Homework Answers
C. All the listed are true statement.
Identical units are produced in process costing. In process costing cost of one department transferred to the next department and this is added to the processing cost of department 2.
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Question 10 Which of the following statements is (are) true? O a If a company uses...
Question #1 Which of the following statements is true? A. A manufacturer of paper would ordinarily...
Question #1 Which of the following statements is true? A. A manufacturer of paper would ordinarily use process costing rather than job-order costing. B The output of a processing department must be homogeneous in order to use process costing, C. If a company uses a process costing system it accumulates costs by processing department rather than by job. D. All of the above are true statements. Question #2 In a process costing system, the journal entry used to record the...
M ob This Multiple Choices & True false 1. Which of the following types of companies...
M ob This Multiple Choices & True false 1. Which of the following types of companies would be most likely to use a job-order costing system rather than a process costing system? A. a water bottler B. crude oil refining C. uranium mine D. shipbuilding 2. A job cost sheet is used to accumulate costs charged to a job.
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...
10) All of the following are characteristics of a process cost system except a.the system accumulates...
10) All of the following are characteristics of a process cost system except a.the system accumulates costs per job b.the system may use several work in process inventory accounts c.the system emphasizes time periods rather than the time it takes to complete a job d.manufacturing costs are grouped by department rather than by jobs
9. Which of the following statements is true? a. Activity-based costing uses a number of activity...
9. Which of the following statements is true? a. Activity-based costing uses a number of activity cost pools, each of which is allocated to products on the basis of direct labor-hours. b. Activity rates in activity-based costing are computed by dividing costs from the first stage allocations by the activity measure for each activity cost pool. C. An activity-based costing system is generally easier to implement and maintain than traditional costing system. d. One of the goals of activity-based costing...
Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost...
Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost is lower than the applied overhead costs. o Overhead variance is closed to FG inventory only if the amount is immaterial O Companies producing customized products in small quantities use job order costing system O Job order costing system is always superior to process costing system
Which of the following statements about processing costing is false? Process costing accumulates costs by department....
Which of the following statements about processing costing is false? Process costing accumulates costs by department. Process costing assigns departmental costs uniformly to all identical units that pass through the department during a period. Process costing systems compute unit costs by department. Process costing is used when a company produces a continuous flow of units that are distinguishable from one another.
Process costing rather than job order costing is more appropriate for service companies. O O True...
Process costing rather than job order costing is more appropriate for service companies. O O True False
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...
true or false Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on...
true or false
Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on providing historical financial information to outside shareholders and creditors. 2. A process costing system is used by companies that produce similar or identical units of product including 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. A company that uses process costing may use several Work-in-Process Inventory accounts 3....
Question #1 Which of the following statements is true? A. A manufacturer of paper would ordinarily use process costing rather than job-order costing. B The output of a processing department must be homogeneous in order to use process costing, C. If a company uses a process costing system it accumulates costs by processing department rather than by job. D. All of the above are true statements. Question #2 In a process costing system, the journal entry used to record the...
M ob This Multiple Choices & True false 1. Which of the following types of companies would be most likely to use a job-order costing system rather than a process costing system? A. a water bottler B. crude oil refining C. uranium mine D. shipbuilding 2. A job cost sheet is used to accumulate costs charged to a job.
9. Which of the following statements is true? a. Activity-based costing uses a number of activity cost pools, each of which is allocated to products on the basis of direct labor-hours. b. Activity rates in activity-based costing are computed by dividing costs from the first stage allocations by the activity measure for each activity cost pool. C. An activity-based costing system is generally easier to implement and maintain than traditional costing system. d. One of the goals of activity-based costing...
Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost is lower than the applied overhead costs. o Overhead variance is closed to FG inventory only if the amount is immaterial O Companies producing customized products in small quantities use job order costing system O Job order costing system is always superior to process costing system
Process costing rather than job order costing is more appropriate for service companies. O O True False
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...
true or false
Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on providing historical financial information to outside shareholders and creditors. 2. A process costing system is used by companies that produce similar or identical units of product including 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. A company that uses process costing may use several Work-in-Process Inventory accounts 3....
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