← Job cost subsystem for an entity (internal)
Reading the notation
The four elements the standard names, and the GST detail it builds in.📖 Terms the schedule grades you on
4 terms- Job cost subsystem
- The set of documents and calculations that trace direct costs and apportion overhead to determine what an individual job actually cost.
- GST on the invoice basis
- GST is recognised on invoice, not on cash receipt/payment — job costs and the overhead rate are built from GST-exclusive figures.
- Allocation base
- The measure (labour hours, machine hours, direct labour cost) used to spread overhead across jobs — chosen because it reflects what drives that overhead.
- Apply / explain / justify
- Achieved APPLIES the elements to maintain viability. Merit EXPLAINS the application. Excellence JUSTIFIES it — including justifying the cost of a specific job.