Which of the following is correct regarding cost systems? Job Order Process Work in process account...
Which of the following is correct regarding cost
systems?
| Job Order | Process |
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Homework Answers
In Job-order costing Work in process account has One process
In Process costing, Work-in-process account has one for each process.
So, option 'C' is correct
One , One for each process
Add Answer to:
Which of the following is correct regarding cost
systems?
Job Order
Process
Work in process account...
24. Which of the following is correct regarding cost systems? Job Order Process A) Work in process account several...
24. Which of the following is correct regarding cost systems? Job Order Process A) Work in process account several one for each process B) Work in process account one one C) Work in process account one one for each process D) Work in process account several one
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.
Which of the following represents the two basic types of cost accounting systems? Job order and...
Which of the following represents the two basic types of cost accounting systems? Job order and process cost systems Process cost and batch systems Job order and batch systems Job order and job accumulation systems
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.
In a process cost system, a Work in Process account is maintained for each product. a...
In a process cost system, a Work in Process account is maintained for each product. a materials requisition must identify the job on which the materials will be used. a Work in Process account is maintained for each process. one Work in Process account is maintained for all the processes, similar to a job order cost system.
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...
Job order costing and process costing are pricing systems. cost accounting systems. cost flow systems. inventory...
Job order costing and process costing are pricing systems. cost accounting systems. cost flow systems. inventory tracking systems.
1. The perpetual inventory method cannot be used in a job order cost system. True False...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Process and job order cost systems are similar in all of the following ways except a....
Process and job order cost systems are similar in all of the following ways except a. both accumulate product costs-direct materials, direct labor, and factory overhead b. both use job order cost cards c. both allocate product costs to units produced O d. both maintain perpetual inventories
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...
24. Which of the following is correct regarding cost systems? Job Order Process A) Work in process account several one for each process B) Work in process account one one C) Work in process account one one for each process D) Work in process account several one
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.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Process and job order cost systems are similar in all of the following ways except a. both accumulate product costs-direct materials, direct labor, and factory overhead b. both use job order cost cards c. both allocate product costs to units produced O d. both maintain perpetual inventories
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...
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