Which one of the following correctly describes job-order costing? They have distinguishing characteristics. A series of...
Which one of the following correctly describes job-order costing?
|
They have distinguishing characteristics. |
|
A series of connected manufacturing processes is necessary. |
|
Homogeneous goods are being produced. |
|
Large batches are produced. |
Homework Answers
Answer: 4th option
Assigning cost relating to different units of production is job-order costing. Therefore, goods are not homogeneous here but different and manufacturing processes are not connected.
Production should be in batches and there should be significantly large production.
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Which one of the following correctly describes job-order
costing?
They have distinguishing characteristics.
A series of...
Choose from the following list the ones that are characteristics of job-order costing and the ones...
Choose from the following list the ones that are characteristics
of job-order costing and the ones that are characteristics of
process costing.
1.
Cost totalled by job or batch.
Process CostingJob-order Costing
2.
Unit cost calculated by dividing total job costs by units
produced.
Job-order CostingProcess Costing
3.
Homogeneous products with high volumes.
Job-order CostingProcess Costing
4.
Unit cost calculated by dividing total process costs during the
period by units produced during that period.
Process CostingJob-order Costing
5.
Distinct products...
Choose from the following list the ones that are characteristics of job-order costing and the ones that are characteristics of process costing.
Choose from the following list the ones that are characteristics of job-order costing and the ones that are characteristics of process costing. 1. Cost totalled by job or batch. 2. Unit cost calculated by dividing total job costs by units produced. 3. Homogeneous products with high volumes. 4. Unit cost calculated by dividing total process costs during the period by units produced during that period. 5. Distinct products with low volumes. 6. Costs added by process or department. 7. Used for manufacturing of chemicals, gasoline, microchips, soft...
Choose from the following list the ones that are characteristics of job-order costing and the ones that are characteris...
Choose from the following list the ones that are characteristics of job-order costing and the ones that are characteristics of process costing. 1. Cost totalled by job or batch. 2. Unit cost calculated by dividing total job costs by units produced. 3. Homogeneous products with high volumes. 4. Unit cost calculated by dividing total process costs during the period by units produced during that period. 5. Distinct products with low volumes. 6. Costs added by process or department. 7. Used...
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing...
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing is used in financial accounting while process costing is used in managerial accounting. B. Job-order costing can only be used by manufacturers; service enterprises must use process costing. Job-order costing is voluntary while process costing is mandatory. D. Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the...
Compare and contrast the primary differences between the job costing and process costing using the following...
Compare and contrast the primary differences between the job costing and process costing using the following table Select the letfer from the list below that corresponds with the characteristic that best explains each item in the table (Click the icon to view the list of characteristics.) Job costing Process costing Characteristics Most suitable manufacturing environment Cost object used for accumulating costs Primary document for tracking costs Manufacturing cost categories Flow of costs through accounts Direct materials and conversion costs Direct...
Compare and contrast the primary differences between the job costing and process costing using the following...
Compare and contrast the primary differences between the job costing and process costing using the following table: Select the letter from the list below that corresponds with the characteristic that best explains each item in the table. LOADING... (Click the icon to view the list of characteristics.) a. Direct materials and conversion costs b. Direct materials and conversion costs are assigned to each manufacturing process. Then these costs are accumulated in separate WIP accountslong dash—one for each manufacturing process. As...
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.
11. Which one of the following is an important feature of a job order cost system?...
11. Which one of the following is an important feature of a job order cost system? A) Each job must be completed before a new product order is accepted. order cost system B) Each job consists of features which distinguish it from the next. C) Each job uses similar processes to produce. D) Each job has characteristics similar to the next. 12. Into which one of the following accounts would the work of factory employees that can be physically and...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing firms make a tangible product. They need to determine product costs for both inventory valuation and the calculation of cost of goods sold. The cost of inventory appears on the , and the cost of goods sold appears on the . (Wholesale or retail firms purchase a product that is already manufactured. The cost of such products, which are tangible, are carried at that...
Choose from the following list the ones that are characteristics
of job-order costing and the ones that are characteristics of
process costing.
1.
Cost totalled by job or batch.
Process CostingJob-order Costing
2.
Unit cost calculated by dividing total job costs by units
produced.
Job-order CostingProcess Costing
3.
Homogeneous products with high volumes.
Job-order CostingProcess Costing
4.
Unit cost calculated by dividing total process costs during the
period by units produced during that period.
Process CostingJob-order Costing
5.
Distinct products...
Choose from the following list the ones that are characteristics of job-order costing and the ones that are characteristics of process costing. 1. Cost totalled by job or batch. 2. Unit cost calculated by dividing total job costs by units produced. 3. Homogeneous products with high volumes. 4. Unit cost calculated by dividing total process costs during the period by units produced during that period. 5. Distinct products with low volumes. 6. Costs added by process or department. 7. Used...
Compare and contrast the primary differences between the job costing and process costing using the following table Select the letfer from the list below that corresponds with the characteristic that best explains each item in the table (Click the icon to view the list of characteristics.) Job costing Process costing Characteristics Most suitable manufacturing environment Cost object used for accumulating costs Primary document for tracking costs Manufacturing cost categories Flow of costs through accounts Direct materials and conversion costs Direct...
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.
11. Which one of the following is an important feature of a job order cost system? A) Each job must be completed before a new product order is accepted. order cost system B) Each job consists of features which distinguish it from the next. C) Each job uses similar processes to produce. D) Each job has characteristics similar to the next. 12. Into which one of the following accounts would the work of factory employees that can be physically and...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing firms make a tangible product. They need to determine product costs for both inventory valuation and the calculation of cost of goods sold. The cost of inventory appears on the , and the cost of goods sold appears on the . (Wholesale or retail firms purchase a product that is already manufactured. The cost of such products, which are tangible, are carried at that...
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