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Cost Acct. Exam 2
Cost Acct. Exam 2 Goesell
| Term | Definition |
|---|---|
| Spoiled Units | Are units that cannot be economically reworked to bring them up to standard. |
| Job-Order Cost Sheet | The document that contains all information about the costs of a specific job. |
| Relevant Costs | Are anticipated future costs that will differ among various alternatives. |
| Sales Budget | The starting point for any master budget. |
| Pro Forma Financial Statements | Chronologically, the last part of the master budget to be prepared. |
| Job-Order Cost Sheet | Provides management with a historical summation of total costs for a given product. |
| Cost Driver | Any activity that causes cost to be incurred. |
| Total Variance | The difference between total actual cost and total cost applied for the actual output of the period. |
| Job-Order Costing System | This is when overhead is typically assigned to jobs on the basis of some cost driver. |