Question

In: Accounting

Match each of the following phrases with the term that it most closely describes it. Each...

Match each of the following phrases with the term that it most closely describes it. Each term will be used only once.

job cost sheets
materials requisitions
receiving report
time tickets
cost allocation
the process by which factory overhead is assigned to a cost object
these make up the work in process subsidiary ledger
serves as the basis for recording direct labor on a job cost sheet
prepared when materials that have been ordered are received and inspected
serves as the basis for recording materials used

Solutions

Expert Solution

  1. Meterial Requisition- serves as the basis for recording materials used (It is used to authorize and keep a record of the components used so that an appropriate inventory can be stocked to keep production moving)
  2. receiving report - prepared when materials that have been ordered are received and inspected (A receiving report is an internal document used to record what materials and inventory were received by the company. The receiving report is sent to other departments to notify them what items have been received and are ready for use.)
  3. time tickets - serves as the basis for recording direct labor on a job cost sheet ( A time ticket or time card is the document used to record the amount of hours an employee worked during a pay period.)
        
  4. cost allocation -  cost object (The process by which factory overhead is assigned to a cost object)
  5. job cost sheet -  these make up the work in process subsidiary ledger

ekkarill92 answered 2 years ago
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