Match the terms with the definitions.
-A subsidiary ledger for the work in process control account that is made up of job cost sheets.

Question

Quizplus · Accepted Answer

The job cost ledger is a subsidiary ledger for the work in process control account that is made up of job cost sheets.

Answer: A 
 The cost accounting system is a system used to track and analyze costs related to the production process.

Answer: B 
 A daily time sheet is used to track the time employees spend working on specific jobs or tasks.

Answer: C 
 Direct labor refers to the cost of labor directly involved in the production of a product or service.

Answer: D 
 Underapplied overhead refers to a situation where actual overhead costs are greater than the applied overhead costs in a given period.

Answer: E 
 Factory overhead refers to all the indirect costs associated with the production process, such as rent, utilities, and depreciation.

Answer: F 
 The predetermined overhead rate is a rate used to allocate factory overhead costs to specific jobs or products based on an estimated amount of activity.

Answer: G 
 Materials inventory refers to the cost of raw materials that have been purchased but not yet used in the production process.

Answer: H 
 The finished goods ledger is a subsidiary ledger used to track the cost of finished goods inventory.

Answer: I 
 Indirect labor refers to the cost of labor that is not directly involved in the production of a product or service, such as janitorial or maintenance staff.

Match the Terms with the Definitions