Match the Items in the Two Columns Below by Entering

question 135

Short Answer

Match the items in the two columns below by entering the appropriate code letter in the space provided.
A. Cost accounting F. Process cost system
B. Materials requisition slip G. Job cost sheets
C. Time ticket H. Predetermined overhead rate
D. Cost accounting system I. Overapplied overhead
E. Job order cost system J. Underapplied overhead
_____ 1. Used to apply manufacturing overhead to jobs.
_____ 2. Measures, records, and reports product costs.
_____ 3. When actual manufacturing overhead costs are greater than the overhead applied to products.
_____ 4. Manufacturing cost accounts are fully integrated into the general ledger.
_____ 5. Source document which authorizes issuance of raw materials to production.
_____ 6. Appropriate when products have distinguishing and heterogeneous characteristics.
_____ 7. Constitute a subsidiary ledger for Work in Process Inventory.
_____ 8. Indicates number of hours that employees work and the account to be charged.
_____ 9. Appropriate when products are similar and are produced continuously.
_____ 10. When actual manufacturing overhead costs are less than the overhead applied to products.

Recognize the relationship between liquidity and financial health of a firm.

Distinguish between the statement of financial position and statement of comprehensive income.

Explain the implication of impairment losses on financial statements.

Define and differentiate between average and marginal tax rates.

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Definitions:

Oligopoly Environment

A market structure characterized by a small number of firms that dominate the market, leading to limited competition.

Aircraft Manufacturers

Companies specializing in the design, manufacture, and/or assembly of airplanes and aircraft-related systems and parts.

Protected Monopoly

refers to a market or industry where a single provider is shielded from competition through legal means, such as regulations or patents.

Monopoly Environment

A market structure characterized by a single seller, selling a unique product in the market.