Match Each of the Following Terms with the Appropriate Definitions

question 69

Multiple Choice

Match each of the following terms with the appropriate definitions.

-Process cost summary

• 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:

Economic Trends

Patterns of general economic activity, including growth rates, inflation, unemployment, and other key indicators.

Sales Forecast

An estimate of the future sales volume over a specific period, based on market research and sales trends.

Production Levels

The quantity of goods or services produced by a company during a specific period, influenced by demand, capacity, and resource availability.

Responsibility Centre

A unit within an organization under the management's control, accountable for specific activities and associated costs, revenues, or investments.