Term
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Definition
| controls over physical inventory and the related costs from the point at which raw materials are requisitioned to the point at which the manufactured product is completed and transferred to storage |
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Term
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Definition
| the accounting records concerned with the manufacture and processing of the goods and storing finished goods |
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Term
| Inventory and warehousing cycle |
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Definition
| the transactions cycle that involves the physical flow of goods through the organization, as well as related costs |
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Term
| Inventory compilation tests |
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Definition
| audit procedures used to verify whether physical counts of inventory are correctly summarized, inventory quantities and prices are correctly extended,and extended inventory is correctly footed |
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Term
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Definition
| audit procedures used to verify the costs used to value physical inventory |
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Term
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Definition
| system of cost accounting in which costs are accumulated by individual jobs when material is used and labor costs are incurred |
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Term
| Perpetual inventory master file |
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Definition
| a continuously updated computerized record of inventory items purchased, used, sold, and on hand for merchandise, raw materials, and finished goods |
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Term
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Definition
| system of cost accounting in which costs are accumulated for a process, with unit costs for each process assigned to the products passing through the process |
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Term
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Definition
| records that indicate variances between projected material, labor, and overhead costs and the actual costs |
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