EXERCISES Listed below are nine technical accounting terms introduced or emphasized in this chapter: Work in Process Cost of finished goods manufactured Cost accounting Managerial accounting Overhead application rate Manufacturing overhead Cost of Goods Sold Inventory Period costs Product costs Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None"i the statement does not correctly describe any of the terms. a A manufacturing cost that can be traced conveniently and directly into manufac- tured units of product. b The techniques and procedures used in determining the cost of manufacturing a specific product or performing a particular type of business activity c The account debited at the time that the Manufacturing Overhead account is cred- ited. d The amount transferred from the Work in Process Inventory account to the Finished Goods Inventory account. e Costs that are debited directly to exnanse aenounte when the soote are inourrod f The preparation and use of accounting information designed to assist managers in planning and controlling the operations of a business. g All manufacturing costs other than direct materials used and direct labor. h A means of assigning indirect manufacturing costs to work in process during the period