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Related Flashcards
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Cards In This Set
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What firms produce intangible products that cannot be inventoried
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Service Firms
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Products that cannot be seperated from the customer are associated with with type of firm
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Service Firms
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What is perishability
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Services cannot be inventoried and must be consumed when performed
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What is inseperabiity
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Production and consumption are inseperable, implying a service was sold.
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What is cost measurement
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The determination of of the dollar amounts of direct materials, direct labor and overhead costs.
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What is cost accumulation
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The recognition and recording of costs
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What is cost assignment
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The assignment of costs to products or services once the costs have been accumulated and measured
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T or F Unit cost is a critical piece of information for a manufacturing business as well as a service company
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True
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What is normal level
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The production level for the year
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What is expected level
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The average activity usage over the long term
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What accumulates the cost of a single job produced
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The job order cost sheet
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What is a work in process inventory file
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The collection of all job order cost sheets
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What source document assigns the direct labor to each particular job
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The time ticket
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T or FA job order costing process would be applicable for an airplane manufacturer
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True
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When materials are purchased the cost of materials flows into
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The materials inventory account
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