The cash conversion cycle is found within the:
A) Operating period
B) Accounts payable period
C) Average collection period
D) Holding period
A
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Benjamin Products uses job order costing and assigns overhead to specific jobs using direct labor hours. During the month of June, a total of 1,800 direct labor hours at a cost of $16 per hour were incurred for all jobs. Actual overhead costs for the month totaled $9,000. If a specific job required 36 direct labor hours of work, how much overhead should be applied to that job?
A) $179.20 B) $212.80 C) $180.00 D) $348.00
What is an assumed name statute? Why have many states adopted such statutes?
Answer the following statement(s) true (T) or false (F)
The word entrepreneur is derived from the Spanish word entreprendre, meaning "to undertake."
Match the following terms with the appropriate definition.
A) Costs that change in proportion to changes in volume of activity. B) Expenditures incurred in the process of converting raw materials to finished products; include direct labor and factory overhead. C) The efforts of employees who physically convert materials to finished products. D) Costs that are incurred for the benefit of more than one cost object. E) Expenditures necessary and integral to finished products. F) Manufacturing expenditures that cannot be separately or readily traced to finished goods. G) Costs that flow directly to the current income statement as expenses. H) Expenditures directly associated with the manufacture of finished products; include direct materials and direct labor. I) Costs that do not change in total with changes in the volume of activity. J) Tangible components of a finished product separately and readily traced through the manufacturing process. 1. Direct materials 2. Indirect costs 3. Product costs 4. Prime costs 5. Fixed costs 6. Direct labor 7. Period costs 8. Conversion costs 9. Factory overhead 10. Variable costs