3358894
Description
Flashcards by lisa.vigdal33729, updated more than 1 year ago
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Created by lisa.vigdal33729
over 8 years ago
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| Question | Answer |
| Abnormal Loss | is the loss that exceeds the normal expected level during the production process. |
| Cost-Plus Contract | is 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. |
| Defect | is a faulty or substandard finished product; however the product can be reworked and sold. |
| Employee Time Sheet | is a method used for recording and tracking the amount of time an employee spent working. |
| Intranet | is a private networking communications system that can only be accessed by an organization's members, employees and/or other authorized personnel. |
| Job | is a group of homogeneous tasks related by similarity of functions. |
| Job Order Cost Sheet | is the document that represents the costs required to perform a particular job. |
| Job Order Costing System | is the method of allocating costs to each job listed for production. |
| Material Requisition Form | is a source document that the production department uses to request materials for the manufacturing process. |
| Normal Loss | is an expected decline in efficient production that is unavoidable and inevitable during the production process. |
| Process Costing System | the techniques used within the manufacturing industry to determine the total production cost of a unit of merchandise. |
| Shrinkage | is the difference between the book amount and the actual amount of inventory due to theft, miscounting, employee error, or evaporation. |
| Spoilage | is the waste or scrap arising from the production process. |
| Standard Cost System | a tool used for planning budgets, managing and controlling costs, and evaluating cost management performance. |
| Variance | is the difference between an actual measured result and a basis. |
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