Question

3. 6. Job order system is similar to process costing system Except: a. Use of job sheet b. computation of unit cost c. presentation of cost of goods manufactured d. all of the above e. none of the above. 7. The IMA's standard of professional ethics Includes: a. honesty b. competence c. confidentiality d. all of the above e. Only b and above. 8. Direct Materials are essential as: a. Primary element of production b. A part of product cost c. Items that require both physical and investment controls d. all of the above e. Only a and b above

Answer 1

Based on the information available in the question, we can answer as follows:-

Requirement 1 (Question 6):-

The correct answer is Option A - Use of Job sheet. Both Process costing and Job costing use the cost sheet/job sheet to accumulate all the costs involved in completion of a particular job/process.

Option B is incorrect as job order costing calculates unit cost by individual jobs while process costing calculates unit cost by process or department.

Option C is incorrect as the presentation of goods manufactured is also different in process costing and job costing.

Option D is incorrect as this statement is not true.

Option E is incorrect as we have the answer at Option A.

Requirement 2:-(Question 7)

The correct answer for the question is Option A - Honesty. Out of the options presented , this is the only option that is included as part of the IMA's standard of Professional ethics.

Option B, Option C, Option D and Option E are incorrect as they arent included.

Kindly note that we are supposed to answer the first question posted per the HOMEWORKLIB RULESs based on which i have answered the first 2 questions above. Request you to post the remaining questions separately so that we can answer them as well. All the best and please let me know if you have any questions via comments :)