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Match the Following Terms with the Definitions

Question 230

Matching

Match the following terms with the definitions

Premises:

Responses:

Equivalent units of production

Costing system that measures costs per unit upon completion of a job.

Job order costing system

Document that summarizes the materials a department uses when inventory moves continuously through the manufacturing process during a reporting period; replaces materials requisition.

Hybrid costing system

Report of total costs charged to a department, describes its equivalent units of production achieved, and allocates costs among units worked on in the period.

Process operations

A manufacturing system that contains features of both process costing and job order costing systems.

Process costing system

Number of units that could have been started and completed given the costs incurred during the period.

Materials consumption report

System of measuring unit costs at the end of a period by combining costs per equivalent unit from each separate department.

Process cost summary

Mass production of similar products in a continuous flow of sequential processes.

Premises:

Equivalent units of production

Job order costing system

Hybrid costing system

Process operations

Process costing system

Materials consumption report

Process cost summary

Responses:

Costing system that measures costs per unit upon completion of a job.

Document that summarizes the materials a department uses when inventory moves continuously through the manufacturing process during a reporting period; replaces materials requisition.

Report of total costs charged to a department, describes its equivalent units of production achieved, and allocates costs among units worked on in the period.

A manufacturing system that contains features of both process costing and job order costing systems.

Number of units that could have been started and completed given the costs incurred during the period.

System of measuring unit costs at the end of a period by combining costs per equivalent unit from each separate department.

Mass production of similar products in a continuous flow of sequential processes.

Correct Answer:

Premises:

Responses:

Equivalent units of production

Job order costing system

Hybrid costing system

Process operations

Process costing system