Managerial accounting chapter 2

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8 Terms

1
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Job-order costing

Used for unique jobs or customized products/services.

2
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Absorption costing

Product cost includes direct materials, direct labor, variable overhead, and fixed overhead.

3
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Job cost sheet

Tracks direct materials, direct labor, and applied overhead for one job.

4
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Allocation base

Activity measure used to assign overhead, such as labor hours or machine hours.

5
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Cost driver

Factor that causes a cost to occur.

6
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Predetermined overhead rate (POHR)

Overhead rate calculated before the period begins.

7
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Normal costing

Actual direct materials + actual direct labor + overhead applied using a predetermined rate.

8
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Activity-based costing (ABC)

Assigns overhead based on activities that consume resources.