Match the Following Terms with the Definitions

question 40

Short Answer

Match the following terms with the definitions.
1. ________ (1) Equivalent units of production
2. ________ (2) Job order costing system
3. (3) Hybrid costing system
4. ________ (4) Process operations
5. ________ (5) Process costing system
6. ________ (6) Materials consumption report
7. ________ (7) Process cost summary
A. Costing system that measures costs per unit upon completion of a job.
B. Document that summarizes the materials a department uses when inventory moves continuously through the manufacturing process during a reporting period; replaces materials requisition.
C. Report of total costs charged to a department, describes its equivalent units of production achieved, and allocates costs among units worked on in the period.
D. A manufacturing system that contains features of both process costing and job order costing systems.
E. Number of units that could have been started and completed given the costs incurred during the period.
F. System of measuring unit costs at the end of a period by combining costs per equivalent unit from each separate department.
G. Mass production of similar products in a continuous flow of sequential processes.

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Definitions:

U.S. Dollar

The official currency of the United States, widely used as a standard of value and medium of exchange in international trade.

Euro

The official currency used by 19 of the 27 European Union countries, also known as the eurozone.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations using its current assets.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within a year's time, including cash, inventory, and receivables.