Following are a number of key terms and concepts introduced in the chapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–14). Note that not all key terms and concepts will be used.
a. Cost accounting | l. Production standards |
b. Cost management | m. Raw material |
c. Value chain | n. Direct labor |
d. Cost object | o. Overhead |
e. Cost pool | p. Overhead application rate |
f. Cost assignment | q. Job order costing system |
g. Direct cost | r. Process costing system |
h. Indirect cost | s. Absorption costing |
i. Product costs | t. Direct (or variable) costing |
j. Period costs | u. Activity-based costing |
k. Statement of cost of goods manufactured |
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_________A supplementary financial statement that supports the cost of goods sold figure on the income statement by summarizing raw materials, direct labor, and manufacturing overhead costs incurred during the period.
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