ACC 312 Lecture Notes - Lecture 4: Subledger, Cost Driver, General Ledger
Document Summary
Product costing: the process of assigning production costs to an organization"s outputs. Job-order costing: a product-costing system in which costs are assigned to batches or job orders of production. used by firms that produce relatively small numbers of dissimilar products. Process-costing system: a product-costing system in which production costs are averaged over a large number of product units. used by firms that produce large numbers of nearly identical products. Material requisition form: a document used by the production department supervisor to request the release of raw materials for production. Source document: a document that is used as the basis for an accounting entry. Examples include material requisition forms and direct-labor time tickets. Supply chain: the flow of all goods, services, and information into and out of an organization. Time record: a document that records the amount of time an employee spends on each production job.
