Managerial Accounting CH 4 Flash Cards

Play Memory | Create Card File | Append to Card File
Title: Managerial Accounting CH 4
Description: Process Costing and Hybrid Product-Costing Systems - vocabulary
Number of Cards: 9
Save Count: 0
Author: jaw277711
Created: 2012-02-08
Tags: chan
Private No

Save Count represents the number of people who have saved this card set to their flashcard list. Consider this an endorsement!

    • Question
    • Answer
    • Side 3
    • batch manufacturing
    • High-Volume production of several product lines that differ in some important ways but are nearly identical in others
    • departmental production report
    • the key document in a process-costing system. This report summarized the physical flow of units, equivalent units of production, cost per equivalent unit, and analysis of total departmental costs.
    • equivalent units (EU)
    • a measure of the amount of production effort applied to a physical unit of production. For example, a physical unit that is 50% completed represents one-half of an equivalent unit
    • hybrid product-costing system
    • a system that incorporates features from two or more alternative product-costing systems, such as job-order and process-costing
    • operation costing
    • a hybrid or job-order and process costing. Direct material is accumulated by batch of products using job-order costing mehtods. Conversion costs are accumulated by department and assigned to product units by process-costing methods.
    • process-costing system
    • the process of accumulating the costs of a production process and assigning them to the products that constitute the organization's output.
    • repetitive production
    • the manufacture of large numbers of identical or very similar products in a continuous flow
    • transferred-in costs
    • costs assigned to partially completed products that are transferred into one production department from a prior department.
    • weighte-average method
    • a method of process costing in which the cost assigned to beginning work-in-process inventoy is added to the current-period production costs. The cost per equivalent unit calculated under this process-costing method is a weighted average of the costs in the beginning work in process and the costs of the current period