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Glossary - overhead incurred Predetermined overhead rate A...

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Glossary Cost accounting  An area of accounting that involves measuring, recording, and reporting product  costs. Cost accounting system  Manufacturing-cost accounts that are fully integrated into the general ledger  of a company. Job cost sheet  A form used to record the costs chargeable to a specific job and to determine the total  and unit costs of the completed job. Job order cost system  A cost accounting system in which costs are assigned to each job or batch. Materials requisition slip  A document authorizing the issuance of raw materials from the storeroom  to production. Overapplied overhead  A situation in which overhead assigned to work in process is greater than the 
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Unformatted text preview: overhead incurred. Predetermined overhead rate A rate based on the relationship between estimated annual overhead costs and expected annual operating activity, expressed in terms of a common activity base. Process cost system A cost accounting system used when a company manufactures a large volume of similar products. Summary entry A journal entry that summarizes the totals from multiple transactions. Time ticket A document that indicates the employee, the hours worked, the account and job to be charged, and the total labor cost. Underapplied overhead A situation in which overhead assigned to work in process is less than the overhead incurred....
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