Matching
Match each of the following terms with the appropriate definition.
Premises:
Period costs
Product costs
Indirect costs
Direct materials
Prime costs
Factory overhead
Direct labor
Conversion costs
Fixed costs
Variable costs
Responses:
Manufacturing costs that cannot be separately or readily traced to finished goods.
Costs incurred in the process of converting raw materials to finished products; include direct labor and factory overhead.
Costs that are expensed to the income statement in the period incurred..
Costs that change in proportion to changes in volume of activity.
Tangible components of a finished product separately and readily traced through the manufacturing process.
Costs directly associated with the manufacture of finished products; include direct materials and direct labor.
The efforts of employees who physically convert materials to finished products.
Costs necessary to create a product..
Costs that cannot be easily and cost-beneficially traced to a single cost object.
Costs that do not change in total with changes in the volume of activity.
Correct Answer:
Premises:
Responses:
Period costs
Product costs
Indirect costs
Direct materials
Prime costs
Factory overhead
Direct labor
Conversion costs
Fixed costs
Variable costs
Premises:
Period costs
Product costs
Indirect costs
Direct materials
Prime costs
Factory overhead
Direct labor
Conversion costs
Fixed costs
Variable costs
Responses:
Related Questions
Q95: An employee is dissatisfied with the resolution
Q110: Which of the following costs is not
Q131: The focus of managerial accounting information is
Q167: Materials that are used in manufacturing but
Q188: Beginning finished goods inventory plus cost of
Q191: Costs that flow directly to the current
Q194: Which of the following should not be
Q196: Comet Company accumulated the following account information
Q203: Factory overhead includes selling and administrative expenses
Q217: For a manufacturer, the cost of goods