Match the following terms to the appropriate definition.A. Cost accounting systemB. Time ticketC. Finished Goods InventoryD. Materials requisitionE. Underapplied overheadF. Work in Process InventoryG. Overapplied overheadH. Job cost sheetI. Job order productionJ. Predetermined overhead rateK. Materials ledger card________ 1. The production of products in response to special orders; also called customized production.________ 2. Accumulates production costs and assigns them to products and services.________ 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

Question

beginning of a period that relates estimated overhead to an activity base such as estimated direct labor and is used to assign overhead cost to a job.________ 6. An asset account where costs of completed jobs are kept 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 cost 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.

What will be an ideal response?

Answer 1

1. I; 2. A; 3. G; 4. F; 5. J; 6. C; 7. D; 8. K; 9. B; 10. E; 11. H