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ACCT 2102

Quiz 1

TermDefinition
Budget
Controlling
Conversion Cost
Cost/Benefit Analysis
Cost Object
Cost of Goods Manufactured
Direct Cost
Direct Labor
Direct Materials
Enterprise Resource Planning
Finished Goods Inventory
Indirect Cost
Indirect Labor
Indirect Materials
Just In Time Management
Management Accountability
Manufacturing Company
Manufacturing Overhead
Merchandising Company
Period Cost
Planning
Prime Cost
Product Cost
Raw Materials Inventory
Service Company
Stakeholder
Total Quality Management
Triple Bottom Line
Value Chain
Work in Process Inventory
Beginning balance + Additions - Ending balance Amount used, manufactured, or sold
Cost of goods manufactured/ total units produced unit product cost
number of units sold* unit product cost cost of goods sold
total cost/ total number of services provided unit cost per service
total cost of goods sold/ total number of items sold unit cost per item
job order costing system
job
process costing system
job cost record
materials requisition
labor time record
predetermined overhead allocation rate
allocation base
cost driver
underallocated overhead
overallocated overhead
wages per year/ hours worked per year hourly rate to the employer
expected indirect costs/ expected direct labor hours predetermined overhead allocation rate
total cost * markup percentage markup
total cost + markup price
direct labor + indirect cost total cost
job order costing system
process
process costing system
equivalent units of production (EUP)
conversion costs
production cost report
beginning balance + amount started to account for
transferred out + in process accounted for
units *% completed units for direct materials
units *% in process units for direct materials
completed units + in process units total EUP for direct materials
units *% completed units for conversion costs
units *% completed units for conversion costs
completed units+ in process units total EUP for conversion costs
total direct materials costs/ equivalent units of production for direct materials cost per EUP for direct materials
total conversion costs/ equivalent units of production for conversion costs cost per EUP for conversion costs
transferred in costs
weighted-average method(for process costing)
beginning balance + amount transferred to account for
transferred out + in process accounted for
units *% completed units for transferred in
units*% in process units for transferred in
completed units + in process units total EUP for transferred in
total transferred in costs/ equivalent units of production for transferred in cost per EUP for transferred in
first-in, first-out method(for Process Costing)
Created by: collegestudent