Cost Accounting Fayard quiz 5

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Job Costing

records cost and revenues for each individual job. Accounting sytem that traces ocsts to individual units or to specific jobs, contracts, or batches of goods.

process costing

does not seperate and record costs for each unit. Accounting system used when identical units are produced through a serious of uniform production steps.

types of products that use job order costing

audit, tax, engineering, and construction. List from book hospitals, law firms, movie studios, accounting firms, advertising agencies, and repair shops all use a variety of job order costing system to accumulate costs for accounting and billing purposes.

subsidary ledger

an example is a job cost sheet. It proivde the detail for the work in process account. Records financial transactions for a specific customer, vendor, or job.

Control Account

the accounts receivable on the balance sheet is a control account whish is supported by the subsidiary ledger account for each customer. Accounts in the general ledger that summarizes a set of subsidiary ledger accounts.

actual costing

cost of job determined by acutal direct material and labor cost plus overhead applied using an actual overhead rate and an actual allocation base. uses acutal amounts.

normal costing

multiplied the predetermined overhead rate by the acutal direct labor cost. Composed of actual direct costs plus overhead applied using the predetermined rate to the actual volume of the allocation base ( direct labor cost in this case) uses budgeted amounts (historical cost)

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