1. The ____________ system is often employed in steel, petroleum, chemical, and other similar types of industries.

2. In a process costing system, costs are accumulated by _______________ or ________________for a specified period of time.

3. The process costing report which documents the units and costs which flow through a manufacturing department is called a _____________ report.

4. One of the first steps in preparing a cost of production report is to analyze the _______________ of goods.

5. ______________ is the cost to to convert raw material into finished products; more specifically, the sum of direct labor and factory overhead.

6. Equivalent units should be separately calculated for _______________ and __________________.

7. Two different application methods for process costing are the _______________ and the __________________ methods.

8. Before recording the cost of completed units, the ______________ account should have a balance equal to the total costs accounted for on the production cost report.

9. ________________ is a method under which departments are divided into activities, and the cost of individual activities are applied to cost objects.

10. _______________ are expensed under traditional costing methods, but may partially be allocated to individual products under activity-based costing.

11. The identification of activities is facilitated by dividing business processes into levels. These levels include __________________________________________________ _______________:

12. From a conceptual point of view, cost objects drive the need for _________________ and activities consume ______________________.