Which of the following statements regarding cost accounting systems is not true? a.A company may use...
Which of the following statements regarding cost accounting systems is not true?
a.A company may use a job order cost system for some of its products and a process cost system for other products.
b.A job order cost system provides product costs for each quantity of product that is manufactured.
c.A company must use either a job order cost system for all of its products and services or a process cost system for all of its products and services.
d.Managers use product costs from cost accounting systems for setting product prices, controlling operations, and developing financial statements.
Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Which of the following statements regarding cost accounting systems is not true? |
| c. A company must use either a job order cost system for all of its products and services or a process cost system for all of its products and services |
Add Answer to:
Which of the following statements regarding cost accounting
systems is not true?
a.A company may use...
Which of the following is true of a value stream? a.A value stream includes only value-added...
Which of the following is true of a value stream? a.A value stream includes only value-added activities. b.A value stream is never created for groups of products that use common processes. c.A value stream reflects all that is done to bring the product to a customer. d.A value stream reflects only the nonvalue-added activities.
Practice Question 03 Which one of the following statements is correct? Process costing systems use periodic...
Practice Question 03 Which one of the following statements is correct? Process costing systems use periodic inventory systems. Process costing systems assign costs to departments or processes for a time period. Companies that produce many different products or services are more likely to use process costing systems. O Production is continuous when a job-order costing is used to ensure that adequate quantities are on hand. Click if you would like to Show Work for this question: Open Show Work Practice...
Which of the following is TRUE of job order cost systems? A. Examples of companies that...
Which of the following is TRUE of job order cost systems? A. Examples of companies that use job order cost systems would be oil refineries, paper producers, chemical processors, and food processors. B. Job order cost systems are not widely used. C. Job order cost systems are often used by companies that manufacture custom products for customers or batches of similar products. D. Job order cost systems provide product costs for each manufacturing department or process.
Question No: 1 True or False Questions: (7x1=7 Marks)&nbs
Question No: 1 True or False Questions: (7x1=7 Marks) Answer all (Write in box “True or False “ ) Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users. ( ) The income statements of a merchandising company and a manufacturing company same in the cost of goods sold section. ( ) Job order Costs are assigned to different job or batch, key feature are each...
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement...
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or false 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting 4. In a process cost system, costs are tracked by...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
28 Which of the following are the two main types of cost accounting systems for manufacturing...
28 Which of the following are the two main types of cost accounting systems for manufacturing operations? a process cost and general accounting systems b. job order cost and process cost systems c. job order and general accounting systems d. process cost and replacement cost systems 29. For which of the following businesses would the job order cost system be appropriate a. canned soup processor b. oil refinery c. lumber mill d. hospital 30. For which of the following businesses...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order costing uses manufacturing overhead; process costing does not apply manufacturing overhead. Both systems have the same basic purposes-assigning costs to products. The flow of costs through the manufacturing accounts is basically the same. Both systems use the same basic manufacturing accounts.
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is...
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is prepared for external users. 2) Managerial accounting information is a legal requirement. 3) The structure of managerial accounting practice is relatively flexible. 4) There are structured standards of acceptability for managerial accounting. b. Which of the following statements is incorrect with regard to a manufacturing firm? 1) Inventoriable costs include only prime costs. 2) Inventoriable costs include prime costs and manufacturing overhead costs. 3)...
Which of the following statements regarding the differences between managerial accounting applications for manufacturing and service...
Which of the following statements regarding the differences between managerial accounting applications for manufacturing and service companies is true? a.Service companies require a physical production site. b.Service companies have larger materials, work in process, and finished goods inventories than manufacturing companies. c.Service companies incur both product costs and period costs. d.Service companies may use cost of services on the income statement rather than cost of goods sold.
Practice Question 03 Which one of the following statements is correct? Process costing systems use periodic inventory systems. Process costing systems assign costs to departments or processes for a time period. Companies that produce many different products or services are more likely to use process costing systems. O Production is continuous when a job-order costing is used to ensure that adequate quantities are on hand. Click if you would like to Show Work for this question: Open Show Work Practice...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
28 Which of the following are the two main types of cost accounting systems for manufacturing operations? a process cost and general accounting systems b. job order cost and process cost systems c. job order and general accounting systems d. process cost and replacement cost systems 29. For which of the following businesses would the job order cost system be appropriate a. canned soup processor b. oil refinery c. lumber mill d. hospital 30. For which of the following businesses...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order costing uses manufacturing overhead; process costing does not apply manufacturing overhead. Both systems have the same basic purposes-assigning costs to products. The flow of costs through the manufacturing accounts is basically the same. Both systems use the same basic manufacturing accounts.
Most questions answered within 3 hours.
-
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 32 minutes ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 34 minutes ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 40 minutes ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 44 minutes ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 53 minutes ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 1 hour ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 59 minutes ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 1 hour ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 1 hour ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 1 hour ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 1 hour ago -
Inheritance pattern in BRCA 1
Describe the inheritance pattern of BRCA 1 Is it recessive or...
asked 1 hour ago