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Match the Following Terms with the Definitions

Question 231

Matching

Match the following terms with the definitions.

Premises:

Responses:

Hybrid costing system

Mass production of similar products in a continuous flow of sequential processes

Job order costing system

Costing system that measures costs per unit upon completion of a job.

Equivalent units of production

Number of units that could have been started and completed given the costs incurred during the period.

Process costing system

A manufacturing system that contains features of both process costing and job order costing systems.

Materials consumption report

Report of total costs charged to a department, describes its equivalent units of production achieved, and allocates costs among units worked on in the period.

Process operations

Document that summarizes the materials a department uses when inventory moves continuously through the manufacturing process during a reporting period; replaces materials requisition.

Process cost summary

System of measuring unit costs at the end of a period by combining costs per equivalent unit from each separate department.

Premises:

Hybrid costing system

Job order costing system

Equivalent units of production

Process costing system

Materials consumption report

Process operations

Process cost summary

Responses:

Mass production of similar products in a continuous flow of sequential processes

Costing system that measures costs per unit upon completion of a job.

Number of units that could have been started and completed given the costs incurred during the period.

A manufacturing system that contains features of both process costing and job order costing systems.

Report of total costs charged to a department, describes its equivalent units of production achieved, and allocates costs among units worked on in the period.

Document that summarizes the materials a department uses when inventory moves continuously through the manufacturing process during a reporting period; replaces materials requisition.

System of measuring unit costs at the end of a period by combining costs per equivalent unit from each separate department.

Correct Answer:

Premises:

Responses:

Hybrid costing system

Job order costing system

Equivalent units of production

Process costing system

Materials consumption report

Process operations

Process cost summary