Fundamentals of Cost Accounting

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Accounting 111 Pollard Chapter 7 Summary Learning Objectives (L.O): 1, 2, 3, 4, 5, and 6 Assignment: Exercises 16, 17, 18, 20, 25, and 26 Problems 29 and 32 Read the sections of the chapter which cover the Learning Objectives listed above and review the PowerPoint slides for the chapter. Use this information to complete this chapter summary. Test your understanding of the material by completing the assignment for the chapter. L.O. 1: Explain what job and job shop mean. What is a job? Unit of a product that is easily distinguishable from other units List some examples of a job. Examples include a custom home, a particular model of a Nike running shoe, a menu item, and a tax return. What is a job shop? Firm that produces jobs What is a job cost sheet? An accounting record of the cost of a specific job; is a subsidiary ledger account to the general ledger control account of WIP Name the subsidiary ledger account used to keep track of the costs of one specific job Job cost sheet
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