Question

Match each of the following terms with its correct definition:

job-order costing system

Process-costing system

overapplied overhead

plantwide overhead rate

predetermined overhead rate

job-order cost sheet

overhead variance

applied overhead

actual cost system

Time Ticket

materials requisition form

underapplied overhead

normal cost sytem

direct materials

manufacturing overhead

A. The amount by which applied overhead exceeds actual overhead

B. The job order number, or name, head this form.

C. Materials that can be easily and cost-effectively traced to a specific job

D. An overhead rate computed using estimated data

E. The amount by which actual overhead exceeds applied overhead

F. The difference between actual overhead and applied overhead

G. Indirect materials, indirect labor, and other costs related to manufacturing that cannot be easily to traced to a specific job

H. This form asks for the type, quantity, and unit price of direct materials.

I. Overhead assigned to production using predetermined rates

J. A costing system that accumulates production costs by process or by department for a given period of time

K. A single overhead rate calculated using all estimated overhead for a factory divided by the estimated activity level across the entire factory

L. A costing system in which costs are collected and assigned to units of production for each individual job

M. This form is filled out by each employee every day.

N. An approach that assigns actual costs of direct materials, direct labor, and overhead to products

O. An approach that assigns the actual costs of direct materials and direct labor to products but uses a predetermined rate to assign overhead costs

Answer 1

A. The amount by which applied overhead exceeds actual overhead	Overapplied Overhead
B. The job order number, or name, head this form.	Job-order cost sheet
C. Materials that can be easily and cost-effectively traced to a specific job	Direct materials
D. An overhead rate computed using estimated data	predetermined overhead rate
E. The amount by which actual overhead exceeds applied overhead	underapplied overhead
F. The difference between actual overhead and applied overhead	overhead variance
G. Indirect materials, indirect labor, and other costs related to manufacturing that cannot be easily to traced to a specific job	manufacturing overhead
H. This form asks for the type, quantity, and unit price of direct materials.	materials requisition form
I. Overhead assigned to production using predetermined rates	applied overhead
J. A costing system that accumulates production costs by process or by department for a given period of time	process-costing system
K. A single overhead rate calculated using all estimated overhead for a factory divided by the estimated activity level across the entire factory	plantwide overhead rate
L. A costing system in which costs are collected and assigned to units of production for each individual job	job-order costing system
M. This form is filled out by each employee every day.	Time Ticket
N. An approach that assigns actual costs of direct materials, direct labor, and overhead to products	actual cost system
O. An approach that assigns the actual costs of direct materials and direct labor to products but uses a predetermined rate to assign overhead costs	normal cost sytem