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Description of various terms like product cost , period costs, direct and indirect costs.
Listed below are nine technical accounting terms introduced or emphasized in this weeks reading assignment: Product costs, Period costs, Direct labor, Cost driver, Indirect materials, Direct materials, Manufacturing overhead, Work-in-Process Inventory, Finished Goods Inventory Each of the following statements may (or may not) describe one of these technical terms. In the space provided below each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.
(a) The account that is debited when the Work in Process Inventory account is credited. (b) A term describing any manufacturing cost that can be traced conveniently and directly to the various types of products being manufactured. (c) Costs that are charged directly to expense accounts at the time that the costs are incurred. (d) The category of manufacturing cost that would include the cost of tires used in the manufacture of automobiles. (e) An account which has a balance that is increased by manufacturing costs incurred during the period and decreased by the cost of finished goods manufactured. (f) The category of manufacturing cost that includes the salaries of plant guards, supervisors, and maintenance personnel. (g) A term describing all three categories of manufacturing costs.
Evaluate Anacomp's business new product development strategy. What are the risks and benefits of this strategy for Anacomp's shareholders and how is Anacomp's accounting influenced by the way the company organizes and finances its new product devel..
question a company has two employees. the companys net salaries for the month of january were 8000. the federal income
Non-manufacturing fixed costs for March equal $36,000 of which half are salaries. Salaries are expected to increase by 5% in April. The only variable non-manufacturing cost is sales commission equal to 1% of sales revenue.
Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less?
For advancements in basic science,to translate into improvements in standards of living, they must e supported by favorable economic conditions
What is monetary policy and what are the objectives of monetary policy for the RBA and market numbers
What income statement effect, if any, would the change in classification have for Qtip? Discuss the ethical considerations of this case.
Evaluate the company's total required production in units of finished product for the whole three month period ending September 30.
Evaluate the net present value of this investment opportunity. Determine the internal rate of return of this investment opportunity.
What financial factors should management suppose when deciding whether to sell a product at split off point or process it further
Explain why the accounting treatment is different in the General Fund and governmental activities general journals.
Calculate the company's total required production in units of finished product for the entire three month period ending September 30.
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