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ACCT 2102
Quiz 1
Term | Definition |
---|---|
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) |