.Select from the attached list the concept or term that best matches the following:(20 pts.)

1._____All costs, other than direct materials or direct labor, which are associated with the

manufacturing process.

2._____Collecting costs by a natural classification.

3._____Can be identified specifically and exclusively with a given cost objective in an

economically feasible way.

4._____Direct materials plus direct labor plus factory overhead.

5._____An operating expense which is a noncash expense.

6._____Manufactured goods fully completed but not sold.

7._____One of the manufacturing inventory accounts.

8._____Is the process of measuring products, services, and activities against the best

levels of performance.

9._____Tracing and reassigning costs to one or more cost objectives such as activities,

departments, customers, or products.

10. _____Is the necessary cost of an activity that cannot be eliminated without affecting a

product's value to the customer.

11. _____Number of accounts that a manufacturing firm typically has.

12. _____Manufactured goods that are not fully completed.

13. ______ A prediction of sales under a given set of conditions.

14. _____The operating budget process ends with the ____________.

15. _____Detail the planned expenditures for facilities, equipment, new products and other

long-term investments.

16. ______ The financial budget focuses on the ________________.

17. _____The first step in preparing the master budget.

18. _____Costs that lack an identifiable relationship to a cost object.

19. _____Costs that cannot be identified specifically and exclusively with a given cost

objective in an economically feasible way.

20. _____Inventory account which is not used in a manufacturing firm.

LIST OF CONCEPTS AND TERMS FOR PART VII

1

BALANCE SHEET

2

BENCHMARKING

3

CAPITAL BUDGET

4

CASH BUDGET

5

COEFFICIENT OF DETERMINATION

6

COST ACCUMULATION

7

COST ASSIGNMENT

8

DEPRECIATION EXPENSE

9

DIRECT COSTS

10

FINANCIAL BUDGET

11

FINISHED GOODS INVENTORY

12

INCOME STATEMENT

13

INDIRECT COSTS

14

MANUFACTURING COST OF GOODS SOLD

15

MANUFACTURING OVERHEAD

16

MERCHANDISE INVENTORY

17

NON-VALUE-ADDED COST

18

ONE

19

OPERATING BUDGET

20

PERIOD COSTS

21

PRODUCT COSTS

22

REGRESSION ANALYSIS

23

SALES BUDGET

24

SALES FORECAST

25

STRATEGIC BUDGET

26

TWO

27

THREE

28

UNALLOCATED COST

29

VALUE-ADDED COST

30

WORK-IN-PROCESS INVENTORY