Question

Match the following statements to the appropriate terms.

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.