Inventory price tests-audit procedures used to
verify the costs used to value physical
inventory
Job cost systems-systems of cost accounting in
which costs are accumulated by individual
jobs when material is used and labor
costs are incurred
Perpetual inventory master file-a continuously updated computerized record of inventory items purchased, used, sold, and on hand for merchandise, raw materials, and finished goods
Process cost systems-systems of cost accounting in which costs are accumulated for a process, with unit costs for each process assigned to the products passing through the process
Standard cost records-records that indicate variances between projected material, labor, and overhead costs, and the actual costs