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    This document provides an overview of accounting for manufacturing businesses and includes a matching exercise related to key cost accounting terms. It defines terms like direct materials, direct labor, manufacturing overhead, work in process inventory, finished goods inventory, cost of goods manufactured, total manufacturing costs, conversion cost, prime costs, manufacturing overhead, cost of sales, raw materials inventory, selling and administrative costs. The matching questions ask the test taker to match these cost accounting terms with their definitions.

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    This document provides an overview of accounting for manufacturing businesses and includes a matching exercise related to key cost accounting terms. It defines terms like direct materials, direct labor, manufacturing overhead, work in process inventory, finished goods inventory, cost of goods manufactured, total manufacturing costs, conversion cost, prime costs, manufacturing overhead, cost of sales, raw materials inventory, selling and administrative costs. The matching questions ask the test taker to match these cost accounting terms with their definitions.

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    © All Rights Reserved
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    Download as pdf or txt
    56 views3 pages

    Cost Accounting and Control

    Uploaded by

    Jeremiah Andal
    This document provides an overview of accounting for manufacturing businesses and includes a matching exercise related to key cost accounting terms. It defines terms like direct materials, direct labor, manufacturing overhead, work in process inventory, finished goods inventory, cost of goods manufactured, total manufacturing costs, conversion cost, prime costs, manufacturing overhead, cost of sales, raw materials inventory, selling and administrative costs. The matching questions ask the test taker to match these cost accounting terms with their definitions.

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    COST ACCOUNTING AND CONTROL

    1st Term, A.Y 2020 – 2021


    BACOSTMX
    Module 1 Pretest
    Topic 1: Accounting for manufacturing business

    NAME: (surname first)____________________


    YR./ SEC.: _________________ DATE: ___________

    General Instruction. Write your answer on the space provided in each items. Pre-test is not
    recorded.

    Part I. Matching

    a. Product cost h. Total manufacturing costs


    b. Cost to manufacture i. Conversion cost

    c. Raw materials inventory j. Selling and administrative costs

    d. Work in process inventory k. Direct labor


    e. Finished goods inventory l. Direct materials

    f. Cost of sales m. Manufacturing overhead


    g. Cost of goods manufactured n. Prime costs

    ____ 1. A cost which “attaches” to the product as it moves through the operating cycle.

    ____ 2. The total costs of all resources put into production during the period, whether completed or not.

    ____ 3. Direct materials plus direct labor plus factory overhead.

    ____ 4. The amount shown on the statement of financial position which represents the cost incurred to produce
    goods which are not yet completed.

    ____ 5. The cost of services of employees who work directly on the product.

    ____ 6. The cost of goods already completed and held for sale.

    ____ 7. The amount which represents the cost of goods made available for sale in the current period.

    ____ 8. Cost of used raw materials


    ____ 9. Direct labor plus manufacturing overhead.

    ____ 10. Direct labor plus direct materials.

    ____ 11. Cost of goods sold to the customers

    ____ 12. Non-manufacturing costs incurred by a manufacturing firm in its operations.

    ____ 13. Goods acquired for production but not yet requisitioned to be put into process.

    ____ 14. Alternatively called factory overhead or simply overhead.

    ____ 15. It represents the total cost of the finished goods transferred to the finished goods storeroom during the
    period.

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