Concepts and TerminologyFrom the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:SentenceAppropriate term for completing sentencea. An example of factory overhead is (electricity used to run assembly line, CEO salary). b. Direct materials costs combined with direct labor costs are called (prime, conversion) costs. c. Long-term plans are called (strategic, operational) plans. d. Materials for use in production are called (supplies, materials inventory). e. The phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving). f. The plant manager’s salary would be considered (direct, indirect) to the product. g. The salaries of salespeople are normally considered a (period, product) cost.

1) Factory overheads are manufacturing costs 2) Prime costs includes direct material , direct labor…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concepts and Terminology

From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:

Sentence	Appropriate term for completing sentence
a. An example of factory overhead is (electricity used to run assembly line, CEO salary).
b. Direct materials costs combined with direct labor costs are called (prime, conversion) costs.
c. Long-term plans are called (strategic, operational) plans.
d. Materials for use in production are called (supplies, materials inventory).
e. The phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving).
f. The plant manager’s salary would be considered (direct, indirect) to the product.
g. The salaries of salespeople are normally considered a (period, product) cost.

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