| Cost Accounting | Job Order Cost Flow | Manufacturing Costs | Manufacturing Overhead | Finished Goods and COGS |
|---|---|---|---|---|
100What is Measuring, recording, and reporting of product costs?
What cost accounting consists of.
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100What are raw materials?
The most basic type of materials used in the manufacturing process.
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100What are gross earnings, payroll taxes, and fringe benefits?
What factory labor costs consist of.
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100What is a job cost sheet?
The tracking document used to record overhead and other costs associated with a particular job.
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100What are a debit to finished goods inventory and a credit to work in process inventory?
When items are moved from work in process to finished goods, the journal entries that are made.
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200What are job order cost and process cost systems?
The two basic types of cost accounting systems.
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200What is work in process?
The type of inventory that raw materials are moved into when the manufacturing process starts.
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200What is a debit?
When raw materials are purchased, type type of journal entry is made to "raw materials".
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200What are factory depreciation, utilities, equipment maintenance, etc?
Examples of types of costs assigned to overhead.
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200What are a debit to cash/AR and a credit to Sales along with a debit to COGS and a credit to finished goods inventory?
The journal entries made when the goods are finally sold.
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300What are job order cost systems?
The type of cost system that involves cost assigned to each batch or job.
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300What is finished goods?
The type of inventory where goods move to when the manufacturing process is complete.
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300What is a debit?
The type of journal entry made to "factory labor" when factory labor costs are incurred.
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300What is a material requisition slip?
A written authorization for issuing raw materials.
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300What are material requisition slips, labor time sheets, and predetermined overhead rate?
The items that go to a job cost sheet.
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400What are process cost systems?
Used when a large volume of similar products are produced.
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400What is cost of goods sold?
Where cost is transferred to when goods are sold.
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400What is "accounts payable"?
The account that would be credited when raw materials are purchased but paid for a later date.
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400What are material storage and accounting?
The two departments that normally retains a copy of the materials requisition slip.
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400What are Manufacturing overhead and Cost of Goods Sold?
The two accounts where journal entries are made to adjust for manufacturing overhead being under or over applied.
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500What is a job order cost system?
Most print shops would use this type of cost system.
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500What are accumulate manufacturing costs incurred and assign the costs to the work completed?
The two major steps in the flow of costs.
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500What are "raw materials", "work in process", and "finished goods"?
The three main inventory accounts for a manufacturer.
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500What is a time ticket?
The document that records time spent on a job.
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500What is overhead being overapplied?
A credit balance in manufacturing overhead means this.
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