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Definition of job order costing system
job order costing system
a system of product costing used
Schedule of depreciation rates allowed for tax purposes.
A conditional trading order that indicates a security may be purchased only at the designated
A computerized clearing system for sterling funds
An international wire transfer system for high-value
Refers to the volatility of returns on international investments caused by events associated
An order to buy or sell stock that automatically expires if it can't be executed on the day it is entered.
Highlights the fact that return on assets (ROA) can be expressed in terms
The order quantity that minimizes total inventory costs.
An exchange arrangement formed in 1979 that involves the currencies
The central bank of the U.S., established in 1913, and governed by the Federal
A trading order that is canceled unless executed within a designated time period.
Arrangement by which investors who receive a dividend also receive a tax credit for
systems that schedule materials/inventory to arrive exactly as they are
An order to buy a stock at or below a specified price or to sell a stock at or above a specified
A record of unexecuted limit orders that is maintained by the specialist. These orders are
This is an order to immediately buy or sell a security at the current trading price.
A technical trading strategy that combines mechanical rules, such as the CRISMA
Negotiable order of withdrawal (NOW)
Demand deposits that pay interest.
Nonmarket or firm-specific risk factors that can be eliminated by diversification. Also
Open (good-til-cancelled) order
An individual investor can place an order to buy or sell a security. That
Pecking-order view (of capital structure)
The argument that external financing transaction costs, especially
Progressive tax system
A tax system wherein the average tax rate increases for some increases in income but
Sell limit order
Conditional trading order that indicates that a, security may be sold at the designated price or
Split-rate tax system
A tax system that taxes retained earnings at a higher rate than earnings that are
An order to sell a stock when the price falls to a specified level.
Stop order (or stop)
An order to buy or sell at the market when a definite price is reached, either above (on a
A stop order that designates a price limit. In contrast to the stop order, which becomes a
Common to all businesses.
Also called undiversifiable risk or market risk, the minimum level of risk that can be
Systematic risk principle
Only the systematic portion of risk matters in large, well-diversified portfolios.
Two-tier tax system
A method of taxation in which the income going to shareholders is taxed twice.
Also called the diversifiable risk or residual risk. The risk that is unique to a company
MACRS (Modified Accelerated Cost Recovery System)
A depreciation method created by the IRS under the Tax Reform Act of 1986. Companies must use it to depreciate all plant and equipment assets installed after December 31, 1986 (for tax purposes).
A method of costing in which all fixed and variable production costs are charged to products or services using an allocation base.
A set of accounts that summarize the transactions of a business that have been recorded on source documents.
A method of costing that uses cost pools to accumulate the cost of significant business activities and then assigns the costs from the cost pools to products or services based on cost drivers.
A method of accounting that accumulates the costs of a product/service that is produced either
An approach to costing that estimates and accumulates the costs of a product/service over
Planning, programming and budgeting system (PPBS)
A method of budgeting in which budgets are allocated to projects or programmes rather than to responsibility centres.
A method of costing for continuous manufacture in which costs for an accounting compared are compared with production for the same period to determine a cost per unit produced.
A method of costing that is concerned with managing whole-of-life costs of a product/service during the product design phase – the difference between target price (to achieve market share) and the target profit margin.
A method of costing in which only variable production costs are treated as product costs and in which all fixed (production and non-production) costs are treated as period costs.
Periodic inventory system
An inventory system in which the balance in the Inventory account is adjusted for the units sold only at the end of the period.
Perpetual inventory system
An inventory system in which the balance in the Inventory account is adjusted for the units sold each time a sale is made.
activity based costing (ABC)
A relatively new method advocated for the
The amount of total risk that cannot be eliminated by portfolio
The amount of total risk that can be eliminated by diversification by
a cost accumulation and reporting
activity-based costing (ABC)
a process using multiple cost drivers to predict and allocate costs to products and services;
actual cost system
a valuation method that uses actual direct
attribute-based costing (ABC II)
an extension of activitybased costing using cost-benefit analysis (based on increased customer utility) to choose the product attribute
a streamlined cost accounting method that speeds up, simplifies, and reduces accounting effort in an environment that minimizes inventory balances, requires
business intelligence (BI) system
a formal process for gathering and analyzing information and producing intelligence to meet decision making needs; requires information about
a system using transfer prices; see transfer
cost control system
a logical structure of formal and/or informal
cost management system (CMS)
a set of formal methods
see variable costing
economic order quantity (EOQ)
an estimate of the number
engineering change order (ECO)
a business mandate that changes the way in which a product is manufactured or a
enterprise resource planning (ERP) system
a packaged software program that allows a company to
FIFO method (of process costing)
the method of cost assignment that computes an average cost per equivalent
flexible manufacturing system (FMS)
a production system in which a single factory manufactures numerous variations
see absorption costing
hybrid costing system
a costing system combining characteristics
a single unit or group of units identifiable as being produced
job cost record
see job order cost sheet
job order cost sheet
a source document that provides virtually
just-in-time manufacturing system
a production system that attempts to acquire components and produce inventory only as needed, to minimize product defects, and to
life cycle costing
the accumulation of costs for activities that
management control system (MCS)
an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans,
management information system (MIS)
a structure of interrelated elements that collects, organizes, and communicates
modified FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per
normal cost system
a valuation method that uses actual
open purchase ordering
a process by which a single purchase
the variable cost associated with preparing,
the level of inventory that triggers the placement
performance management system
a system reflecting the entire package of decisions regarding performance measurement and evaluation
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
a production system dictated by product sales
the traditional production system in which
an inventory ordering system in which a red
a process that compares, to the extent possible
responsibility accounting system
an accounting information system for successively higher-level managers about the performance of segments or subunits under the control
special order decision
a situation in which management must determine a sales price to charge for manufacturing or service jobs outside the company’s normal production/service market
standard cost system
a valuation method that uses predetermined
strict FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the
a method of determining what the cost of a
an inventory ordering system in which two
a cost accumulation and reporting method
weighted average method (of process costing)
the method of cost assignment that computes an average cost per
A methodology under which all manufacturing costs are assigned
Activity-based costing (ABC)
A cost allocation system that compiles costs and assigns
A costing methodology that only assigns direct labor and material costs
First in, first-out costing method (FIFO)
A process costing methodology that assigns the earliest
A distinctly identifiable batch of a product.
The process of continual cost reduction that occurs after a product
A costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products.
Du Pont system
A breakdown of ROE and ROA into component ratios.
economic order quantity
order size that minimizes total inventory costs.
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