Managerial Accounting
14th Edition
ISBN: 9781337270595
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 5E
Concepts and terminology
From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:
- A. Advertising costs are usually viewed as (period, product) costs.
- B. Feedback is often used to (improve, direct) operations.
- C. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).
- D. A product, sales territory, department, or activity to which costs are traced is called a (direct cost, cost object).
- E. The
balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory). - F.
Factory overhead costs combined with direct labor costs are called (prime, conversion) costs. - G. The implementation of automatic robotic factory equipment normally (increases, decreases) the direct labor component of product costs.
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From the choices presented in parentheses, choose the appropriate term for completing each
of the following sentences:
A. Advertising costs are usually viewed as (period, product) costs.
B. Feedback is often used to (improve, direct) operations.
C. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs,
expenses).
D. A product, sales territory, department, or activity to which costs are traced is called a (direct cost, cost object).
E. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory).
F. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.
G. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor
component of product costs.
From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:a. Advertising costs are usually viewed as (period, product) costs.b. Feedback is often used to (improve, direct) operations.c. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).d. A product, a sales territory, a department, or an activity to which costs are traced is called a (direct cost, cost object).e. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory).f. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.
Concepts and Terminology
From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:
Sentence
Appropriate term for completing sentence
a. Advertising costs are usually viewed as (period, product) costs.
b. Feedback is often used to (improve, direct) operations.
c. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).
d. A product, a sales territory, a department, or an activity to which costs are traced is called a (direct cost, cost object).
e. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory).
f. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.
g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.
Chapter 1 Solutions
Managerial Accounting
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - What manufacturing cost term is used to describe...Ch. 1 - Distinguish between prime costs and conversion...Ch. 1 - What is the difference between a product cost and...Ch. 1 - Name the three inventory accounts for a...Ch. 1 - In what order should the three inventories of a...Ch. 1 - What are the three categories of manufacturing...Ch. 1 - Prob. 9DQCh. 1 - How does the Cost of goods sold section of the...
Ch. 1 - Management process Three phases of the management...Ch. 1 - Prob. 2BECh. 1 - Prime and conversion costs Identify the following...Ch. 1 - Product and period costs Identify the following...Ch. 1 - Cost of goods sold, cost of goods manufactured...Ch. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Concepts and terminology From the choices...Ch. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Classifying costs The following is a manufacturing...Ch. 1 - Prob. 10ECh. 1 - Manufacturing company balance sheet Partial...Ch. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Cost of goods manufactured for a manufacturing...Ch. 1 - Income statement for a manufacturing company Two...Ch. 1 - Statement of cost of goods manufactured for a...Ch. 1 - Cost of goods sold, profit margin, and net income...Ch. 1 - Cost flow relationships The following information...Ch. 1 - Classifying costs The following is a list of costs...Ch. 1 - Prob. 2PACh. 1 - Cost classifications for a service company A...Ch. 1 - Manufacturing income statement, statement of cost...Ch. 1 - Statement of cost of goods manufactured and income...Ch. 1 - Prob. 1PBCh. 1 - Classifying costs The following is a list of costs...Ch. 1 - Prob. 3PBCh. 1 - Several items are omitted from the income...Ch. 1 - Statement of cost of goods manufactured and income...Ch. 1 - Prob. 1ADMCh. 1 - Comparing occupancy for two hotels Sunrise Suites...Ch. 1 - Prob. 3ADMCh. 1 - Prob. 4ADMCh. 1 - Prob. 1TIFCh. 1 - Communication Todd Johnson is the Vice President...
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