Matching
Select the term from the list that best matches the description or definition
Premises:
Asset account used to accumnlate cost of materials that will be used to make the company's products
Asset account containing product costs associated with units that have been completed and are awaiting sale
Practice of capitalizing all product costs, inchuding fixed manufacturing costs, in inventory
Asset account used to accumulate all product costs associated with production
Amount of overhead costs assigned to Work in Process using the predetermined rate
Product costing system that does not include fixed manufacturing costs as part of the cost of inventory
Calculated by dividing estimated overhead costs for the period by some measure of estimated total production activity for the period
The result of allocating more or less overhead cost to Work in Process than the amount of actual overhead costs incurred
Schechle that summarizes the flow of manufacturing product costs
Product costs associated with products that were sold during an accounting period
Temporary account used to accumulate the actual overhead costs incurred and the total amount of overhead applied to Work in Process
Equity account that is the culmination of all earnings kept in the business since inception
Responses:
Absorption costing
Applied overhead
Cost of goods manufactured and sold
Cost of goods sold
Finished goods inventory
Manufacturing overhead account
Overapplied or underapplied overhead
Predetermined overhead rate
Raw materials inventory
Retained earnings
Variable costing
Work in process inventory
Correct Answer:
Premises:
Responses:
Asset account used to accumnlate cost of materials that will be used to make the company's products
Asset account containing product costs associated with units that have been completed and are awaiting sale
Practice of capitalizing all product costs, inchuding fixed manufacturing costs, in inventory
Asset account used to accumulate all product costs associated with production
Amount of overhead costs assigned to Work in Process using the predetermined rate
Product costing system that does not include fixed manufacturing costs as part of the cost of inventory
Calculated by dividing estimated overhead costs for the period by some measure of estimated total production activity for the period
The result of allocating more or less overhead cost to Work in Process than the amount of actual overhead costs incurred
Schechle that summarizes the flow of manufacturing product costs
Product costs associated with products that were sold during an accounting period
Temporary account used to accumulate the actual overhead costs incurred and the total amount of overhead applied to Work in Process
Equity account that is the culmination of all earnings kept in the business since inception
Premises:
Asset account used to accumnlate cost of materials that will be used to make the company's products
Asset account containing product costs associated with units that have been completed and are awaiting sale
Practice of capitalizing all product costs, inchuding fixed manufacturing costs, in inventory
Asset account used to accumulate all product costs associated with production
Amount of overhead costs assigned to Work in Process using the predetermined rate
Product costing system that does not include fixed manufacturing costs as part of the cost of inventory
Calculated by dividing estimated overhead costs for the period by some measure of estimated total production activity for the period
The result of allocating more or less overhead cost to Work in Process than the amount of actual overhead costs incurred
Schechle that summarizes the flow of manufacturing product costs
Product costs associated with products that were sold during an accounting period
Temporary account used to accumulate the actual overhead costs incurred and the total amount of overhead applied to Work in Process
Equity account that is the culmination of all earnings kept in the business since inception
Responses:
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