managerial accounting Weygandt 7th edition ch 2

cost accounting
an area of accounting that involves measuring, recording, and reporting product costs
cost accounting system
manufacturing cost accounts that are fully integrated into the general ledger of a company
job cost sheet
a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job
job order cost system
a cost accounting system in which costs are assigned to each job or batch
materials requisition slip
a document authorizing the issuance of raw materials from the storeroom to production
overapplied overhead
a situation in which overhead assigned to work in process is greater than the overhead incurred
predetermined overhead rate
a rate based on the relationship between estimated annual overhead costs and expected annual operating activity, expressed in terms of a common activity base
process cost system
a cost accounting system used when a company manufactures a large volume of similar products
time ticket
a document that indicates the employee, the hours worked, the account and job to be charged, and the total labor cost
underapplied overhead
a situation in which overhead assigned to work in process is less than the overhead incurred
Categories: Managerial Accounting