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Match each terms listed in the dropdown to its descriptions. Terms Descriptions a. Production activities for...
Exercise 15-1 Job order production LO C1 Match each terms listed in the dropdown to its...
Exercise 15-1 Job order production LO C1 Match each terms listed in the dropdown to its descriptions. Terms Descriptions Production activities for a custom product. Production activities for a special order. A system that records manufacturing costs. Mass production in a continuous flow of steps. The expected selling price of a job minus its desired profit.
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement...
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or false 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting 4. In a process cost system, costs are tracked by...
Match the following terms to their definitions. (Match each definition with the letter of its corresponding...
Match the following terms to their definitions. (Match each definition with the letter of its corresponding term. Abbreviation used: EUP=equivalent units of production) (Click on the icon to view the definitions.) 1 Definitions "osts, 1. Direct labor plus manufacturing overhead 2. Prepared by department for EUP, production costs, and assignment of costs 3. Equivalent units of production 4. Process costing system 5. Transferred in costs 6. Weighted-average method a. b. c. d. e. 1. Expresses partially completed units in terms...
Match each definition with its related term by selecting the appropriate term in the dropdown provided....
Match each definition with its related term by selecting the appropriate term in the dropdown provided. (Select "None of these are correct if there is no term for the "Definition".) Activity-Based Costing Appraisal or Inspection Costs Batch-Level Activities External Failure Costs Definition A. Activities that are performed to benefit the organization as a whole. B. Activities that are independent of the of the number of units, but are performed for a group all at once. c. Activities that vary in...
Select the term from the list provided that best matches each of the following descriptions. 1...
Select the term from the list provided that best matches each of the following descriptions. 1 Re-engineering 4 Just in time 2 Managerial accounting 3 Continuous improvement 6 Financial Accounting Standards Board Activity-based management 5 7 Securities and Exchange Commission 8 Cost of goods sold 10 9 Nonvalue - added activities Upstream costs Match each of the options above to the items below. An inventory flow system that minimizes the amount of inventory on hand 4 The organization established by...
Understand process cost accounting.
Understand process cost accounting. .1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting 4. In a proces cost system, costs are tracked by individual jobs. 5. Job order costing and process costing track different manufacturing cost elements. 6. Both job order conting and process costing...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department first-in, first-out method costing system used by a company producing computer chips transferred in costs measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a processing...
Match each definition with its related term by selecting the appropriate term in the dropdown provided....
Match each definition with its related term by selecting the appropriate term in the dropdown provided. (Select "None of these are correct" If there is no term for the "Definition".) Definition A Activities that are performed to benefit the organization as a whole B. Activities that are independent of the of the number of units, but are performed for a group all at once C. Activities that vary in direct proportion to the number of units produced or customers served...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department direct labor and factory overhead costing system used by a company producing computer chips equivalent units measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a...
Match the definitions to the terms. Periodic Inventory System Net Realizable Value Compatibility Principle Weighted Average...
Match the definitions to the terms. Periodic Inventory System Net Realizable Value Compatibility Principle Weighted Average Cost Benefit Principle 6 Gross Margin First-in, First-out Perpetual Inventory System Last-in, Last-out 10 Flexibility Principle 11 Control Principle FOB Match each of the options above to the items below. Free on board (point of transfer) Net sales minus cost of goods sold. Updates accounting records for each purchase and each sale of inventory Assumes that inventory items are sold in the order acquired....
Exercise 15-1 Job order production LO C1 Match each terms listed in the dropdown to its descriptions. Terms Descriptions Production activities for a custom product. Production activities for a special order. A system that records manufacturing costs. Mass production in a continuous flow of steps. The expected selling price of a job minus its desired profit.
Match the following terms to their definitions. (Match each definition with the letter of its corresponding term. Abbreviation used: EUP=equivalent units of production) (Click on the icon to view the definitions.) 1 Definitions "osts, 1. Direct labor plus manufacturing overhead 2. Prepared by department for EUP, production costs, and assignment of costs 3. Equivalent units of production 4. Process costing system 5. Transferred in costs 6. Weighted-average method a. b. c. d. e. 1. Expresses partially completed units in terms...
Match each definition with its related term by selecting the appropriate term in the dropdown provided. (Select "None of these are correct if there is no term for the "Definition".) Activity-Based Costing Appraisal or Inspection Costs Batch-Level Activities External Failure Costs Definition A. Activities that are performed to benefit the organization as a whole. B. Activities that are independent of the of the number of units, but are performed for a group all at once. c. Activities that vary in...
Select the term from the list provided that best matches each of the following descriptions. 1 Re-engineering 4 Just in time 2 Managerial accounting 3 Continuous improvement 6 Financial Accounting Standards Board Activity-based management 5 7 Securities and Exchange Commission 8 Cost of goods sold 10 9 Nonvalue - added activities Upstream costs Match each of the options above to the items below. An inventory flow system that minimizes the amount of inventory on hand 4 The organization established by...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department first-in, first-out method costing system used by a company producing computer chips transferred in costs measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a processing...
Match each definition with its related term by selecting the appropriate term in the dropdown provided. (Select "None of these are correct" If there is no term for the "Definition".) Definition A Activities that are performed to benefit the organization as a whole B. Activities that are independent of the of the number of units, but are performed for a group all at once C. Activities that vary in direct proportion to the number of units produced or customers served...
Match each phrase that follows with the term (a-h) it describes. Clear All costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department direct labor and factory overhead costing system used by a company producing computer chips equivalent units measure of the work done during a production period, expressed in terms of fully complete units of output cost of production report summary of the activity in a...
Match the definitions to the terms. Periodic Inventory System Net Realizable Value Compatibility Principle Weighted Average Cost Benefit Principle 6 Gross Margin First-in, First-out Perpetual Inventory System Last-in, Last-out 10 Flexibility Principle 11 Control Principle FOB Match each of the options above to the items below. Free on board (point of transfer) Net sales minus cost of goods sold. Updates accounting records for each purchase and each sale of inventory Assumes that inventory items are sold in the order acquired....
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