Match the Following Terms to the Appropriate Definition

question 89

Short Answer

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
I. Job order costing system
J. Predetermined overhead rate
K. Materials ledger card
________ 1. The production of products in response to special orders; also called customized production.
________ 2. Records manufacturing activities using a perpetual inventory system.
________ 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 allocation factor such as estimated direct labor and is used to assign overhead cost to a job.
_ 6. An asset account where costs of completed jobs reside until the jobs are delivered to customers.
________ 7. A source document that production managers use to request materials needed for manufacturing and that is used to assign materials costs to specific jobs or to overhead.
8. A perpetual record that is updated each time units of raw material are purchased and issued for use in production.
________ 9. A source document that is used to report how much time an employee spent working on a job or on overhead activities and the labor costs to assign to jobs or overhead.
_______10. The amount by which actual overhead incurred in a period exceeds the overhead applied to jobs with the predetermined overhead rate.
11. A separate record maintained for each job in a job order costing system; it shows the costs of direct materials, direct labor, and overhead for each job.

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Definitions:

Real-Life Example

An actual, practical instance or occurrence that illustrates or clarifies a principle, concept, or phenomenon, grounding theoretical discussions in everyday experience.

Learned Helplessness

A condition in which a person suffers from a sense of powerlessness, arising from a traumatic event or persistent failure to succeed, leading to diminished motivation and learning.

External Locus

The belief that one's successes or failures result from external factors beyond their control, as opposed to internal factors like effort and decision-making.

Fate

A predetermined course of events often considered to be beyond human control.