Quizzes and Definitions
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Under a job order system, the company assigns costs to each job, or each batch of goods, to fill a specific customer order or replenish inventory.
Manufacturing costs incurred in a job order system are accumulated by debits to Purchases, Factory Labor, and Manufacturing Overhead.
Each debit to Work in Process Inventory must be accompanied by a corresponding posting to one or more job cost sheets.
Manufacturing overhead costs cannot be traced directly to a specific job.
The requisition of factory supplies to production requires a debit to the Manufacturing Overhead account.
Actual overhead costs are debited to the Manufacturing Overhead account.
The entry to record the cost of goods sold includes a debit to Finished Goods Inventory.
A debit balance in the Manufacturing Overhead Account at the end of the period indicates that overhead has been overapplied.
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