Flashcards
Chapter 3 Key Words Cost/Managerial Accounting
Flashcards do conjunto (15)
- 1Absorption CostingA costing method that includes all manufacturing costs—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 used to assign costs to cost objects.
- 3Cost of Goods ManufacturedThe manufacturing costs associated with units of product completed during the period.
- 4Finished GoodsUnits of product completed but not yet sold to customers
- 5Job Cost SheetA form that records the direct materials, direct labor, and manufacturing overhead cost charged to a job.
- 6Job Order CostingA costing system used in situations where many different products, jobs, or services are produced each period.
- 7Normal CostingA costing system that applies overhead to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base used by the job.
- 8Overapplied OverheadA credit balance in the Manufacturing Overhead account that occurs when the overhead cost applied to Work in Process is greater than the overhead cost actually incurred during a period.
- 9Overhead ApplicationThe process of assigning overhead cost to specific jobs
- 10Predetermined 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.
- 11Raw MaterialsAny materials going into the final product
- 12Schedule of Cost of Goods ManufacturedA schedule containing three product costs—direct materials, direct labor, and manufacturing overhead—that summarizes the portions of those costs remaining in ending Work in Process and transferred out to Finished Goods.
- 13Schedule of Cost of Goods SoldA schedule containing three product costs—direct materials, direct labor, and manufacturing overhead—that summarizes the portions of those costs remaining in ending Finished Goods and transferred out to Cost of Goods Sold.
- 14Underapplied OverheadA debit balance in the Manufacturing Overhead account occurring when the overhead cost applied to Work in Process is less than the overhead cost actually incurred.
- 15Work in ProcessPartially completed units of product requiring more work before they are ready for sale to the cutomer
Informações
- Descrição
- All 15 words and their definitions
- Criado por
- David Esch
- Visualizações
- 37
- Tags
- Avaliação