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Chapter 21
Auditing Test #3
9
Accounting
Undergraduate 4
12/06/2011

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Cards

Term
Cost accounting controls
Definition
controls over physical inventory and the related costs from the point at which raw materials are requisitioned to the point at which the manufactured product is completed and transferred to storage
Term
Cost accounting records
Definition
the accounting records concerned with the manufacture and processing of the goods and storing finished goods
Term
Inventory and warehousing cycle
Definition
the transactions cycle that involves the physical flow of goods through the organization, as well as related costs
Term
Inventory compilation tests
Definition
audit procedures used to verify whether physical counts of inventory are correctly summarized, inventory quantities and prices are correctly extended,and extended inventory is correctly footed
Term
Inventory price tests
Definition
audit procedures used to verify the costs used to value physical inventory
Term
Job cost system
Definition
system of cost accounting in which costs are accumulated by individual jobs when material is used and labor costs are incurred
Term
Perpetual inventory master file
Definition
a continuously updated computerized record of inventory items purchased, used, sold, and on hand for merchandise, raw materials, and finished goods
Term
Process cost system
Definition
system of cost accounting in which costs are accumulated for a process, with unit costs for each process assigned to the products passing through the process
Term
Standard Cost records
Definition
records that indicate variances between projected material, labor, and overhead costs and the actual costs
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