University of Louisiana, Lafayette. ACCT 526 Quiz 1. Questions And Answers.ACCT526-820_020-201840
Started on Sunday, 18 March 2018, 7:32
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Each of the following statements may (or may not) describe one of these technical terms. Match each term with its definition. If the statement does not correctly describe any of the terms, select "None."
The work of factory employees that can be physically and conveniently associated with converting raw materials into finished goods. Answer 1
Work of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods produced. Answer 2
Manufacturing costs that are indirectly associated with the manufacture of the finished product. Answer 3
Costs that are matched with the revenue of a specific time period and charged to expense as incurred. Answer 4
Costs that are a necessary and integral part of producing the finished product. Answer 5
A field of accounting that provides economic and financial information for internal users. Answer 6
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The correct answer is: The work of factory employees that can be physically and conveniently associated with converting raw materials into finished goods. – Direct labor, Work of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods produced. – Indirect labor, Manufacturing costs that are indirectly associated with the manufacture of the finished product. – None, Costs that are matched with the revenue of a specific time period and charged to expense as incurred. – Period costs, Costs that are a necessary and integral part of producing the finished product. – Product costs, A field of accounting that provides economic and financial information for internal users. – Managerial accounting [Show Less]