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Cost and Managerial Accounting Chapter Two Key Terms
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- 1Absorption costingA costing method that includes all manufacturing cost - direct materials, direct labor, and both variable and fixed manufacturing overhead - in unit product costs.
- 2Allocation BaseA measure of activity such as direct labor-hours or machine-hours that is used to assign cost to cost objects.
- 3Bill of materialsA document that shows the quantity of each type of direct material required to make a product.
- 4Cost driverA factor, such as machine-hours, beds occupied, computer time, or flight hours, that causes overhead costs.
- 5Cost-plus pricingA pricing method in which a predetermined markup is applied to a cost base to determine the target selling price.
- 6Job cost sheetA form that records the direct materials, direct labor and manufacturing overhead cost charged to a job.
- 7Job-order costingA costing system used in situations where many different products, jobs, or services are produced each period.
- 8Materials requisition formA document that specifies the type and quantity of materials to be drawn from the storeroom and that identifies the job that will be charged for the cost of those materials.
- 9Multiple predetermined overhead ratesA costing system with multiple overhead cost pools and a different predetermined overhead rate for each cost pool, rather than a single predetermined overhead rate for the entire company. Each production department may be treated as a separate overhead cost pool.
- 10Normal cost systemA costing system in which overhead costs are applied to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job.
- 11Overhead applicationThe process of assigning overhead costs to specific jobs.
- 12Plantwide overhead rateA single predetermined overhead rate that is used throughout a plant.
- 13Predetermined overhead rateA rate used to charge manufacturing overhead cost to jobs that is established in advance for each period. It is computed by dividing the estimated total manufacturing overhead cost for the period by the estimated total amount of the allocation base for the period.
- 14Time TicketA document that is used to record the amount of time an employee spends on various activities.
- 15ActivityAn event that causes the consumption of overhead resources in an organization. Appendix 2A
- 16Activity-based absorption costingA costing method that assigns all manufacturing overhead costs to products based on the activities performed to make those products. Appendix 2A
- 17Activity cost poolA "bucket" in which costs are accumulated that relate to a single activity measure in an activity-based costing system. Appendix 2A
- 18Activity measureAn allocation base in an activity-based costing system; ideally, a measure of the amount of activity that drives the costs in an activity cost pool. Appendix 2A
- 19Batch-level activityAn activity that is performed each time a batch is handled or processed, regardless of how many units are in the batch. The amount of resources consumed depends on the number of batches run rather than on the number of units in the batch. Appendix 2A
- 20Product-level activityAn activity that relates to specific products and typically must be carried regardless of how many batches are run or units of product are produced and sold. Appendix 2A
Información
- Descripción
- Key terms defined from chapter two
- Creado por
- SHERRI KOEHLER · ago 2020
- Actualizado
- 25 ago 2020
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