| A | B |
|---|
| 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 be | Factory Overhead, a part of Product Costs. |
| Insurance on the sales people's autos would be | A 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. |
