GLOSSARY of Costing & Management Accounting Terms-Alphabet W

July 26th, 2007 Comments off
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Waste Unusable materials that have little or no value
Weighted average The price used to value issues is the total cost of materials purchased divided by the total quantity of materials purchased.
Weighted average A method to account for opening work in process. Under this method the opening WIP costs are added to current period’s costs. The total is divided by equivalent units in process to determine cost per equivalent in process.
Work in process Uncompleted materials, components or products on the production line. Also referred to as Work in progress
Work study A systematic study of the work content of jobs. Such study is needed to determine the work-load and the number of workers necessary to work efficiently. It is a source of standard costs.
Work ticket A document used to charge jobs or departments with direct labor. Also referred to as job ticket or time ticket.

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