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ACC/561 ACC561 ACC 561 Week 3 Quiz

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ACC 561 Week 3 Quiz 37. A major purpose of cost accounting is to measure, record, and report product costs. classify all costs as operating or nonoperating. measure, record, and report period costs. provide information to stockholders for investment decisions. 38. The two basic types of cost accounting systems are job order and process cost systems. job order and batch systems. process cost and batch systems. job order and job accumulation systems. 39. A process cost system would most likely be used by a company that makes breakfast cereal. motion pictures. college graduation announcements. repairs to automobiles. 40. Which of the following would be accounted for using a job order cost system? The refining of petroleum. The production of automobiles. The production of personal computers. The construction of a new campus building. 45.The flow of costs in a job order cost system measures product costs for a set time period. generally follows a LIFO cost flow assumption. involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done. cannot be measured until all jobs are complete. 60. The entry to record the acquisition of raw materials on account is Raw Materials Inventory Accounts Payable Work in Process Inventory Accounts Payable Manufacturing Overhead Raw Materials Inventory Accounts Payable Accounts Payable Raw Materials Inventory 73. Time tickets should be approved by the payroll department. the audit committee. co-workers. the employee’s supervisor. 89. The labor costs that have been identified as indirect labor should be charged to salary expense. manufacturing overhead. the individual jobs worked on. direct labor. 90. Manufacturing overhead is applied to each job at the time when the overhead cost is incurred. by means of a predetermined overhead rate. only if the overhead costs can be directly traced to that job. at the end of the year when actual costs are known. 38. A process cost accounting system is most appropriate when individual products are custom made to the specification of customers. a variety of different products are produced, each one requiring different types of materials, labor, and overhead. the focus of attention is on a particular job or order. similar products are mass-produced. 43. Which of these best reflects a distinguishing factor between a job order cost system and a process cost system? The time period each covers. The number of work in process accounts. The manufacturing cost elements included. The detail at which costs are calculated. 47. In process cost accounting, manufacturing costs are summarized on a manufacturing cost sheet. process order cost sheet. job order cost sheet. production cost report. 49. In a process cost system, product costs are summarized: on job cost sheets. on production cost reports. when the products are sold. after each unit is produced. 136. Which of the following is considered a difference between a job order cost and a process cost system? Documents used to track costs. The manufacturing cost elements. The accumulation of the costs of materials, labor, and overhead. The flow of costs. 35. The costs that are easiest to trace directly to products are direct materials and direct labor. direct labor and overhead. direct materials and overhead. None of the above; all three costs are equally easy to trace to the product 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 materials and direct labor direct labor 49. The last step in activity-based costing is to compute the activity-based overhead rate per cost driver. identify the cost driver that has a strong correlation to the activity cost pool. identify and classify the major activities involved in the manufacture of speci

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