Accounting Concepts

1.In project costing, what is the term used for wages paid to workers during periods of inactivity caused by material shortages?

2.Given that the direct material cost amounts to $85,000 and the direct manufacturing labor cost is $25,000, what is the total prime cost?

3.Given that the direct material cost amounts to $5,500 and the prime cost totals $25,000, what is the value of the direct manufacturing labor?

4.Which category includes the expenses for employee health care premiums and pension contributions?

5.What term is used to describe the stock of completed products that have not been sold yet?

6.To determine the manufacturing labor costs, which cost is deducted from the manufacturing overhead?

7.When the purchase price of raw materials is used in production and included as part of the cost object, how is this cost categorized?

8.If the direct material expenses amount to $75,000 and the direct manufacturing labor costs are $20,000, what is the total prime cost?

9.Which accounting discipline involves determining product costs, collecting data for planning, and analyzing information to support decision-making?

10.Given that direct labor costs amount to $7,000, idle time wages are $2,000, and the overtime premium is $950, what is the total labor cost?

11.When direct material expenses are combined with direct manufacturing expenses, which cost category is determined?

12.If the direct labor cost amounts to $5,000, the wages for idle time are $1,000, and the overtime premium is $450, what is the total labor cost?

13.If the prime cost amounts to $50,000 and the direct labor cost is $10,000, what is the value of the direct material cost?

14.On an income statement, what term describes the costs that are recorded as cost of goods sold once the manufactured products are sold?

15.Which of the following terms are commonly used in manufacturing cost accounting systems?

16.If the total conversion cost amounts to $2,000 and the manufacturing overhead is $7,000, what is the value of the direct labor cost involved in manufacturing?

17.Which category best describes the labor involved in producing a product?

direct labor expenses in manufacturingmanufacturing labor overheadcosts associated with work in progressexpenses related to completed goodsnone of the above

18.When direct labor costs are combined with manufacturing overhead, what is the resulting total cost called?

19.Which cost categories include direct manufacturing labor expenses?

20.What is the term used for the additional payment given to factory workers for extra hours worked?

Accounting Concepts

Questions

1.In project costing, what is the term used for wages paid to workers during periods of inactivity caused by material shortages?

2.Given that the direct material cost amounts to $85,000 and the direct manufacturing labor cost is $25,000, what is the total prime cost?

3.Given that the direct material cost amounts to $5,500 and the prime cost totals $25,000, what is the value of the direct manufacturing labor?

4.Which category includes the expenses for employee health care premiums and pension contributions?

5.What term is used to describe the stock of completed products that have not been sold yet?

6.To determine the manufacturing labor costs, which cost is deducted from the manufacturing overhead?

7.When the purchase price of raw materials is used in production and included as part of the cost object, how is this cost categorized?

8.If the direct material expenses amount to $75,000 and the direct manufacturing labor costs are $20,000, what is the total prime cost?

9.Which accounting discipline involves determining product costs, collecting data for planning, and analyzing information to support decision-making?

10.Given that direct labor costs amount to $7,000, idle time wages are $2,000, and the overtime premium is $950, what is the total labor cost?

11.When direct material expenses are combined with direct manufacturing expenses, which cost category is determined?

12.If the direct labor cost amounts to $5,000, the wages for idle time are $1,000, and the overtime premium is $450, what is the total labor cost?

13.If the prime cost amounts to $50,000 and the direct labor cost is $10,000, what is the value of the direct material cost?

14.On an income statement, what term describes the costs that are recorded as cost of goods sold once the manufactured products are sold?

15.Which of the following terms are commonly used in manufacturing cost accounting systems?

16.If the total conversion cost amounts to $2,000 and the manufacturing overhead is $7,000, what is the value of the direct labor cost involved in manufacturing?

17.Which category best describes the labor involved in producing a product?

18.When direct labor costs are combined with manufacturing overhead, what is the resulting total cost called?

19.Which cost categories include direct manufacturing labor expenses?

20.What is the term used for the additional payment given to factory workers for extra hours worked?