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5 Written questions

5 Matching questions

  1. Work in process
  2. Indirect manufacturing costs
  3. weighted-average process costing
  4. Expense
  5. Cost structure
  1. a product in the production process but not yet complete
  2. b proportion of an organization's fixed and variable costs to its total costs
  3. c all product costs except direct costs.
  4. d inventory method that for product costing purposes combines costs and equivalent units of a period with the costs and the equivalent units in the beginning inventory.
  5. e a cost charged against revenue in an accounting period.

5 Multiple choice questions

  1. form providing standard quantities of inputs used to produce a unit of output and the standard prices for the inputs.
  2. provides customers an intangible product. While retail and wholesale companies sell but do not make intangible products, also they have additional information which is cost of goods sold.
  3. costs required to manage the organization and provide staff support, including executive salaries, costs of data processing and legal costs
  4. costs that are unchanged as volume changes within the relevant range of activity
  5. outlay costs and opportunity costs

5 True/False questions

  1. Margin of safetythe excess of projected or actual sales over the break even volume

          

  2. Special orderorder that will not affect other sales and is usually a short run occurrences

          

  3. Variable costsonly variable manufacturing costs are product costs, others are period costs

          

  4. Process costingaccounting system used when identical units are produced through a series of uniform production steps

          

  5. Margin of safety percentagecosts required to manage the organization and provide staff support, including executive salaries, costs of data processing and legal costs

          

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