Created by
Terms in this set (28)
Accounting system for manufacturing activities based on the perpetual inventory system.
A ___________________________ accumulates production costs and assigns them to products and services. Timely information about inventories and costs is used by managers to control costs and set selling prices.
The two basic types of these systems are ______________ and _______________.
A ___________________________ accumulates production costs and assigns them to products and services. Timely information about inventories and costs is used by managers to control costs and set selling prices.
The two basic types of these systems are ______________ and _______________.
Production of special-order products; also called customized production.
Many companies produce products individually designed to meet the needs of a specific customer. Each customized product is manufactured separately, and its production is called ______________________, or job order manufacturing (also called customized production, which is the production of products in response to special orders). Examples of such products or services include special-order machines, a factory building, custom jewelry, wedding invitations, tattoos, and audits by an accounting firm. A key feature of this is the diversity, often called ________________, of the products produced.
Many companies produce products individually designed to meet the needs of a specific customer. Each customized product is manufactured separately, and its production is called ______________________, or job order manufacturing (also called customized production, which is the production of products in response to special orders). Examples of such products or services include special-order machines, a factory building, custom jewelry, wedding invitations, tattoos, and audits by an accounting firm. A key feature of this is the diversity, often called ________________, of the products produced.
Production of more than one unit of a customized product or service. Products produced as these could include benches for a park, imprinted T-shirts for a 10K race, or advertising signs for a chain of stores. Although these orders involve more than one unit, the volume of production is typically low, such as 50 benches, 200 T-shirts, or 100 signs.
Processing of products in a continuous (sequential) flow of steps; also called process manufacturing or process production. This is the mass production of products in a continuous flow of steps. Unlike the other type of production, where every product differs depending on customer needs, _________________ are designed to mass-produce large quantities of identical products.