Accounting Terminology Listed Below Are Nine Technical Accounting Terms Introduced in This

question 37

Essay

Accounting terminology
Listed below are nine technical accounting terms introduced in this chapter: Each of the following statements may (or may not)describe one of these technical terms.In the space provided below each statement,indicate the accounting term described,or answer "None" if the statement does not correctly describe any of the terms.
_____ (a)The strategy of creating offsetting positions so that losses from currency fluctuations will be offset by gains resulting from the same fluctuations.
_____ (b)The price of foreign currency,stated in terms of the domestic currency.
_____ (c)An item likely to appear in the income statements of American-based importers when foreign exchange rates are rising.
_____ (d)The organization responsible for developing uniform worldwide accounting standards.
_____ (e)Payments made to foreign officials to expedite paperwork.
_____ (f)The process of restating an amount of foreign currency in terms of the equivalent number of U.S.dollars.
_____ (g)An item likely to appear in the income statements of American-based exporters when foreign exchange rates are falling.

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Definitions:

Direct Labour

Rephrased: The workforce directly involved in manufacturing products or providing services, whose costs directly affect the cost of goods sold.

Variable Manuf. Overhead

Variable Manufacturing Overhead includes those manufacturing overhead costs that vary directly with the level of production, such as utilities for the production facility.

Actual Variable Manuf. Overhead

The actual amount incurred in variable overhead costs during manufacturing, contrasting with the budgeted or standard costs.

Direct Materials

Materials in their basic form that are specifically identifiable with the manufacturing of certain products or services.