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Match the Following Definitions with the Appropriate Terms

Question 191

Matching

Match the following definitions with the appropriate terms

Premises:
Costing system to determine the cost of producing each job or job lot.
Document that summarizes the materials a department uses during a reporting period; replaces materials requisition.
Report of costs charged to a department, its equivalent units of production achieved, even the costs assigned to its output.
A manufacturing system that contains features of both process and job order systems.
Number of units that would be completed if all effort during a period had been applied to units that were started and finished.
System of assigning direct materials, direct labor, and overhead to specific processes; total costs associated with each process are then divided by the number of units passing through that process to determine cost per equivalent unit.
Process of products in a continuous flow of steps.
Responses:
Equivalent units of production
Job order cost accounting system
Hybrid manufacturing system
Process manufacturing system
Process cost accounting system
Materials consumption report
Process cost summary

Correct Answer:

Costing system to determine the cost of producing each job or job lot.
Document that summarizes the materials a department uses during a reporting period; replaces materials requisition.
Report of costs charged to a department, its equivalent units of production achieved, even the costs assigned to its output.
A manufacturing system that contains features of both process and job order systems.
Number of units that would be completed if all effort during a period had been applied to units that were started and finished.
System of assigning direct materials, direct labor, and overhead to specific processes; total costs associated with each process are then divided by the number of units passing through that process to determine cost per equivalent unit.
Process of products in a continuous flow of steps.
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