v Match each of the statements with its proper term A type of cost accounting system that provides for a separate record of the cost of each particular quantity of product that passes through the factory v An account in the work in process subsidiary ledger in which the costs charged to a particular job order are recorded The form or electronic transmission used by a manufacturing department to authorize the issuance of materials from the storeroom. The subsidiary ledger containing the individual accounts for each type of material A sime tickets The form or electronic transmission used by the receiving personnel to indicate that materials have B. job order cost system been received and inspected C period costs The form on which the amount of time spent by each employee and the labor cost incurred for D. receiving report each individual job, or for factory overhead, are recorded E process cost system The process of assigning indirect costs to a cost object, such as a job. F activity base A measure of activity that is related to changes in cost and is used in the denominator in G predetermined factory overhead rate calculating the predetermined factory overhead rate to assign factory overhead costs to cost H. materials ledger objects I cost allocation The rate used to apply factory overhead costs to the goods manufactured. The rate is determined J. materials requisitions from budgeted overhead cost and estimated activity usage data at the beginning of the fiscal period K overapplied factory overhead The amount of factory overhead applied in excess of the actual factory overhead costs incurred for finished goods ledger production during a period M job cost sheet An accounting framework based on determining the cost of activities N activity based costing The subsidiary ledger that contains the individual accounts for each kind of commodity or product produced Those costs that are used up in generating revenue during the current period and that are not involved in the manufacturing process A type of cost accounting system in which costs are accumulated by department or process within a factory v V QUESTION 45 Match each of the statements with its proper term A type of cost system that accumulates costs for each of the various departments within a manufacturing facility Manufacturers that use large machines to process a continuous flow of raw materials through various stages of completion into a finished state A cost per equivalent unit The number of production units that could have been completed within a given accounting period, B process cost system given the resources consumed. C. equivalent units of production A method of inventory costing that assumes the unit product costs should be determined O whole units separately for each period in the order in which the costs were incurred v The rate used to allocate costs between completed and partially completed production E manufacturing cols F. process manufacturers A report prepared periodically by a processing department, sunt mariring the costs incurred by the G in-time processing department and the allocation of those costs between completed and incomplete production Hfirst-in, first-out (FIFO) cost method A measure of materials usage efficiency yield A grouping of processes where employees are cross-trained to perform more than one function J. cost of production report A processing approach that focuses on eliminating time, cost and poor quality within manufacturing and nonmanufacturing processes The number of units in production during a period, whether completed or not Click Save and Submit to save and submit. Click Save All Answers to save all answers