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