1. Business
  2. Accounting
  3. match the following terms to the statements shown below use...

Question: match the following terms to the statements shown below use...

Question details
Match the following terms to the statements shown below. Use capital letters for your answers. Each term can only be used once.


Activity-based costing F. Manufacturing costs
Cost driver G. Overapplied overhead
Direct labor H. Period costs
Full cost I. Process costing system
Job cost sheet J. Selling costs


______ 1. The costs associated with securing and filling customers orders.

______ 2. Required under GAAP for valuing inventory on the balance sheet.

______ 3. Assigns overhead costs to products using a number of different allocation bases.

______ 4. Actual overhead costs are less than applied overhead.

______ 5. A form used to accumulate the product costs of each job.

______ 6. Used by companies that produce large quantities of identical items.

______ 7. The activity used as the basis for developing an overhead rate.

______ 8. Consists of direct material, direct labor, and overhead.

______ 9. Represents cost of workers directly involved in the production of a job.

______ 10. Costs that are expensed as incurred.


Multiple choice:


Which of the following is not a period cost?

Overtime premium
Commissions
Advertising costs
General office salaries

The schedule of cost of goods manufactured is an analysis of which account? 1.Finished goods

Cost of goods sold
Work in process
Direct materials

Which of the following companies would use a job-order costing system?

Construction
Metal producer
Chemical producer
Plastic producer

The overhead allocation rate is calculated by dividing:

actual overhead costs by the actual quantity of the allocation base.
the actual overhead costs by the estimated quantity of the allocation base.
the estimated overhead costs by the actual quantity of the allocation base.
the estimated overhead costs by the estimated quantity of the allocation base.

Applied overhead is debited to which account?

Manufacturing Overhead
Work in Process
Cost of Goods Sold
Finished Goods


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