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7 Cards in this Set
- Front
- Back
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Cost-plus contracts
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Job contracts that require the customer to pay all costs incurred in performing the job plus a predetermined amount of profit.
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Job order
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A Customer order for a specific number of specially designed, made-to-order products.
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Job order cost card
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A document on which all costs incurred in the production of a particular job order are recorded; part of the subsidiary ledger for the Work in Process Inventory account.
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Job order costing system
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A product costing system that traces the costs of direct materials, direct labor, and overhead to a specific batch of products or a specific job order; used by companies that make unique or special-order products.
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Process costing system
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A product costing system that traces the costs of direct materials, direct labor, and overhead to processes, departments, or work cells and then assigns the costs to the products manufactured by those processes, departments, or work cells; used by companies that produce large amounts of similar products or liquid products or that have long, continuous production runs of identical products
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Product costing system
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A set of procedures that is used to account for an organization's product costs and to provide timely and accurate unit cost information for pricing, cost planning and control, inventory valuation, and financial statement preparation.
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Projects
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Complex jobs that are made up of many tasks and that take a broad, multidisciplinary approach to the production of products or services.
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