Problem A (60 points) FILL-IN-THE-BLANK-PRINCIPLES AND TERMINOLOGY- INSTRUCTIONS

Question

Problem A (60 points) FILL-IN-THE-BLANK-PRINCIPLES AND TERMINOLOGY- INSTRUCTIONS: Complete each of the tollowing statements by writing the appropriate words in the Answers column. For Scoring 0. Answers A type ot intormation that management uses in conducting daily operations and in planning future operations and that includes both historical and estimated data is A department or unit directly involved in the basic objectives of the organization is a The chief management accountant is called the. Control lec A payment of cash or its equivalent or the commitment to pay cash in the future for the purpose of generating revenues is termed. What three elements compose manufacturing cost? 1. 2. 3. 2. 4-6. 5. 6. 7. The cost of wages of employee s who are directly involved in converting materia's into the manufactured product is 8. Another name for factory burden or manufacturing overhead is 9. In management accounting reports, selling and administrative expenses are classified as... The addition of direct labor and factory overhead form what cost of the product? The product costs that have entered into the manufacturing process but are associated with unfinished products are called 9. 10. 11. 12. The cost of the manufactured product sold is called the The two main types of cost accounting systems for manufacturing operations are: 13-14. 13. 14. 15. 13. The system used by many service firms to accumulate the costs associated with providing client services is a 16. The work in process subsidiary ledger is made up o... 17. The Receiving Department document that shows the quantity received 16. and its condition is the.. Materials are released from the storeroom to the factory in response o a 18. 19-20. The predetermined factory overhead rate is calculated by dividing 19 by 20. 20.

Explanation / Answer

3. Cost

4. Direct Materials

5. Direct Labor

6. Manufacturing Overhead

7. Direct Labor

8. Production Overhead.

9. Period Expenses.

10. Conversion Cost.

11. Work in Progress.

12. Cost of Goods Sold.

13. Job Cost System

14. Process Cost System.

15. Job Cost System.

16. Direct Labor and Overhead Costs.

17. Receiving Report.

18. Material Requisition.

19. Estimated Total Factory Overhead

20. Direct Labor Hours.

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