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5 Written questions

5 Matching questions

  1. Period costs
  2. Inventory Equation
  3. Dependent variable
  4. spending (budget) variance
  5. Cost object
  1. a costs recognized for financial reporting when incurred.
  2. b any end to which a cost is assigned
  3. c Beginning WIP inventory + Units Started = Units Transferred Out + Ending WIP
  4. d y term, or the left handed side of a regression equation
  5. e price variance for fixed overhead

5 Multiple choice questions

  1. purpose of presenting the T-accounts is to give you an overview of the cost flows associated with the process costing computations.
  2. all production costs except those for direct labor and direct materials. Such as indirect labor, indirect materials and other manufacturing costs
  3. manufacturing costs incurred in one department and transferred to a subsequent department in the manufacturing process
  4. budget for a single activity level; usually the master budget
  5. sum of direct materials and direct labor

5 True/False questions

  1. 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)

          

  2. Cost of goods soldexpense assigned to products sold during a period.

          

  3. operationstandardized method of making a product that is repeatedly performed.

          

  4. Product life cycletime from initial research and development to the time that support to the customer ends

          

  5. Outlay costsa past, present, or future cash flow.

          

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