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Accounting 2 Chapter 19 and 20 Vocab (flashcards)

AB
Direct MaterialsMaterials that are of significant value in the cost of and that become and identifiable part of a finished product.
Direct LaborSalaries of factory workers who make a product.
Factory OverheadAll expenses other than direct materials and direct labor that apply to the making of products.
Indirect MaterialsMaterials used in the completion of a product that are of insignificant value to justify accounting for separately.
Indirect LaborSalaries paid to factory workers who are not actually making products.
Applied OverheadThe estimated amount of factory overhead recorded on cost sheets.
Cost LedgerA ledger containing all cost sheets for products in the process of being manufactured.
Finished Goods LedgerA ledger containing records of all finished goods on hand.
Work in ProcessProducts that are being manufactured but are not yet complete.
Finished GoodsManufactured products that are fully completed.
Materials LedgerA ledger containing all records of materials.
Underapplied OverheadThe amount by which applied factory overhead is less than actual factory overhead
Overapplied OverheadThe amount by which applied factory overhead is more than actual factory overhead
Statement of Cost of Goods ManufacturedA statement showing details about the cost of finished goods



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