Koofers

Chap 2 Terms - Flashcards

Flashcard Deck Information

Class:ACTG 212 - Fundamentals of Managerial Accounting
Subject:Accounting
University:Radford University
Term:Fall 2009
- of -
INCORRECT CORRECT
- INCORRECT     - CORRECT     - SKIPPED
Shuffle Remaining Cards Show Definitions First Take Quiz (NEW)
Hide Keyboard shortcuts
Next card
Previous card
Mark correct
Mark incorrect
Flip card
Start Over
Shuffle
      Mode:   CARDS LIST       ? pages   PRINT EXIT
Absorption Costing Cost method that includes all manufacturing costs, direct materials, direct labor, and both variable and fixed manufacturing overhead in the cost of the product.
Allocation Base Measure of activity such a direct labor hours or machine hours that is used to assign costs to cost objects.
Bill of Materials Shows the quantity of each type of DM required to make product.
Cost Driver Factor such as machine hours, beds occupied, computer time, flight hours, that cause overhead costs.
Generated by Koofers.com
Job Cost Sheet A form prepared for a job that records the materials, labor, and MOH costs charged to the job.
Job-order costing system A cost system used in situation where many different products, jobs, or services are produced each period.
Materials Requisition Forms Detailed doc that specifies the type and quantity of materials to be drawn from the storeroom and that identifies the job that is charged for the cost of those materials.
Normal Cost System COst system which overhead costs are applied to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job.
Generated by Koofers.com
Overapplied Overhead A credit balance in the MOH account that occurs when the amount of overhead cost applied to WIP exceeds amount of overhead cost actually incurred in period.
Overhead Application Process of changing MOH cost to job cost sheets and to the WIP account.
Plantwide Overhead Rate A single predetermined overhead rate that is used throughout a plant.
Predetermined Overhead Rate A rate used to charge overhead cost jobs that is established in advance for each period. Computed by dividing the estimated total MOH cost by the estimated total amount of the allocation base for the period.
Generated by Koofers.com
Process Costing System A costing system used in situations where a single, homogeneous product is poured for long periods of time.
Time ticket A detailed source document that is used to record the amount of time an employee spends on various activities during the day.
Underapplied Overhead A debit balance in the MOH account that arises when the amount of overhead cost actually incurred exceeds the amount of overhead cost applied to WIP during a period.
Generated by Koofers.com

List View: Terms & Definitions

  Hide All 15 Print
 
Front
Back
 Absorption CostingCost method that includes all manufacturing costs, direct materials, direct labor, and both variable and fixed manufacturing overhead in the cost of the product.
 Allocation BaseMeasure of activity such a direct labor hours or machine hours that is used to assign costs to cost objects.
 Bill of MaterialsShows the quantity of each type of DM required to make product.
 Cost DriverFactor such as machine hours, beds occupied, computer time, flight hours, that cause overhead costs.
 Job Cost SheetA form prepared for a job that records the materials, labor, and MOH costs charged to the job.
 Job-order costing systemA cost system used in situation where many different products, jobs, or services are produced each period.
 Materials Requisition FormsDetailed doc that specifies the type and quantity of materials to be drawn from the storeroom and that identifies the job that is charged for the cost of those materials.
 Normal Cost SystemCOst system which overhead costs are applied to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job.
 Overapplied OverheadA credit balance in the MOH account that occurs when the amount of overhead cost applied to WIP exceeds amount of overhead cost actually incurred in period.
 Overhead ApplicationProcess of changing MOH cost to job cost sheets and to the WIP account.
 Plantwide Overhead RateA single predetermined overhead rate that is used throughout a plant.
 Predetermined Overhead RateA rate used to charge overhead cost jobs that is established in advance for each period. Computed by dividing the estimated total MOH cost by the estimated total amount of the allocation base for the period.
 Process Costing SystemA costing system used in situations where a single, homogeneous product is poured for long periods of time.
 Time ticketA detailed source document that is used to record the amount of time an employee spends on various activities during the day.
 Underapplied OverheadA debit balance in the MOH account that arises when the amount of overhead cost actually incurred exceeds the amount of overhead cost applied to WIP during a period.
36, "/var/app/current/tmp/"