1
ACC 212 Exam #1 Study Guide Questions with
Correct Answers | Updated (100% Correct Answers)
Financial Accounting Answer: The field of accounting that focuses on providing
information for external decision makers.
Manegerial Accounting Answer: Provides economic and financial information for
managers and other internal users.
Manufacturing Costs Answer: consists of activities and processes that convert
raw materials into finished goods
Direct Materials Answer: Raw materials that can be physically and directly
associated with manufacturing the finished product.
Raw Materials Answer: the basic material from which a product is made.
Indirect Materials Answer: Not physically part of the finished product or they are
an insignificant part of finished product in terms of cost.
Considered part of manufacturing overhead.
Direct Labor Answer: the work of factory employees that can be physically and
directly associated with converting raw materials into finished goods
Indirect Labor Answer: Work of factory employees that has no physical
association with the finished product or for which it is impractical to trace the
costs to the goods produced.
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, 2
Manufacturing Overhead Answer: consists of costs that are indirectly associated
with the manufacture of the finished product
Product Costs Answer: direct materials, direct labor, manufacturing overhead
Period Costs Answer: non-manufacturing costs; includes all selling and
administrative expenses charged to expense as incurred
Total Work in porcess Answer: 1. cost of beginning work in process
2. total costs manufacturing overhead in current year
Total Manufacturing Costs Answer: The sum of direct materials, direct labor, and
manufacturing overhead incurred in the current period.
Cost of Goods Manufactured Answer: + Beg WIP
+ DM used (Bed RM + RM Purchase - End RM)
+ DL
+ MO
- End WIP
Cost of Goods Sold Answer: Beg Finished Goods
+
COGM
-
© 2026 All rights reserved
ACC 212 Exam #1 Study Guide Questions with
Correct Answers | Updated (100% Correct Answers)
Financial Accounting Answer: The field of accounting that focuses on providing
information for external decision makers.
Manegerial Accounting Answer: Provides economic and financial information for
managers and other internal users.
Manufacturing Costs Answer: consists of activities and processes that convert
raw materials into finished goods
Direct Materials Answer: Raw materials that can be physically and directly
associated with manufacturing the finished product.
Raw Materials Answer: the basic material from which a product is made.
Indirect Materials Answer: Not physically part of the finished product or they are
an insignificant part of finished product in terms of cost.
Considered part of manufacturing overhead.
Direct Labor Answer: the work of factory employees that can be physically and
directly associated with converting raw materials into finished goods
Indirect Labor Answer: Work of factory employees that has no physical
association with the finished product or for which it is impractical to trace the
costs to the goods produced.
© 2026 All rights reserved
, 2
Manufacturing Overhead Answer: consists of costs that are indirectly associated
with the manufacture of the finished product
Product Costs Answer: direct materials, direct labor, manufacturing overhead
Period Costs Answer: non-manufacturing costs; includes all selling and
administrative expenses charged to expense as incurred
Total Work in porcess Answer: 1. cost of beginning work in process
2. total costs manufacturing overhead in current year
Total Manufacturing Costs Answer: The sum of direct materials, direct labor, and
manufacturing overhead incurred in the current period.
Cost of Goods Manufactured Answer: + Beg WIP
+ DM used (Bed RM + RM Purchase - End RM)
+ DL
+ MO
- End WIP
Cost of Goods Sold Answer: Beg Finished Goods
+
COGM
-
© 2026 All rights reserved
