3799756
Description
Flashcards by lilianrewerts, updated more than 1 year ago
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Created by lilianrewerts
about 9 years ago
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| Question | Answer |
| Abnormal Loss | Decretion or spoilage of units in excess of that expected during a production process; the expectation is set by management |
| Cost- plus Contract | a contract in which the customer agrees to reimburse the producer for the cost of the job plus a specified profit margin over cost |
| Defect | a unit that, although reject at inspection for failure to meet appropriate quality standards or designated product specifications, can be reworked and sold |
| Employee Time Sheet | a source document that indicates, for each employee, what jobs were worked during a time period and for what amount of time |
| Intranet | a mechanism for sharing information and delivering data from corporate databases to the local- area network (LAN) desktops |
| Job | a single unit or group of units identifiable as being produced for a specific customer |
| Job Order Cost sheet | a source document that provides virtually all the financial information about a particular job, the set of all job order cost sheets for uncompleted jobs composes the Work in Process Inventory subsidiary ledger |
| Job order costing system | a method of product costing used by an entity that provides limited quantities of products or services unique to a customer's needs; focus of recordkeeping is on individual jobs |
| Material Requisition Form | a source document that indicates the types and quantities of material to be placed into production or used in performing a service; causes material to be released from the raw material inventory warehouse and sent to the production center as well as the cost of that material to be sent from Raw Material Inventory to Work in Process Inventory |
| Normal Loss | an expected decline in units experienced during the production process; the expectation is set by management |
| Process Costing System | a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products; accumulates costs by cost component in each production department and assigns costs to units using equivalent units of production |
| Shrinkage | a decrease in units arising form an inherent characteristic of the production process; includes decreases caused by evaporation, leakage, and oxidation |
| Spoilage | a unit that has been rejected at inspection for failure to meet appropriate quality standards or designated product specifications and that cannot be reworked and sold |
| Standard Cost System | a valuation system that uses predetermined norms for direct material, direct labor and overhead to assign costs to the various inventory accounts and Cost of Goods Sold |
| Variance | a difference between an actual and a standard or budgeted cost; is favorable if actual is less than standard is unfavorable, is if actual is more than standard is |
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