cost
- 11Units Started and CompletedThe difference between the number of units completed for the period and the units in beginning inventory; can also be computed as the number of units started during the period minus the units in ending inventory
- 12Weighted Average (WA) MethodThe method of cost assignment that computes an average cost per equivalent unit of production for all units completed during the current period; combines beginning inventory units and costs with current production and costs, respectively, to computer the average
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- Process accounting system key terms
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