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
If Materials cost $1000, Machine worker wages cost $2000 and Direct expenses cost $1000 what is prime cost?
$4000 (1000+1000+2000
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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
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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trap
No points!
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magnet
Take 15 points!
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shark
Other team loses 25 points!
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banana
Go to last place!
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15
What is an indirect cost and give one example?
Any cost that cannot be directly traced back to the production of a good or service and an example may be insurance, electricity costs or supervisor salary
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baam
Lose 25 points!
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gold
Win 50 points!
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rocket
Go to first place!
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baam
Lose 25 points!
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15
What is a unit cost?
All the cost included in making a single product
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15
What is prime cost?
All the direct costs used in a manufacturing process
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15
Define the term Work in Progress
Work that has not been completed in the previous period and therefore is the be completed in the future
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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
Depreciation on plant equipment, fuel and power, general factory expenses are all considered indirect manufacturing costs True or False?
True
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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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trap
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star
Double points!
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shark
Other team loses 5 points!
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banana
Go to last place!
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15
ALL Material costs belongs in the manufacturing account true or false?
True
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15
Administration expenses are found in the manufacturing account True or False?