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Match Each of the Following Terms with the Appropriate Definition

Question 252

Matching

Match each of the following terms with the appropriate definition.

Premises:

Responses:

Period costs

Manufacturing costs that cannot be separately or readily traced to finished goods.

Product costs

Costs incurred in the process of converting raw materials to finished products; include direct labor and factory overhead.

Indirect costs

Costs that are expensed to the income statement in the period incurred..

Direct materials

Costs that change in proportion to changes in volume of activity.

Prime costs

Tangible components of a finished product separately and readily traced through the manufacturing process.

Factory overhead

Costs directly associated with the manufacture of finished products; include direct materials and direct labor.

Direct labor

The efforts of employees who physically convert materials to finished products.

Conversion costs

Costs necessary to create a product..

Fixed costs

Costs that cannot be easily and cost-beneficially traced to a single cost object.

Variable costs

Costs that do not change in total with changes in the volume of activity.

Premises:

Period costs

Product costs

Indirect costs

Direct materials

Prime costs

Factory overhead

Direct labor

Conversion costs

Fixed costs

Variable costs

Responses:

Manufacturing costs that cannot be separately or readily traced to finished goods.

Costs incurred in the process of converting raw materials to finished products; include direct labor and factory overhead.

Costs that are expensed to the income statement in the period incurred..

Costs that change in proportion to changes in volume of activity.

Tangible components of a finished product separately and readily traced through the manufacturing process.

Costs directly associated with the manufacture of finished products; include direct materials and direct labor.

The efforts of employees who physically convert materials to finished products.

Costs necessary to create a product..

Costs that cannot be easily and cost-beneficially traced to a single cost object.

Costs that do not change in total with changes in the volume of activity.

Correct Answer:

Premises:

Responses:

Period costs

Product costs

Indirect costs

Direct materials

Prime costs

Factory overhead

Direct labor

Conversion costs

Fixed costs

Variable costs

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