Ch 2 - Job Costing and Reporting Flashcards Preview

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Flashcards in Ch 2 - Job Costing and Reporting Deck (17)
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1
Q

clock card

A

source document used to record number of hours an employee works and determine total labor cost for each pay period

2
Q

cost accounting system

A

accounting system for manufacturing activities based on perpetual inventory system

3
Q

Finished goods inventory

A

acct that controls the finished goods files, which acts as subsidiary ledger (of Inventory acct) that records the costs of finished goods that are ready for sale

4
Q

general accounting system

A

accounting system for manufacturing activities based on periodic inventory system

5
Q

goods in process inventory

A

acct in which costs are accumulated for products that are in process of being produced by are not yet complete, also called work in process inventory

6
Q

job

A

production of customized product or service

7
Q

job cost sheet

A

separate record maintained for each job

8
Q

job lot

A

production of more than one unit of customized product or service

9
Q

job order cost accounting system

A

cost acct system to determine cost of producing each job or job lot

10
Q

job order production

A

production of special-order products, also called customized production

11
Q

materials ledger card

A

perpetual record updated each time unites are purchased or issued for production use

12
Q

materials requisition

A

source document production mgrs use to request materials for production; used to assign materials costs to specific jobs or overhead

13
Q

overapplied overhead

A

amt by which overhead applied to production in period using predetermined overhead rate exceeds actual overhead incurred in period

14
Q

predetermined overhead rate

A

rate established prior to beginning of period that relates estimated overhead to another variable, such as estimated direct labor, and is used to assign overhead cost to production

15
Q

target cost

A

max allowable cost for product or service; defined as expected selling price less the desired profit

16
Q

time ticket

A

source document used to report time an employee spent working on job or overhead activities and then determine amt of direct labor to charge to job or indirect labor to charge to overhead

17
Q

underapplied overhead

A

amt by which overhead incurred in period exceeds overhead applied to period’s production using predetermined overhead rate