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requires a separate job cost record for each item (or each job or special order). The job cost record will report each item’s direct materials and direct labor that were actually used and an assigned amount of...

This is a record on an individual job (product, batch) within the job costing system. For items in process this is a subsidiary record to the general ledger account inventory: work-in-process (WIP).

The cost accounting system where costs are recorded by individual job (versus process costing system). The job order system can use standard costs or actual costs.

The date that determines which stockholders are entitled to receive a corporation’s declared dividend. No accounting entry is made on this date.

How do you record bonds that are issued? Author: Harold Averkamp, CPA, MBA Definition of Bonds Payable Bonds payable is a form of long-term debt often issued by large corporations especially public utilities when...

How do you record a payment for insurance? Author: Harold Averkamp, CPA, MBA Definition of Payment for Insurance A company’s property insurance, liability insurance, business interruption insurance, etc. often covers a...

How do you record a deposit on utilities? Author: Harold Averkamp, CPA, MBA Definition of Deposit on Utilities A new customer of a public utility (electricity, natural gas, telephone, etc.) may be required to pay a...

How do you record the sale of land? Author: Harold Averkamp, CPA, MBA Definition of Sale of Land Assume that a retailer sells land that it had been holding for a future store. The retailer must remove the cost of the...

In accounting, cost is defined as the cash amount (or the cash equivalent) given up for an asset. Cost includes all costs necessary to get an asset in place and ready for use. For example, the cost of an item in...

, the manufacturing rent allocated to those products will be expensed as part of the cost of goods sold. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and...

you record an asset that was partially financed? Why is there a difference in the amounts for Bad Debts Expense and Allowance for Doubtful Accounts? What is recorded in the Wages and Salaries Expense account? What is...

terms? Are repairs to office equipment an expense? What are sales taxes? Should receipts be recorded using the date the money was received or the date the money was deposited in the bank accounts? What is a...

cash fund? What is the difference between paid-in capital and retained earnings? What is the inventory turnover ratio? How do you record bonds that are issued? If inventory is understated at the end of the year, what is...

on the balance sheet? What is the difference between stocks and bonds? Where does revenue received in advance go on a balance sheet? What is the cost principle? How do you record a payment for insurance? What is...

Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...

The planned or expected costs. Often used in manufacturing for accounting for inventories and production. When actual costs differ from the standard costs, variances are reported.

Usually a department within a company that is responsible for its costs but not revenues or profit.

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