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MANUFACTURER'S COST ACCOUNTING SYSTEMS

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Another name for Cost Accounting is:Manufacturing Accounting
Another name for Product Costs is:Manufacturing Costs
Expenses of that accounting year are:Period Costs
The "Cost of Goods Sold Expense" account is a:Period Cost on that period's Income Statement
Insurance Expense on the factory building would beFactory Overhead, a part of Product Costs.
Insurance on the sales people's autos would beA Period Cost, not a product cost ever.
This cost accounting system is used for mass production items:Process, or Process Cost
This cost accounting system is used for customized, or individualized production work:Job Order
The 3 Product Costs categories are:Direct Materials, Direct Labor, and Factory Overhead
Manufacturing Overhead is just another name for:Factory Overhead
The 3 Manufacturing Cost categories are:Direct Materials, Direct Labor, and Factory Overhead
The cost of oils and lubricants used for the factory machinery are classified as:Factory Overhead, and more specifically Indirect Materials Costs; also a Product Cost.
The cost of factory supervisors would be classifed as:Factory Overhead, and more specifically Indirect Labor Costs; also a Product Cost.
The cost of electricity used at the Nike factory would be classified as:Factory Overhead, and more specifically Other Indirect Facrory Costs; also a Product Cost.
The cost of electricity used at the Nike corporate headquarters would be classified as:A period cost, and more specifically part of that year's "General and Administrative Expenses."
The cost of electricity used at the Nike owned retail store would be classified as:A period cost, and more specifically part of that year's "Selling Expenses."
Any cost that is a cost of running the factory is also a:"Product Cost," which is the same thing as "Manufacturing Cost."
Equivalent Units of Production are calculated for:Conversion Costs, and Direct Materials.
Another name for Processing Costs is:Conversion Costs.
Only Manufacturers have a need and use for this type of accounting:Manufacturing Accounting, also called Cost Accounting.
"Cost Flow" simply means:through what manufacturing account records the product costs go through.
All Product Costs will flow through:Work In Process, Finished Goods, and Cost of Goods Sold expense.
Only indirect costs of making the product ever go through this manufacturing account.Factory Overhead
Hopefully all Manufacturing Costs (Product Cost that is) will become Period Costs. This only happens when:The Finihsed Goods are actually sold, and their costs recorded into Cost of Goods Sold expense.
In which category of accounts (i.e., asset, liability, capital, revenue, or expense) does Materials Inventory belong?Asset
In which category of accounts (i.e., asset, liability, capital, revenue, or expense) does Work In Process belong?Asset
In which category of accounts (i.e., asset, liability, capital, revenue, or expense) does Finished Goods belong?Asset
In which category of accounts (i.e., asset, liability, capital, revenue, or expense) does Cost of Goods Sold belong?Expense
Another commonly used name for the Work In Progress account is:Work In Process
If a factory manufactured all week, but sold nothing all week, how much product cost would turn into a period cost that week?Zero. None.



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