Question

Match the following statements to the appropriate terms.

a. The cost of products that are partially complete.
b. The function of keeping activities in accordance with plans.
c. Primarily concerned with internal users and reports pertain to subunits of the entity.
d. Materials that can be physically and directly associated with manufacturing a product.
e. The function of setting goals and objectives. Indirect costs of manufacturing a product.
f. Primarily concerned with external users and reports pertain to the entity as a whole.
g. Costs that are noninventoriable.
h. All business processes associated with providing a product or service.
i. The function of coordinating diverse activities to produce a smooth-running operation.

1. Managerial accounting
2. Financial accounting
3. Planning
4. Directing
5. Controlling
6. Work in process inventory
7. Direct materials
8. Manufacturing overhead
9. Period costs
10. Value chain

Answer 1

Answer:

a. The cost of products that are partially complete = 6. Work in progress inventory

b. The function of keeping activities in accordance with plans = 5. Controlling

c. Primarily concerned with internal users and reports pertain to subunits of the entity. = 1. Manangerial Accounting

d. Materials that can be physically and directly associated with manufacturing a product. = 7. Direct materials

e. The function of setting goals and objectives. Indirect costs of manufacturing a product. = 3. Planning

f. Primarily concerned with external users and reports pertain to the entity as a whole. = 2. Financial accounting

g. Costs that are noninventoriable. = 9. Period costs

h. All business processes associated with providing a product or service. = 10. Value chain

i. The function of coordinating diverse activities to produce a smooth-running operation. = 4. Directing

Explanation:

Answer 2

Answer: A 6, B 4, C 1, D 7, E 3, F 2, G 9, H 10, I 5,J 8.

Explanation:

Managerial accounting - Primarily concerned with internal users and reports pertain to subunits of the entity.

Financial accounting - Primarily concerned with external users and reports pertain to the entity as a whole.

Planning - The function of setting goals and objectives.

Directing - The function of coordinating diverse activities to produce a smooth-running operation.

Controlling - The function of keeping activities in accordance with plans.

Work in process inventory - The cost of products that are partially complete.

Direct materials - Materials that can be physically and directly associated with.

Manufacturing overhead - Indirect costs of manufacturing a product.

Period costs - Costs that are non-nventoriable.

Value chain - All business processes associated with providing a product or service.