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Cost Acct. Ch. 5 Def

TermDefinition
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