Process cost accounting systems are used only by companies that manufacture physical products; meaning that companies...
Process cost accounting systems are used only by companies that manufacture physical products; meaning that companies and other organizations that provide services to their customers do not use process cost accounting. Select one: True False exp why
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Process cost accounting systems are used only by companies that
manufacture physical products; meaning that companies...
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.
Understand process cost accounting.
Understand process cost accounting. .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 proces cost system, costs are tracked by individual jobs. 5. Job order costing and process costing track different manufacturing cost elements. 6. Both job order conting and process costing...
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...
Conversion costs. H ULY. 27) Process costing systems are commonly used by systems are commonly used...
Conversion costs. H ULY. 27) Process costing systems are commonly used by systems are commonly used by companies that produce a large volume of standardized units on a continuous basis. A) True B) False 28) Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers. A) True B) False 29) Equivalent units of production refer to the number of units that could have been started and completed given the costs incurred during the period....
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.
The key characteristic distinguishing business products from consumer products is their intended use, not their physical...
The key characteristic distinguishing business products from consumer products is their intended use, not their physical form. True False Original equipment manufacturers or OEMs include all individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers. True False The U.S. federal government buys goods and services valued at more than $875 billion per year, making it the world’s largest customer. True False
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...
Standard costing can be used for both job order and process costing systems. True False Due...
Standard costing can be used for both job order and process costing systems. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Under standard costing, the inventory account balance may not actually reflect the true costs incurred to acquire the inventory. True False
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...
9. Cost management systems, such as Activity Based Costing, tend to focus on an organization's: *...
9. Cost management systems, such as Activity Based Costing, tend to focus on an organization's: * (3 Points) employees customers machines activities rules and regulations 10. Which of the following statements is true? (3 Points) The word "cost" has the same meaning in all situations in which it is used. All organizations incur the same types of costs Costs incurred in one year are always meaningful in the following year Different cost concepts and classifications are used for different Purposes...
Conversion costs. H ULY. 27) Process costing systems are commonly used by systems are commonly used by companies that produce a large volume of standardized units on a continuous basis. A) True B) False 28) Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers. A) True B) False 29) Equivalent units of production refer to the number of units that could have been started and completed given the costs incurred during the period....
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.
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...
9. Cost management systems, such as Activity Based Costing, tend to focus on an organization's: * (3 Points) employees customers machines activities rules and regulations 10. Which of the following statements is true? (3 Points) The word "cost" has the same meaning in all situations in which it is used. All organizations incur the same types of costs Costs incurred in one year are always meaningful in the following year Different cost concepts and classifications are used for different Purposes...
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