5 Written questions
5 Matching questions
- Period costs
- Inventory Equation
- Dependent variable
- spending (budget) variance
- Cost object
- a costs recognized for financial reporting when incurred.
- b any end to which a cost is assigned
- c Beginning WIP inventory + Units Started = Units Transferred Out + Ending WIP
- d y term, or the left handed side of a regression equation
- e price variance for fixed overhead
5 Multiple choice questions
- purpose of presenting the T-accounts is to give you an overview of the cost flows associated with the process costing computations.
- all production costs except those for direct labor and direct materials. Such as indirect labor, indirect materials and other manufacturing costs
- manufacturing costs incurred in one department and transferred to a subsequent department in the manufacturing process
- budget for a single activity level; usually the master budget
- sum of direct materials and direct labor
5 True/False questions
Three types of income statements where the organization sell (what we focus on) → Service, Product that it acquires from anther organization (retailer), A product that it builds using materials from other organization (manufacturer)
Cost of goods sold → expense assigned to products sold during a period.
operation → standardized method of making a product that is repeatedly performed.
Product life cycle → time from initial research and development to the time that support to the customer ends
Outlay costs → a past, present, or future cash flow.