Listed as follows are eight technical accounting terms introduced or emphasized in this chapter. Work in process inventory Conversion costs Cost of finished goods manufactured Cost of goods sold Period costs Management accounting Manufacturing overhead Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not cor- Product costs rectly describe any of the terms. The preparation and use of accounting information designed to assist managers in planning and controlling the operations of a business. a. b. All manufacturing costs other than direct materials used and direct labor. с. Direct materials and direct labor used in manufacturing a product. A manufacturing cost that can be traced conveniently and directly to manufactured units of product. d. е. The account debited at the time that the Manufacturing Overhead account is credited. f. The amount transferred from the Work in Process Inventory account to the Finished Goods Inventory account. g. Costs that are debited directly to expense accounts when the costs are incurred.
Listed as follows are eight technical accounting terms introduced or emphasized in this chapter. Work in process inventory Conversion costs Cost of finished goods manufactured Cost of goods sold Period costs Management accounting Manufacturing overhead Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not cor- Product costs rectly describe any of the terms. The preparation and use of accounting information designed to assist managers in planning and controlling the operations of a business. a. b. All manufacturing costs other than direct materials used and direct labor. с. Direct materials and direct labor used in manufacturing a product. A manufacturing cost that can be traced conveniently and directly to manufactured units of product. d. е. The account debited at the time that the Manufacturing Overhead account is credited. f. The amount transferred from the Work in Process Inventory account to the Finished Goods Inventory account. g. Costs that are debited directly to expense accounts when the costs are incurred.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
16.1
Transcribed Image Text:u partial balance sheet for Eskola's showing the given accounts.
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Listed as follows are eight technical accounting terms introduced or emphasized in this chapter.
Work in process inventory
Conversion costs
Cost of finished goods manufactured
Cost of goods sold
Period costs
Management accounting
Product costs
Manufacturing overhead
Each of the following statements may (or may not) describe one of these technical terms. For each
statement, indicate the accounting term described, or answer "None" if the statement does not cor-
rectly describe any of the terms.
The preparation and use of accounting information designed to assist managers in planning
and controlling the operations of a business.
а.
b.
All manufacturing costs other than direct materials used and direct labor.
с.
Direct materials and direct labor used in manufacturing a product.
A manufacturing cost that can be traced conveniently and directly to manufactured units of
product.
The account debited at the time that the Manufacturing Overhead account is credited.
d.
e.
The amount transferred from the Work in Process Inventory account to the Finished Goods
Inventory account.
g.
Costs that are debited directly to expense accounts when the costs are incurred.
afacturing cost would each of the following be classified?
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