Measuring Direct Labor Cost in Job Order Costing System
Shamsa Rafique Measuring Direct Labor Cost in Job Order Costing System: Learning objective of this article: What is a labor time ticket? Give an example of labor time ticket. How direct labor…
Measuring Direct Materials Cost in Job Order Costing System
Measuring Direct Materials Cost in Job Order Costing System: Learning objective of this article: What is a materials requisition form. Give an example of materials requisition form. What is a…
Maximum Level or Maximum Limit of Stock
Maximum Level or Maximum Limit of Stock: Learning Objective: Definite and explain maximum limit or maximum level of stock. How is maximum limit or maximum level calculated? Definition and Explanation:…
Materials Ledger Card–Perpetual Inventory
Materials Ledger Card--Perpetual Inventory: As purchased materials go through the systematic verification of quantities, prices, physical condition, and other checks, the crux of the accounting procedure is to establish a…
Materials/Store Ledger Card Definition
Materials/Store Ledger Card Definition: Materials or store ledger card provides a continuous record of materials received, issued and balance at any time both in quantity and value. In other words,…
Materials and Inventory Cost Control
Materials and Inventory Cost Control: After studying this chapter you should be able to: Materials control is the system that ensures the provision of the required quantity and quality at…
Materials Requisition Form Definition
Materials Requisition Form Definition: A detailed source document that specifies the type and quantity of materials that are to be drawn from the storeroom and identifies the job to which…
Material Requirements Planning (MRP) Definition
Material Requirements Planning (MRP) Definition: Materials requirement planning (MRP) is an operations management tool that uses a computer to help manage materials and inventories. The basic function of material requirement…
Direct Method Cash Flow Definition
Abida Rehman Direct Method Cash Flow Definition: A method of computing the cash provided by operating activities in which the income statement is reconstructed on a cash basis from top to bottom.
Direct method Cost of Allocation Definition
Direct method Cost of Allocation Definition: The allocation of all of a service department's costs directly to operating departments without recognizing services provided to other service departments.
Materials Quantity Variance Definition
Materials Quantity Variance Definition: Direct materials quantity variance is a measure of the difference between the actual quantity of materials used in production and the standard quantity allowed, multiplied by…
Direct Method of Cost Allocation-Service Department Costing
Direct Method of Cost Allocation-Service Department Costing: Definition: Direct method is a cost allocation method under which any of the allocation base attributable to the service departments themselves is ignored;…
Materials Price Variance Definition
Materials Price Variance Definition: Materials price variance is a measure of the difference between the actual unit price paid for an item and the standard price, multiplied by the quantity…
Operating Assets Definition
Sana Ahmed Operating Assets Definition: Operating assets are cash, accounts receivable, inventory, plant and equipment, and all other assets held for productive use in an organization.
Material Budgeting | Direct Materials Budget
Material Budgeting | Direct Materials Budget: Learning Objective of the article: Define and explain direct materials budget or Materials Budgeting. Prepare a direct material budget including a schedule of expected…
Direct Method of Cost Allocation-Service Department Costing
Direct Method of Cost Allocation-Service Department Costing: Definition: Direct method is a cost allocation method under which any of the allocation base attributable to the service departments themselves is ignored;…
Operating Activities Definition
Operating Activities Definition: Transactions that enter into the determination of net income.
Master Budget Definition
Master Budget Definition: Master Budget is a summary of a company's plans in which specific targets are set for sales, production, distribution, and financing activities and that generally culminates in…