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Chapter 4
Job Costing
25
Accounting
Undergraduate 4
03/08/2013

Additional Accounting Flashcards

 


 

Cards

Term
Actual costing (102)
Definition
cost incurred (a historical or past cost), as distinguished from a budgeted or forecasted cost
Term
Actual indirect-cost rate (110)
Definition
actual total indirect costs in a cost pool divided by the actual total quantity of the cost allocation base for that cost pool
Term
Adjusted allocation-rate approach (118)
Definition
restates all overhead entries in the general ledger and subsidiary ledgers using actual cost rates rather than budgeted cost rates
Term
Budgeted indirect-cost rate (104)
Definition
budgeted annual indirect costs in a cost pool divided by the budgeted annual quantity of the cost allocation base
Term
Cost-allocation base (100)
Definition
a factor that links in a systematic way an indirect cost or group of indirect costs to a cost object
Term
Cost-application base (100)
Definition
cost-allocation base when the cost object is a job, product or customer
Term
Cost pool (100)
Definition
a grouping of individual cost items
Term
Job (100)
Definition
a unit or multiple units of a distinct product or service
Term
Job-cost record (104)
Definition
source document that records and accumulates all the costs assigned to a specific job, starting when work begins, Also called job-cost sheet
Term
Job-cost sheet (104)
Definition
also called job-cost record
Term
Job-costing system (100)
Definition
costing system in which the cost object is a unit or multiple units of a distinct product or service called a job
Term
Labor-time sheet (106)
Definition
source document that contains information about the amount of labor time used for a specific job in a specific department
Term
Manufacturing overhead allocated (113)
Definition
amount of manufacturing overhead costs allocated to individual jobs, products or services based on the budgeted rate multiplied by the actual quantity used of the cost-allocation base. Also called manufacturing overhead applied
Term
Manufacturing overhead applied (113)
Definition
also called manufacturing overhead allocated
Term
Materials-requisition record (105)
Definition
source document that contains information about the cost of direct materials used on a specific job and in a specific department
Term
Normal costing (104)
Definition
a costing system that traces direct costs to a cost object by using the actual direct-cost rates times the actual quantities of the direct-cost inputs and that allocates indirect costs based on the budgeted indirect-cost rates times the actual quantities of the cost-allocation bases
Term
Overabsorbed indirect costs (118)
Definition
also called overallocated indirect costs
Term
Overallocated indirect costs (118)
Definition
allocated amount of indirect costs in an accounting period is greater that the actual (incurred) amount in that period. Also called overapplied indirect costs and overabsorbed indirect costs
Term
Overapplied indirect costs (118)
Definition
also called overallocated indirect costs
Term
Process-costing system (101)
Definition
costing system in which the cost object is masses of identical or similar units of a product or service
Term
Proration (119)
Definition
the spreading of underallocated manufacturing overhead or overallocated manufacturing overhead among ending work in process, finished goods and cost of goods sold
Term
Source document (104)
Definition
an original record that supports journal entries in an accounting system
Term
Underabsorbed indirect costs (118)
Definition
also called underallocated indirect costs
Term
Underallocated indirect costs (118)
Definition
allocated amount of indirect costs in an accounting period in less than the actual (incurred) amount in that period. Also called underapplied indirect costs or underabsorbed indirect costs
Term
Underapplied indirect costs (118)
Definition
also called underallocated indirect costs
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