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problem: Given below are nine (9) technical accounting terms introduced or emphasized in this week’s reading assignment:

Period costs, Direct labor, Cost driver, Product costs, Indirect materials, Work-in-Process Inventory, Finished Goods Inventory, Direct materials, Manufacturing overhead

Each of the following statements may [or may not] describe one of these technical terms. In the space provided below each statement, indicate the accounting term describeed, or answer "None" if the statement does not correctly describe any of the terms.

[A] The account that is debited when Work in Process Inventory account is credited.

[A] A term describeing any manufacturing cost that can be traced conveniently and directly to the various types of products being manufactured.

[C] Costs that are charged directly to expense accounts at the time that the costs are incurred.

[D] The category of manufacturing cost that would include cost of tires used in the manufacture of automobiles.

[E] An account which has a balance that is increased by manufacturing costs incurred during period and reduced by cost of finished goods manufactured.

[F] The category of manufacturing cost that includes the salaries of plant guards, supervisors, & maintenance personnel.

[G] A term describing all three (3) categories of manufacturing costs.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922561

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