Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Triple Entente
Equivalent Unit
A concept in cost accounting used to allocate costs to partially completed units of production, treating them as an equivalent amount of fully completed units.
Prior Period Costs
Costs that were incurred in a previous reporting period and may be carried over into the current or a future period.
Job-Order Costing System
An accounting method that accumulates costs based on individual jobs or orders, suitable for companies producing unique or custom products.
Homogeneous Product
A product that is uniform in quality and specifications among units produced, making it indistinguishable from products of the same type.
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