Karteikarten
Chapter 5- Cost/Managerial Accounting
Karten in diesem Stapel (15)
- 1Abnormal LossDecretion or spoilage of units in excess of that expected during a production process; the expectation is set by management
- 2Cost- plus Contracta contract in which the customer agrees to reimburse the producer for the cost of the job plus a specified profit margin over cost
- 3Defecta unit that, although reject at inspection for failure to meet appropriate quality standards or designated product specifications, can be reworked and sold
- 4Employee Time Sheeta source document that indicates, for each employee, what jobs were worked during a time period and for what amount of time
- 5Intraneta mechanism for sharing information and delivering data from corporate databases to the local- area network (LAN) desktops
- 6Joba single unit or group of units identifiable as being produced for a specific customer
- 7Job Order Cost sheeta source document that provides virtually all the financial information about a particular job, the set of all job order cost sheets for uncompleted jobs composes the Work in Process Inventory subsidiary ledger
- 8Job order costing systema method of product costing used by an entity that provides limited quantities of products or services unique to a customer's needs; focus of recordkeeping is on individual jobs
- 9Material Requisition Forma source document that indicates the types and quantities of material to be placed into production or used in performing a service; causes material to be released from the raw material inventory warehouse and sent to the production center as well as the cost of that material to be sent from Raw Material Inventory to Work in Process Inventory
- 10Normal Lossan expected decline in units experienced during the production process; the expectation is set by management
- 11Process Costing Systema method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products; accumulates costs by cost component in each production department and assigns costs to units using equivalent units of production
- 12Shrinkagea decrease in units arising form an inherent characteristic of the production process; includes decreases caused by evaporation, leakage, and oxidation
- 13Spoilagea unit that has been rejected at inspection for failure to meet appropriate quality standards or designated product specifications and that cannot be reworked and sold
- 14Standard Cost Systema valuation system that uses predetermined norms for direct material, direct labor and overhead to assign costs to the various inventory accounts and Cost of Goods Sold
- 15Variancea difference between an actual and a standard or budgeted cost; is favorable if actual is less than standard is unfavorable, is if actual is more than standard is
Informationen
- Beschreibung
- the costs associated with Job process costing.
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- lilianrewerts
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