Manufacturing Account: Terminologies Used - SS2 Accounting Past Questions and Answers - page 1

What is the term used to describe the cost of the materials that are used in the production process?

What is the term used to describe the cost of the workers who are directly involved in the production process?

What is the term used to describe the indirect costs associated with production, such as rent, utilities, and equipment?

What is the term used to describe the value of goods that have been completed and are ready to be sold?

What is the term used to describe the total cost of the goods that have been sold during the accounting period?

How does the manufacturing account help in analyzing the profitability of a company's manufacturing operations?

What is the purpose of calculating the closing inventory in a manufacturing account?