Match the terms with the definitions.
-The subsidiary ledger that shows the quantity, cost, material received and issued, and resulting balance for each type of material.

Question

Quizplus · Accepted Answer

The definition matches the materials ledger, which tracks the quantity, cost, and movement of materials received and issued, as well as the current balance for each type of material.

Answer: E
 A materials requisition is a document that shows the type and quantity of materials needed for a specific job or production order. It is used to transfer materials from the materials inventory to the production area.

Answer: F
 The factory overhead subsidiary ledger is a record that shows the details of each overhead cost incurred during the production process, including indirect labor, maintenance and repairs, utilities, and other expenses.

Answer: D
 Direct materials are those that can be easily traced to a specific job or production order, such as raw materials used in manufacturing a product. Direct materials are a direct cost of production.

Answer: J
 Indirect materials are materials that are used in the production process but cannot be easily traced to a specific job or production order. Examples include lubricants, cleaning supplies, and small tools.

Answer: G
 The Finished Goods Inventory account reflects the value of products that have been completed but not yet sold. It is part of the balance sheet for a manufacturing company.

Answer: I
 The job order cost system is used in manufacturing to track the cost of producing individual units or batches of products. In this system, costs are accumulated and assigned to a specific job or production order.

Answer: A
 Work in Process (WIP) is the inventory of partially completed products that are still being worked on in the production process. It includes the cost of materials, labor, and factory overhead associated with each job.

Answer: K
 A job cost sheet is a document that lists the direct materials, direct labor, and factory overhead incurred for each individual job or production order. It is used to monitor the cost and progress of each job.

Match the Terms with the Definitions