Match the terms with the definitions.
-The account in which materials, labor, and overhead costs of producing a product are accumulated until the product is completed.

Question

Quizplus · Accepted Answer

Work in Process is the account in which materials, labor, and overhead costs of producing a product are accumulated until the product is completed.

Answer: B
 Process cost system is a cost accounting system in which costs are assigned to each process or department for a set period of time.

Answer: C
 Overapplied overhead is the amount of overhead costs applied to production that exceeds the actual amount of overhead costs incurred.

Answer: D
 Direct materials are materials that can be traced directly to a specific product or job.

Answer: E
 Materials requisition is a document used to authorize the use of materials from the storeroom.

Answer: F
 Factory overhead subsidiary ledger is a record that shows the details of all factory overhead costs incurred for a specific period of time.

Answer: G
 Finished Goods Inventory is the account in which completed products are stored before they are sold.

Answer: H
 Materials ledger is a record that shows the details of all materials purchased and used for production.

Answer: I
 Job order cost system is a cost accounting system in which costs are assigned to individual jobs or products.

Answer: J
 Indirect materials are materials that are used in production but cannot be traced directly to a specific product or job.

Answer: K
 Job cost sheet is a document that shows the costs incurred for a specific job or product.

Match the Terms with the Definitions