Manufacturing Accounts | Baamboozle - Baamboozle

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15

The production cost of goods completed is transferred to the income statement when doing manufacturing accounts is this statement true or false?

True

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15

A manager overseeing the work of the machine employees is considered a form of direct labor true or false?

False

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15

Administration expenses are found in the manufacturing account True or False?

False

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15

What is a unit cost?

All the cost included in making a single product

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15

Give the name of any 1 element of costs for a business

Material costs, Labor Costs or Expenses

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15

Financial Charges are found in the income statement of a manufacturing organization True or False?

True

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15

Where does royalties belong in the manufacturing account?

Under direct expenses

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15

Carriage outwards is part of the manufacturing costs of an organization True or False?

False

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15

If the total cost to produce 1000 Chairs was $100,000 what is the unit cost?

100,000 / 1000 =$100

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15

What is a cost center? And give one example

Any part of a business where costs are absorbed. For example a K9 unit in a police station

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baam

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15

What is absorption costing?

Absorption costing is a method whereby overhead costs are charged to cost centres.

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15

The inventory found in the balance sheet contains Raw Materials, Finished goods and Work in Progress ending balances True or False

True

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15

ALL Material costs belongs in the manufacturing account true or false?

True

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