Match Each of the Following Terms with the Appropriate Definitions

question 132

Multiple Choice

Match each of the following terms with the appropriate definitions.

-Process cost accounting system

• A)Costing system to determine the cost of producing each job or job lot.
• B)Document that summarizes the materials a department uses during a reporting period; replaces materials requisition.
• C)Report of costs charged to a department, its equivalent units of production achieved, even the costs assigned to its output.
• D)A manufacturing system that contains features of both process and job order systems.
• E)Number of units that would be completed if all effort during a period had been applied to units that were started and finished.
• F)System of assigning direct materials, direct labor, and overhead to specific processes; total costs associated with each process are then divided by the number of units passing through that process to determine cost per equivalent unit.
• G)Process of products in a continuous flow of steps.

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Definitions:

Price Range

The spread between the highest and lowest prices of goods or services in the market.

Demand

It is the quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.

Perfectly Elastic

Perfectly elastic refers to a situation where the quantity demanded or supplied of a good changes infinitely in response to any change in price, represented by a horizontal demand or supply curve.

Inelastic

Describes a situation where the demand or supply for a product doesn't change significantly when the price of the product changes.