Dividing a List of Terms and Definitions into Groups of Five

question 21

Multiple Choice

Dividing a list of terms and definitions into groups of five, seven, or nine is known as

• A) annotating.
• B) chunking.
• C) mapping.
• D) outlining.

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Definitions:

Units Finished

The quantity of completed products available for sale or distribution at the end of an accounting period.

Conversion Costs

Combined costs of direct labor and manufacturing overhead incurred to convert raw materials into finished goods.

Conversion Cost

The combined costs of direct labor and overhead expenses incurred to convert raw materials into finished products.

Equivalent Unit

A measure used in cost accounting to express the amount of work done on partially completed goods in terms of fully completed units.