Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Cost Acct. Ch. 5 Def

abnormal loss decretion or spoilage of units in excess of that expected during a production process; the expectation is set by management
cost-plus contract a contract in which the customer agrees to reimburse the producer for the cost of the job plus a specified profit margin over cost
defect a unit that, although rejected at inspection for failure to meet appropriate quality standards or designated product specifications, can be reworked and sold
employee time sheet a source document that indicates, for each employee, what jobs were worked on during a time period and for what amount of time
intranet a mechanism for sharing information and delivering data from corporate databases to the local-area network (LAN) desktops
job a single unit or group of units identifiable as being produced for a specific customer
job order cost sheet a source document that provides virtually all the financial information about a particular job; the set of all job order cost sheets for uncompleted jobs composes the Work in Process Inventory subsidiary ledger
job order costing system a method of product costing used by an entity that provides limited quantities of products or services unique to a customer’s needs; focus of recordkeeping is on individual jobs
material requisition form a source document that indicates the types and quantities of material to be placed into production or used in performing a service; causes material to be released from the raw material inventory warehouse and sent to the production center as well as the c
normal loss an expected decline in units experienced during the production process; the expectation is set by management
process costing system a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products; accumulates costs by cost component in each production department and assigns costs to units using equivalent units of pro
shrinkage a decrease in units arising from an inherent characteristic of the production process; includes decreases caused by evaporation, leakage, and oxidation
spoilage a unit that has been rejected at inspection for failure to meet appropriate quality standards or designated product specifications and that cannot be reworked and sold
standard cost system a valuation method that uses predetermined norms for direct material, direct labor, and overhead to assign costs to the various inventory accounts and Cost of Goods Sold
variance a difference between an actual and a standard or budgeted cost; is favorable if actual is less than standard and is unfavorable if actual is greater than standard
Created by: sfrase