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Match the following terms to the appropriate definition. A. Cost accounting system B. Time ticket C. Finished Goods Inventory D. Materials requisition E. Underapplied
Match the following terms to the appropriate definition. A. Cost accounting system B. Time ticket C. Finished Goods Inventory D. Materials requisition E. Underapplied overhead F. Work in Process Inventory G. Overapplied overhead H. Job cost sheet 1. Job order production J. Predetermined overhead rate K. Materials ledger card 1. The production of customized products for specific customers. 2. Accumulates production costs and assigns them to products and services. 3. 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. 4. An asset account where costs are accumulated while jobs are being produced.. 5. The rate established prior to the beginning of a period that relates estimated overhead to an activity base such asestimated direct labor and is used to assign overhead cost to a job. 6. An asset account where costs of completed jobs are kept until the jobs are delivered to customers. 7. A document that production managers prepare to request materials needed for manufacturing. 8. A perpetual record that is updated each time materials are purchased and each time materials are issued for use in production, 9. A document used to assign direct labor costs to individual jobs and track how much time employees spend on each job. 10 The amount by which actual overhead incurred in a period exceeds the overhead applied to lobs with the predetermined overhead rate
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