See job order cost sheet.
See job order cost sheet.
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.
See job order costing.
See job order costing.
The date that determines which stockholders are entitled to receive a corporation’s declared dividend. No accounting entry is made on this date.
The method of accounting for treasury stock whereby the cost of the stock that is repurchased by the issuing corporation is recorded and is reported in the contra stockholders’ equity account Treasury Stock.
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...
Can a cost be both a direct cost and an indirect cost? Author: Harold Averkamp, CPA, MBA A cost can be both a direct cost and an indirect cost. One of many examples is the cost of a supervisor in a department within a...
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...
Is the cost of land, buildings, and machinery a fixed cost? Author: Harold Averkamp, CPA, MBA Land, Buildings and Machinery are Fixed Assets It is common for people to refer to land, buildings, and machinery as fixed...
, 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...
Why can a retailer record its purchase of merchandise as a debit to purchases within the cost of goods sold, instead of the asset inventory? Author: Harold Averkamp, CPA, MBA Before we explain why companies will record...
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...
and cost that the accountant can record in order to report this person as an asset owned by the entity. The salary and bonuses paid to a key employee are reported as expenses in the period in which the employee...
the depreciation expense right up to the date of the disposal Remove the equipment’s cost and the up-to-date accumulated depreciation, record the cash received, and record the resulting gain or loss The first step...
the company issues monthly financial statements and that the $1,200 cost is considered to be significant. On March 20, the company debits Prepaid Expenses for $1,200 and credits Cash for $1,200. At the end of each month...
How do I record an advance to an employee and the deduction? Author: Harold Averkamp, CPA, MBA Definition of Advance to an Employee A cash advance to an employee is usually a temporary loan by a company to an employee....
How do you record the interest that is unpaid on a note payable? Author: Harold Averkamp, CPA, MBA Definition of Interest Unpaid on Note Payable Interest that has occurred, but has not been paid as of a balance sheet...
How do you record an owner's money that is used to start a company? Author: Harold Averkamp, CPA, MBA Recording Money to Start a Sole Proprietorship If Amy Ott begins a sole proprietorship by putting money into her...
Where do I record the refund of a registration fee? Author: Harold Averkamp, CPA, MBA If the registration fee refers to a fee expense that you had originally paid but the amount is now being refunded to you, I would...
How do you record a dividend payment to stockholders? Author: Harold Averkamp, CPA, MBA Definition of Dividend Payment to Stockholders A dividend payment to stockholders is usually a cash payment which reduces the...
What is the journal entry to record a one-year subscription for a magazine? Author: Harold Averkamp, CPA, MBA Ways to Record One-Year Subscriptions Let’s assume that the cost of the one-year subscription for a monthly...
How do you record an asset that was partially financed? Author: Harold Averkamp, CPA, MBA Example of Recording an Asset that was Partially Financed Assume that your company purchased a car for $10,000 by paying cash of...
How do you record a return deposit item on a bank statement? Author: Harold Averkamp, CPA, MBA Definition of Return Deposit Item A return deposit item is usually a customer’s check that was part of a company’s bank...
How do you record the sales tax on the purchase of an asset? Author: Harold Averkamp, CPA, MBA Accountants define the cost of an asset as all of the costs that are necessary to obtain the asset and to get it ready for...
How do I record exterior cement work? Is it an asset or an expense? Author: Harold Averkamp, CPA, MBA If the cement work was done to repair or maintain existing cement work, then the expenditure should be recorded as an...
Which date is used to record a credit card transaction? Author: Harold Averkamp, CPA, MBA When a business uses its credit card, the transaction date is the date the credit card is used, not the date that the credit card...
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...
. One way to record the withholdings is to credit Health Insurance Expense for the $75 withheld from the employee. When the company pays the full cost of the health insurance plan it will debit the amount to Health...
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.
Featured Review
"AccountingCoach was a perfect refresher course. I have a degree in accounting and earned my CPA but that was long, long ago. I spent most of my career as a business consultant and did not use my accounting knowledge on a daily basis. Some 20 years later after taking a few years off I was looking to re-enter the workforce on a part time basis and felt bookkeeping work would provide me with the greatest opportunity and life balance. I found a local company that employed people just like me to do bookkeeping for clients, but I would need to pass an accounting test in order to be hired. However, I was a bit rusty and needed a refresher. After some Internet research I chose AccountingCoach. I ran through the first 20 modules in about a week which covered all of the basics. It was a perfect refresher and everything came back to me. I ended up passing the test with flying colors and have found part time work managing the finances for a small nonprofit in the area." - Jocelyn A.
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,645 reviewsWe now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: