Description of various terms like product cost

Assignment Help Financial Accounting

Reference no: EM1314559

Description of various terms like product cost , period costs, direct and indirect costs.

Listed below are nine technical accounting terms introduced or emphasized in this weeks reading assignment:
Product costs, Period costs, Direct labor, Cost driver, Indirect materials, Direct materials, Manufacturing overhead, Work-in-Process Inventory, Finished Goods Inventory
Each of the following statements may (or may not) describe one of these technical terms. In the space provided below each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.

(a) The account that is debited when the Work in Process Inventory account is credited.
(b) A term describing any manufacturing cost that can be traced conveniently and directly to the various types of products being manufactured.
(c) Costs that are charged directly to expense accounts at the time that the costs are incurred.
(d) The category of manufacturing cost that would include the cost of tires used in the manufacture of automobiles.
(e) An account which has a balance that is increased by manufacturing costs incurred during the period and decreased by the cost of finished goods manufactured.
(f) The category of manufacturing cost that includes the salaries of plant guards, supervisors, and maintenance personnel.
(g) A term describing all three categories of manufacturing costs.

Reference no: EM1314559

Questions Cloud

Classification of cost in direct material : Classification of Cost in Direct material, Direct labor, Overheads etc - Research and development costs incurred by Thomas, manufacturer of derailleurs, brakes, and other component parts for bicycles in its efforts to develop new products.

Find and matches the given linear equation. : Find and matches the given linear equation.

Graph of the probability density function : Show the graph of the probability density function for flight time.

Determine the term bond valuation : Determine the term Bond valuation and what would this imply about the terms of the issue

Description of various terms like product cost : Description of various terms like product cost , period costs, direct and indirect costs - the account that is debited when the Work in Process Inventory account is credited.

Impact of upward shift of production function : Suppose an economy only produces single consumption well. Consider permanent upward shift of production function. Graphically describe the effects on each of following:

F-distribution by critical value : The critical value of F at 95% confidence when there is a sample size of 21 for the sample with the smaller variance, and there is a sample size of 9 for the sample with the larger sample variance is:

Describe the term bond valuation : Describe the term Bond valuation and what coupon rate should be set on the bond with warrants if the total package is to sell for $1,000

Determine the cost assigned to ending inventory : Application of LIFO, FIFO and Weighted Average method of Inventory System and evaluate the cost assigned to ending inventory and to cost of goods sold using a) specific identification

User Account

All Pages