Chapter 6 Flashcards
Terms and important equations or statements from chapter 6
1
Q
cost management system
A
System to provide information about the costs of processes, products, and services used and produced by an organization.
2
Q
job order costing
A
Accounting system that traces costs to individual units or to specific jobs, contracts, or batches of goods.
3
Q
cost flow model =
A
beg. balance + transfer in - transfer out = end bal.
4
Q
predetermined overhead rate =
A
est. overhead / est. allocation base
5
Q
process costing
A
Accounting system used when identical units are produced through a series of uniform production steps.
6
Q
operations costing
A
Hybrid costing system used in manufacturing goods that have some common characteristics and some individual characteristics.
