ACCT 102 Midterm questions with Complete Solutions

Managerial Accounting Correct Answer-accounting used to provide information and analyses to managers inside the organization to assist them in decision making Direct Materials Correct Answer-Materials that become an integral part of a finished product and whose costs can be conveniently traced to it. Direct Labor Correct Answer-factory labor costs that can be easily traced to individual units of product Factory Overhead Correct Answer-consists of all manufacturing costs that are not direct materials or direct labor Inventory Accounts Correct Answer-Raw Materials, WIP (Work in Process), Finished Goods flow of goods Correct Answer-when products are imported and exported Product Costs Correct Answer-direct materials, direct labor, manufacturing overhead Period Costs Correct Answer-costs that are taken directly to the income statement as expenses in the period in