FILL-IN-THE BLANK-PRINCIPLES AND TERMINOLOGY NSTRUCTIONS ONS: Complete each of the following statements by writing the appropriate words in the Answers column Answers 0. A type of information that management uses in conducting daily operations and in planning future operations and that includes both historical and estimated data is A department or unit directly involved in the basic objectives of the organization is a. management accounting 1. 2. The chief management accountant is called the 3. A payment of cash or its equivalent or the commitment to pay cash in the 2. future for the purpose of generating revenues is termed What three elements compose manufacturing cost? 3. 4-6. 5. 6. 6. The cost of wages of employees who are directly involved in converting materials into the manufactured product is .. Another name for factory burden or manufacturing overhead is In management accounting reports, selling and administrative expenses are classified as The addition of direct labor and factory overhead form what cost of the product? The product costs that have entered into the manufacturing process but are associated with unfinished products are called 7. 7. 8. 8. 9. 9. 10. 10. 11. 12. The cost of the manufactured product sold is called the 12. The two main types of cost accounting systems for manufacturing operations are: 13-14. 13._ 14. 14. The system used by many service firms to accumulate the costs associated with providing client services is a.. The work in process subsidiary ledger is made up of The Receiving Department document that shows the quantity recelved and its condition is the .. 15. 15. 16. 17 18. 16. 17. 18. Materials are released from the storeroom to the factory in response 19-20. The predetermined factory overhead rate is calculated by dividing 19 by 20 19. 19. 20. 20. continued