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COST ACC

cost immediately charge to the particular manufacturing departments

direct departmental charge

cost originally charged to some manufacturing departments

indirect departmental charge

business expenses that are shared by multiple departments

common cost

distributes group costs to users as a share of the costs

stand alone method

overall common expenses are paid or held more heavily by the primary users

incremental method

each group pays or recieves only what they would have

shapley value method

arise when the same resources result in two or more diffirent products at the same time

joint cost

sales value less any separable expenses

net realizable value

adding up all the sales valur of product and dividing each sales value to get each percentage

relative sales value method

allocates joont costs to primary products based on physical characteristics

physical measure method

calculates prices by determining the differences between an item

constant gross margin net realizable value method

intented to benefit more tha one accounting period. recorded an assets

capital expenditures

will benefit current period only. recorded as an expenses

revenue expenditures

predetermined codt for labor, dm and factory overhead

standard cost

benefit forfeited when one option is chosen over another

opportunity cost

difference in cost between two possible decisions

differential cost

future cost that changes across alternatives

relevant cost

expenses incurred by employees that require a cash payment

out of pocket costs

money has already spent and cannot be recovered

sunk costs

phenomenon whereby is a reluctant to abandon a strategy

sunk costs fallacy

can be altered based on decisions n demands

controllable cost

cannot be changed to suit the demands or preferences of the business owner

uncontrollable cost

cost directly incurred in the productiin of goods

product cost

inventory or input material that a business needs to make is product

raw materials

take extra precautions to keep track of their inventory of raw msterials

manufacturing businesses

procedure in accounting stock valuation, carried out the scheduled intervals

periodic inventory system

opposed to a physical inventory. program that constinously assesses your inventory based on electronic records

perpetual inventory system

written request, ususlly sent to inform the purchasing department

purchase requisition

formal legal document that a buyer uses to place an order with a supplier

purchase order

used to document the contents of delivery to a business. filled out by receiving staff.

receiving report

describes the things what must be taken out of inventory and used in a certain jobs

material requisition form

ideal quantity of unit a company should purchase to meet demand while minimizing cost

economic order quantity

remind the payment to settle on time

credit sales

plan established by management

wage plan

employee's are calculated by multiplying the rate per hour by the number of hours worked

hourly rate plans

earnings are calculated by multiplying the outputs by the rate per peice

piece rate plans

combination of hourly and piece rate plans

modified wage plan

responsibility of the time keeping and payroll departments

maintaining the labor cost

cost of non-productive hours of driect labor

idle time or waiting time

when payments to an employee are based solely on the number units produced

make up pay

represent amount paid

overtime premuim

extra pay to work during less desirable evening shift

shift premuim

amounts remittef to different goverment

employee's payroll taxes

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