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Chapter 15 Key Terms
Terms in this set (17)
Source document used to record the number of hours an employee works and to determine the total labor cost for each pay period.
Cost accounting system
Accounting system for manufacturing activities based on the perpetual inventory system.
Finished Goods Inventory
Account that controls the finished goods files, which acts as a subsidiary ledger (of the Inventory account) in which the costs of finished goods that are ready for sale are recorded.
General accounting system
Accounting system for manufacturing activities based on the periodic inventory system.
Goods in Process Inventory
Account in which costs are accumulated for products that are in the process of being produced but are not yet complete; also called work in process inventory.
Production of a customized product or service.
Job cost sheet
Separate record maintained for each job.
Production of more than one unit of a customized product or service.
Job order cost accounting system
Cost accounting system to determine the cost of producing each job or job lot.
Job order production
Production of special-order products; also called customized production.
Materials ledger card
Perpetual record updated each time units are purchased or issued for production use.
Source document production managers use to request materials for production; used to assign materials costs to specific jobs or overhead.
Amount by which the overhead applied to production in a period using the predetermined overhead rate exceeds the actual overhead incurred in a period.
Predetermined overhead rate
Rate established prior to the beginning of a period that relates estimated overhead to another variable, such as estimated direct labor, and is used to assign overhead cost to production.
Maximum allowable cost for a product or service; defined as expected selling price less the desired profit.
Source document used to report the time an employee spent working on a job or on overhead activities and then to determine the amount of direct labor to charge to the job or the amount of indirect labor to charge to overhead.
Amount by which overhead incurred in a period exceeds the overhead applied to that period's production using the predetermined overhead rate.
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