ACC 561 Week 3 Quiz
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Multiple Choice Question 37
A major purpose of cost accounting is to
Multiple Choice Question 38
The two basic types of cost accounting systems are
Multiple Choice Question 39
A process cost system would most likely be used by a company that makes
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Multiple Choice Question 40 Which of the following would be accounted for using a job order cost system?
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Multiple Choice Question 45
The flow of costs in a job order cost system
Multiple Choice Question 60 The entry to record the acquisition of raw materials on account is
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Multiple Choice Question 73 Time tickets should be approved by
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Multiple Choice Question 89 The labor costs that have been identified as indirect labor should be charged to
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Multiple Choice Question 90
Manufacturing overhead is applied to each job
at the end of the year when actual costs are known. |
only if the overhead costs can be directly traced to that job. |
by means of a predetermined overhead rate. |
at the time when the overhead cost is incurred. |
Multiple Choice Question 38
A process cost accounting system is most appropriate when
a variety of different products are produced, each one requiring different types of materials, labor, and overhead. |
similar products are mass-produced. |
the focus of attention is on a particular job or order. |
individual products are custom made to the specification of customers. |
Multiple Choice Question 43 Which of these best reflects a distinguishing factor between a job order cost system and a process cost system?
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Multiple Choice Question 47
In process cost accounting, manufacturing costs are summarized on a
production cost report. |
manufacturing cost sheet. |
process order cost sheet. |
job order cost sheet. |
Multiple Choice Question 49
In a process cost system, product costs are summarized:
on job cost sheets. |
on production cost reports. |
after each unit is produced. |
when the products are sold |
Multiple Choice Question 136 Which of the following is considered a difference between a job order cost and a process cost system?
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Multiple Choice Question 35
The costs that are easiest to trace directly to products are
A.direct materials and direct labor. |
B.direct labor and overhead. |
C.direct materials and overhead. |
D.None of the above; all three costs are equally easy to trace to the product. |
Multiple Choice Question 36
Often the most difficult part of computing accurate unit costs is determining the proper amount of _________ to assign to each product, service, or job.
direct materials |
overhead |
direct labor |
direct materials and direct labor |
Multiple Choice Question 49
The last step in activity-based costing is to
assign manufacturing overhead costs for each activity cost pool to products. |
compute the activity-based overhead rate per cost driver. |
identify and classify the major activities involved in the manufacture of specific products. |
identify the cost driver that has a strong correlation to the activity cost pool. |
Multiple Choice Question 50
The first step in activity-based costing is to
Multiple Choice Question 51
A well-designed activity-based costing system starts with
Multiple Choice Question 53 An example of an activity cost pool is |
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