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Match the Following Terms with the Appropriate Definition

Question 246

Matching

Match the following terms with the appropriate definition.

Premises:
Direct materials
Indirect costs
Product costs
Prime costs
Fixed costs
Direct labor
Period costs
Conversion costs
Factory overhead
Variable costs
Responses:
Costs that flow directly to the current income statement as expenses.
Costs that change in proportion to changes in volume of activity.
The efforts of employees who physically convert materials to finished products.
Manufacturing expenditures that cannot be separately or readily traced to finished goods.
Expenditures necessary and integral to finished products.
Expenditures incurred in the process of converting raw materials to finished products; include direct labor and factory overhead.
Tangible components of a finished product separately and readily traced through the manufacturing process.
Expenditures directly associated with the manufacture of finished products; include direct materials and direct labor.
Costs that do not change in total with changes in the volume of activity.
Costs that are incurred for the benefit of more than one cost object.

Correct Answer:

Direct materials
Indirect costs
Product costs
Prime costs
Fixed costs
Direct labor
Period costs
Conversion costs
Factory overhead
Variable costs
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