1.
cost accounting system: records manufacturing activities using a perpetual inventory system, which continuously updates records for cost of materials, goods in process, and finished goods inventory
2.
events in job order costing: 1. predict the cost of the job
2. negotiate price and decide whether to pursue the job
3. schedule the production
3.
general accounting system: records manufacturing activities using a periodic inventory system
4.
job: the production activities for a customized product
5.
job cost sheet: separate record maintained for each job
6.
job lot: when a job involves producing more than one unit of a custom product
7.
job order cost accounting system: determine the cost of producing each job or job lot
8.
job order production: each customized product is manufactured separately
9.
materials ledger cards: perpetual records that are updated each time units are purchased and each time units are issued for the use in production
10.
materials requisition: when materials are needed in production this gets prepared and it includes:
job number, type of material and quantity needed
11.
over applied overhead: when their is a credit balance in the factory overhead account
12.
predetermined overhead rate: estimated overhead costs / estimated activity base
13.
under applied overhead: when their is a remaining debit balance in the factory overhead account
