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Completing accounting statements

6) INSTRUCTIONS: Complete each of the following statements by writing the appropriate words in the Answers column.

1.A department unit that provides services, assistance, and advice to departments directly involved in the basic objectives of the organization is a

2-3.Managerial accounting reports use two types of information. These include:

2. ______ data

3.______ data

4.The Sales Department would be considered a (line, staff) department

5.The chief management accountant is called the

6-7.Manufacturing costs are generally classified into two categories:

6.

7.

8.The development of organizational objectives and the translation of these objectives into courses of action is called

9-11.Work in process consists of these costs that have entered the manufacturing process on unfinished products:

9.

10.

11.

12.The term used to describe the cost of materials that are an integral part of total product cost is

13.Factory overhead is sometimes called

14.Direct labor and factory overhead are what kind of cost of the product?

15.Direct labor and direct materials are what kind of cost of the product?

16.The information that allows management to isolate significant departures from plans for further investigation and possible remedial action is called

17. The philosophy of continually improving employees, business processes and products is called

18.Indirect materials, indirect labor, and production-equipment depreciation expense are examples of this manufacturing cost

19. The cost of finished products on hand that have not been sold is called

20.The cost of a machine operator's wages in a tool manufacturing plant would be a (direct, indirect) cost

21.Costs which make up the cost of manufacturing a product are called

22.Costs which are incurred in operating the selling and administrative operations of a business are called

23.The cost of the president of the company is part of the conversion cost for a manufactured product. (True, False)

24.The accounting report that accumulates the product costs originating with inventory and ending with the cost of goods sold is the

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6) INSTRUCTIONS: Complete each of the following statements by writing the appropriate words in the Answers column.

1. A department unit that provides services, assistance, and advice to departments directly involved in the basic objectives of the organization is a Staff Department

2-3. Managerial accounting reports use two types of information. These include:

2. ______ data Cost

3. ______ data Budget

4. The Sales Department would be considered a (line, staff) department Line

5. The chief management accountant is called the Controller

6-7. Manufacturing costs are generally classified into two ...

Solution Summary

Completes accounting statements

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