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18 Cards in this Set

  • Front
  • Back
Absorption Costing
A costing method that includes all manufacturing costs-- direct materials, direct labor, and both variable and fixed manufacturing overhead-- in the cost of teh product. (FULL COST)
Allocation base
A measure of activity such as direct labor-hours or machine-hours that is used to assign costs to cost objects.
Bill of materials
A document that shows the type and quantity of each major item of materials required to make a product
Cost Driver
A factor such as machine-hours, beds occupied, computer time, or flight-hours, that causes overhead costs.
Full Cost
Absorption Costing
Job Cost Sheet
A form prepared for each job that records te materials, labor, and manufacturing overhead costs charged to the job
Job-order costing system
A costing system used in situtations where many different products, jobs, or services are produces each period
Materials requistiion form
A detailed source document that specifies the type and quantity of materials drawn from the storeroom and that identifies the job that is changed for the cost of those materials.
Multiple predetermined overhead rates
A costing system with multiple overhead cost pools with different predetermined rate for each cost pool.
Normal Cost System
A costing system in which overhead costs are applied to jobs by multiplying a predetermined overhead reate by teh actual amount of the allocation base incurred by the job
Overapplied overhead
A credit balance in the MOH account that occurs when the amount of OH cost applied to Work in Process is greater than the amount of overhead cost actually incurred during a period.
Plantwide overhead reate
A single predetermined overhead rate that is used throughout a plant
Predetermined overhead rate
A rate used to charge overhead cost to jobs
Process costing system
A costing system used in situations wehre a single, homogenous product is produced for long periods of time.
Time Ticket
A detailed source document that is used to record the amount of tiem an employee spends on various activities during the day
Underapplied overhead
A debit balance in theMOH account that arises when the omoung of overhead cost actually incurred is greater than the amount of overhead cost applied to Work in Process during a period
POHR= what?
Estimated MOH Cost DIVIDED BY Cost Driver
Overhead Applied= what?
POHR x Actual Activity