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15 Cards in this Set
- Front
- Back
activity base (driver)
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A measure of activity that is related to changes in cost. Used in analyzing and classifying cost behavior. Activity bases are also used in the denominator in calculating the predetermined factory overhead rate to assign overhead costs to cost objects.
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activity-based costing (ABC) method
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A cost allocation method that identifies activities causing the incurrence of costs and allocates these costs to products (or other cost objects), based on activity drivers (bases).
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cost accounting system
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A branch of managerial accounting concerned with accumulating manufacturing costs for financial reporting and decision-making purposes.
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cost allocation
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The process of assigning indirect cost to a cost object, such as a job.
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finished goods ledger
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The subsidiary ledger that contains the individual accounts for each kind of commodity or product produced.
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job cost sheet
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An account in the work in process subsidiary ledger in which the costs charged to a particular job order are recorded.
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job order cost system
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A type of cost accounting system that provides for a separate record of the cost of each particular quantity of product that passes through the factory.
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materials ledger
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The subsidiary ledger containing the individual accounts for each type of material.
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materials requisition
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The form or electronic transmission used by a manufacturing department to authorize materials issuances from the storeroom.
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overapplied factory overhead
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The amount of factory overhead applied in excess of the actual factory overhead costs incurred for production during a period.
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period costs
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Those costs that are used up in generating revenue during the current period and that are not involved in manufacturing a product, such as selling, general, and administrative expenses.
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process cost system
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A type of cost system that accumulates costs for each of the various departments within a manufacturing facility.
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receiving report
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The form or electronic transmission used by the receiving personnel to indicate that materials have been received and inspected.
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time tickets
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The form on which the amount of time spent by each employee and the labor cost incurred for each individual job, or for factory overhead, are recorded.
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underapplied factory overhead
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The amount of actual factory overhead in excess of the factory overhead applied to production during a period.
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