Examlex
The auditor is not required to test every control related to relevant assertions in a significant account.
Job Order Cost System
An accounting system that accumulates costs by individual jobs or batches and is used when products or services are distinctly custom.
Raw Materials Inventory
The total amount of raw materials on hand that are waiting to be used in the production process.
Work in Process
Work in Process (WIP) refers to partially finished goods that are still in the production process at any given time.
Predetermined Overhead Rate
A rate used to allocate manufacturing overhead to individual units of production, based on estimated costs and activity levels.
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