Match the Definition with the Term

question 40

Multiple Choice

Match the definition with the term.
-safety needs

• A)the most elemental needs,including food and shelter,whose lack of satisfaction is physically catastrophic for the individual and which dominate every other concern if unmet
• B)the motives to obtain affection,friendship,and a sense of membership within a social group
• C)the need to be protected from threats by predators,criminals,extremes of climate and temperature,or other hazardous environmental circumstances
• D)the needs for self-respect and personal achievement that become salient once more basic needs are met

Understand the components and calculations involved in a job-order costing system.

Calculate the predetermined overhead rate and apply manufacturing overhead to jobs.

Prepare journal entries for transactions relevant to job-order costing systems including raw materials, labor, and overhead.

Determine and analyze underapplied or overapplied manufacturing overhead and its financial implications.

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Definitions:

Inventory Costing

A method used to assign costs to inventory items and determine the cost of goods sold during a period.

Purchase Order

A document issued by a buyer to a seller, specifying the types of products, quantities, and agreed prices for products or services the seller will provide to the buyer.

Inventory

The total amount of goods and materials held by a company that are ready for sale or in the process of being produced.

Perpetual Inventory System

The inventory system in which each purchase and sale of merchandise is recorded in an inventory account.