job order costing
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/7
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
8 Terms
what is the difference between actual, normal, and standard costing?
definition of costing
the process of accumulating, classifying, and assigning direct materials, direct labor, and factory overhead to cost objects, which most commonly are products, services, or projects
definition of costing
the process of accumulating, classifying, and assigning direct materials, direct labor, and factory overhead to cost objects, which most commonly are products, services, or projects
what is the difference between actual costs and standard costs
actual: not estimated
standard: estimated (forecasted)expected costs the firm should attain
what is the difference between volume based and activity based?
volume based: less accurate. one volume based cost driver used for all activities. good for homogeneous products
activity based: more accurate. uses multiple cost drivers. best for companies with diverse product lines
what are the 3 key parts to a job costing system sheet
direct materials
direct labor
factory overhead
for a journal entry, where does OVERHEAD go? into WIP? into separate overhead account
separate overhead account. put it in WIP when it is direct materials or direct labor