Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match each of the following phrases with the term that it most closely describes. Clear All A system that uses a different overhead rate for each activity A subsidiary ledger that maintains a separate account for each type of material Applied overhead is more than actual overhead incurred Typically used by companies that make custom products Overapplied overhead Materials ledger Underapplied overhead Job order cost system Finished goods ledger Process cost system Activity-based costing
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match each of the following phrases with the term that it most closely describes. Clear All A system that uses a different overhead rate for each activity A subsidiary ledger that maintains a separate account for each type of material Applied overhead is more than actual overhead incurred Typically used by companies that make custom products Overapplied overhead Materials ledger Underapplied overhead Job order cost system Finished goods ledger Process cost system Activity-based costing
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Match each of the following phrases with the term that it most closely describes.
Clear All
A system that uses a
different overhead rate for
each activity
A subsidiary ledger that
maintains a separate
account for each type of
material
Applied overhead is more
than actual overhead
incurred
Typically used by companies
that make custom products
Overapplied overhead
Materials ledger
Underapplied overhead
Job order cost system
Finished goods ledger
Process cost system
Activity-based costing
Expert Solution
Step 1
ABC
ABC system calculate the Cost of Individual activities and assign cost to cost object such as product & Sevices on the basis of the activities undertaken to Produce each product or services.
MATERIAL LEDGER
Material Ledger is a Subsidiary ledger to inventory valuation
OVERAPPLIED OH
Applied overhead is more than actual overhead incurred is called Overapplied OH
JOB ORDER COST SYSTEM
Job costing is accounting which tracks the costs and revenues by "job" and enables standardized reporting of profitability by job.
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