Homework Answers
| The similarities between process costing and job-order costing are: |
| Both systems assign production costs to units of output. |
| The flow of costs through the manufacturing accounts is essentially the same. |
| Option B I and III is correct |
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Which of the following statements about similarities between process costing and job-order costing are true? Gestion...
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.
1. Consider the following statements regarding traditional costing systems: 1. Overhead costs are applied to products...
1. Consider the following statements regarding traditional costing systems: 1. Overhead costs are applied to products on the basis of volume-related measures. II. All manufacturing costs are easily traceable to the goods produced. III. Traditional costing systems tend to distort unit manufacturing costs when numerous are made that have widely varying production requirements. Which of the above statements is (are) true?* 5 (3 Points) Il and III Il only I and III Ill only I only
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...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods sold will include the costs of all jobs that have been completed during the accounting period. Work in Process Inventory will include the cost of all jobs that are currently completed and ready to deliver to customers. Finished Goods Inventory will include the cost of all jobs that are completed but not yet shipped and sold. Raw Materials Inventory will include the cost of...
Part A Which f the following statements about enzymes is/are TRUE? I. Enzymes that require cofactors...
Part A Which f the following statements about enzymes is/are TRUE? I. Enzymes that require cofactors cannot function without them. Il. Enzymes speed up the rate of a reaction by decreasing the AG IlI. Enzymes are able to catalyze both the forward and reverse reaction. OI only OIl only IlI onl Il and IIl only l and Ill only I, Il, and III
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...
True or False 6. An architect is a business which is likely to use job costing....
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
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...
14) Which of the following statements about life income settlement options is (are) true 1. Under...
14) Which of the following statements about life income settlement options is (are) true?I. Under a joint-and-survivor life income option, payments cease at the death of the second (last) surviving) annuitant,II. Under a life income with guaranteed period, a contingent beneficiary is guaranteed a minimum number of payments regardless of when the primary beneficiary dies.A) I onlyB) II onlyC) both I and II]D) neither I nor II15) Bruce left a question about heart disease blank on his life insurance application...
1.Which of the following statements is CORRECT? A. Prime costs are those costs that are expensed...
1.Which of the following statements is CORRECT? A. Prime costs are those costs that are expensed in the accounting period in which they are incurred. B. Conversion costs include the costs of raw material, direct labour, and manufacturing overhead. C. The costs incurred in relation to both overtime premiums and idle time are classified as manufacturing overhead. D. The cost of factory lighting would be classified as a period cost. Which of the following costs would NOT be classified as...
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.
1. Consider the following statements regarding traditional costing systems: 1. Overhead costs are applied to products on the basis of volume-related measures. II. All manufacturing costs are easily traceable to the goods produced. III. Traditional costing systems tend to distort unit manufacturing costs when numerous are made that have widely varying production requirements. Which of the above statements is (are) true?* 5 (3 Points) Il and III Il only I and III Ill only I only
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods sold will include the costs of all jobs that have been completed during the accounting period. Work in Process Inventory will include the cost of all jobs that are currently completed and ready to deliver to customers. Finished Goods Inventory will include the cost of all jobs that are completed but not yet shipped and sold. Raw Materials Inventory will include the cost of...
Part A Which f the following statements about enzymes is/are TRUE? I. Enzymes that require cofactors cannot function without them. Il. Enzymes speed up the rate of a reaction by decreasing the AG IlI. Enzymes are able to catalyze both the forward and reverse reaction. OI only OIl only IlI onl Il and IIl only l and Ill only I, Il, and III
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
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...
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