Listed
below are nine technical accounting terms introduced or emphasized in this
week’s reading assignment:
Product costs, Period costs, direct labor, Cost driver, indirect materials, direct materials, Manufacturing overhead, Work-in-Process Inventory, Finished Goods Inventory
Product costs, Period costs, direct labor, Cost driver, indirect materials, direct materials, Manufacturing overhead, Work-in-Process Inventory, Finished Goods Inventory
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
described, or answer "None" if the statement does not correctly
describe any of the terms.
(a)
The account that is debited when the Work in Process Inventory account is
credited.
(b)
A term describing 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 the cost of tires used in
the manufacture of Automobiles
(e.)
An account which has a balance that is increased by manufacturing costs
incurred during the period and decreased by the cost of finished goods
manufactured.
(f)
The category of manufacturing cost that includes the salaries of plant guards,
supervisors, and maintenance personnel.
(g) A
term describing all three categories of manufacturing costs.
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