BEC REVIEW A

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Joens1313
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311149
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BEC REVIEW A
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2015-11-08 19:02:05
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BEC REVIEW
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BEC REVIEW A
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  1. In a traditional job order cost system, the issue of indirect materials to a production department increases:
    factory overhead control.
  2. A ------------------------- account is used to accumulate actual factory overhead cost incurred.
    A factory overhead control account is used to accumulate actual factory overhead cost incurred.
  3. A factory overhead control account is used to accumulate ----------------------------- incurred.
    A factory overhead control account is used to accumulate actual factory overhead cost incurred.
  4. ------------------------ are material costs that cannot economically be traced to units of finished product.
    Indirect materials are material costs that cannot economically be traced to units of finished product.
  5. What are indirect materials?
    Indirect materials are material costs that cannot economically be traced to units of finished product.
  6. ----------------------------- is a system of accounting for production in which costs are assigned to particular units or batches of finished goods.
    Job order costing is a system of accounting for production in which costs are assigned to particular units or batches of finished goods.
  7. what is job order costing?
    Job order costing is a system of accounting for production in which costs are assigned to particular units or batches of finished goods.
  8. Examples of production processes that would use ------------------------ to determine the manufacturing cost per unit for inventory valuation and determination of cost of goods sold include printing, furniture manufacturing, and custom manufacturing.
    Examples of production processes that would use job order costing to determine the manufacturing cost per unit for inventory valuation and determination of cost of goods sold include printing, furniture manufacturing, and custom manufacturing.
  9. ------------------ is all costs of the manufacturing process other than direct labor and direct materials.
    Overhead is all costs of the manufacturing process other than direct labor and direct materials.
  10. what is overhead?
    Overhead is all costs of the manufacturing process other than direct labor and direct materials.
  11. ------------------- is all costs that cannot be economically traced to individual units of finished product and includes indirect labor (e.g., foremen's salaries), indirect materials (e.g., oil and lubrication for machinery), and miscellaneous indirect costs (e.g., depreciation, manufacturing utilities costs, rent, insurance).
    Overhead is all costs that cannot be economically traced to individual units of finished product and includes indirect labor (e.g., foremen's salaries), indirect materials (e.g., oil and lubrication for machinery), and miscellaneous indirect costs (e.g., depreciation, manufacturing utilities costs, rent, insurance).
  12. The following information is for the Just Made It Company in regard to a ziget used in the production process.

    Highest number of units expected to be needed in a day     1,600 units

    Lowest number of units expected to be needed in a day      1,000 units


    Lead time                                                  5 days


    Safety stock                                               2,000 units


    Calculate the replenishment point (order point).
    8,500 units

    The equation for the replenishment point is as follows:


    RP = (Average daily use x Lead time in days) + Safety stock   


    = (((1,600 + 1,000) / 2) x 5 days) + 2,000   


    = 8,500 units
  13. A ------------------------ is set for one anticipated volume. It is not adjusted to the actual output attained.
    A static budget is set for one anticipated volume. It is not adjusted to the actual output attained.
  14. A ----------------------- is a budget prepared for several possible levels of production or adjusted for the level of production actually achieved.
    A flexible budget is a budget prepared for several possible levels of production or adjusted for the level of production actually achieved.
  15. what is a flexible budget?
    A flexible budget is a budget prepared for several possible levels of production or adjusted for the level of production actually achieved.
  16. The ------------------- represents the best interest rate that is “supposed” to be available to businesses with the best credit ratings.
    The prime rate represents the best interest rate that is “supposed” to be available to businesses with the best credit ratings.

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