Matching
Match the following terms to the appropriate definition.
Premises:
An asset account where costs are accumulated while jobs are being produced.
A perpetual record that is updated each time units of raw material are purchased and issued for use in production.
The amount by which actual overhead incurred in a period exceeds the overhead applied to jobs with the predetermined overhead rate.
A source document that is used to report how much time an employee spent working on a job or on overhead activities and the labor costs to assign to jobs or overhead.
A cost record maintained for each job in a job order costing system; it shows the costs of direct materials, direct labor, and overhead for each job.
A source document that production managers use to request materials needed for manufacturing and that is used to assign materials costs to specific jobs or to overhead.
The rate established prior to the beginning of a period that relates estimated overhead to an activity base such as estimated direct labor and is used to assign overhead cost to a job.
The amount by which the overhead applied to jobs in a period with the predetermined overhead rate exceeds the actual overhead incurred in a period.
An asset account where costs of completed jobs are kept until the jobs are delivered to customers.
The production of products in response to special orders; also called customized production.
Accumulates production costs and assigns them to products and services.
Responses:
Time ticket
Job order production
Overapplied overhead
Finished Goods Inventory
Materials ledger card
Work in Process Inventory
Underapplied overhead
Materials requisition
Predetermined overhead rate
Job cost sheet
Cost accounting system
Correct Answer:
Premises:
Responses:
An asset account where costs are accumulated while jobs are being produced.
A perpetual record that is updated each time units of raw material are purchased and issued for use in production.
The amount by which actual overhead incurred in a period exceeds the overhead applied to jobs with the predetermined overhead rate.
A source document that is used to report how much time an employee spent working on a job or on overhead activities and the labor costs to assign to jobs or overhead.
A cost record maintained for each job in a job order costing system; it shows the costs of direct materials, direct labor, and overhead for each job.
A source document that production managers use to request materials needed for manufacturing and that is used to assign materials costs to specific jobs or to overhead.
The rate established prior to the beginning of a period that relates estimated overhead to an activity base such as estimated direct labor and is used to assign overhead cost to a job.
The amount by which the overhead applied to jobs in a period with the predetermined overhead rate exceeds the actual overhead incurred in a period.
An asset account where costs of completed jobs are kept until the jobs are delivered to customers.
The production of products in response to special orders; also called customized production.
Accumulates production costs and assigns them to products and services.
Premises:
An asset account where costs are accumulated while jobs are being produced.
A perpetual record that is updated each time units of raw material are purchased and issued for use in production.
The amount by which actual overhead incurred in a period exceeds the overhead applied to jobs with the predetermined overhead rate.
A source document that is used to report how much time an employee spent working on a job or on overhead activities and the labor costs to assign to jobs or overhead.
A cost record maintained for each job in a job order costing system; it shows the costs of direct materials, direct labor, and overhead for each job.
A source document that production managers use to request materials needed for manufacturing and that is used to assign materials costs to specific jobs or to overhead.
The rate established prior to the beginning of a period that relates estimated overhead to an activity base such as estimated direct labor and is used to assign overhead cost to a job.
The amount by which the overhead applied to jobs in a period with the predetermined overhead rate exceeds the actual overhead incurred in a period.
An asset account where costs of completed jobs are kept until the jobs are delivered to customers.
The production of products in response to special orders; also called customized production.
Accumulates production costs and assigns them to products and services.
Responses:
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