Instructions: Please Define the Following Key Terms

question 78

Short Answer

Instructions: Please define the following key terms.Show Who? What? Where? When? Why Important?
-canon law

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Definitions:

Process Cost System

A type of cost accounting system that provides product costs for each manufacturing department or process; a type of cost system that records product costs for each manufacturing department or process within a manufacturing facility.

Cost Of Production Report

A report prepared periodically by a processing department, summarizing (1) the units for which the department is accountable and the disposition of those units and (2) the costs incurred by the department and the allocation of those costs between completed and incomplete production.

Equivalent Units

A concept in process costing that converts partially completed units into an equivalent number of fully completed units to measure output in a consistent way.

Process Costing System

An accounting method used to allocate costs to units of production in continuous processes, suitable for homogenous products.